Market Research Report
Industrial Safety Market by Product Type (ESD, HIPPS, TMC, BMS, and F&GM), Component (Safety Sensors, Safety Switches, Programmable Safety Systems, Safety Valves, Emergency Stop Devices), Industry, and Region - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||328227|
|Published||Content info||148 Pages
Delivery time: 1-2 business days
|Industrial Safety Market by Product Type (ESD, HIPPS, TMC, BMS, and F&GM), Component (Safety Sensors, Safety Switches, Programmable Safety Systems, Safety Valves, Emergency Stop Devices), Industry, and Region - Global Forecast to 2024|
|Published: February 21, 2019||Content info: 148 Pages||
The industrial safety market is estimated to grow from USD 3.3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period. The key factors driving the market's growth include mandates for safety regulations, rising demand for safety systems in the oil & gas industry, rising need for reliable safety systems for personnel and asset protection, industrial revolution 4.0, and growing automation in hazardous industrial areas. However, high investment required for automation and maintenance of equipment in hazardous environments will likely restrain the growth.
The market for programmable safety systems is expected to grow at the highest CAGR from 2019 to 2024. Programmable safety systems or safety PLCs are considered the backbone of an industrial safety system. The market for this component segment is expected to grow significantly as user requirements for programmable safety systems are emerging not only from a safety standpoint but also from their ease-of-use and interoperability with other systems.
The fire & gas monitoring systems market is estimated to grow at the highest CAGR from 2019 to 2024. Fire & gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries, thereby contributing to the high growth of the market for fire & gas systems.
The oil & gas industry is expected to hold the majority market share from 2019 to 2024. Oil & gas plants are prone to incidents that can affect people and the environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure. ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control.
Europe is expected to lead the global industrial safety market, in terms of size, from 2019 to 2024. The implementation of various industrial safety directives and industrial process and machine safety regulations in the region is driving the demand for industrial safety systems. Europe follows industrial safety standards such as EN 61508, EN 61511, and EN 62061. The increasing adoption of industrial safety solutions to comply with these standards and workplace safety regulations is driving the growth of the market in this region.
The key players in the market include: Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity (UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK).
The global industrial safety market has been segmented into product, component, industry, and geography. The market, by product, has been segmented into emergency shutdown systems (ESD), fire & gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC). Based on component, the industrial safety market has been split into safety sensors, programmable safety systems, safety controllers/modules/relays, safety switches, emergency stop devices, safety valves, and others. The industries studied in the report include Chemicals, Oil & Gas, Power Generation, Pharmaceuticals, Metal & Mining, Water & Wastewater, Food & Beverages, and Others. The industrial safety market is segmented into 4 regions-North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
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