Global Industrial Safety Market Size to Reach USD 12.33 Billion in 2032 | Emergen Research

Rising number of accidents and hazards in industrial settings is a key factor driving market revenue growth

Vancouver, Sept. 06, 2023 (GLOBE NEWSWIRE) — The global industrial safety market size was USD 6.40 Billion in 2022 and is expected to register a steady revenue CAGR of 6.8% during the forecast period, according to latest analysis by Emergen Research. Rising demand for the integration of Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) into industrial safety systems and increasing number of accidents and more hazards use of cutting-edge technology, and need for effective management system are key factors driving market revenue growth.

Industrial safety provides improved commitment and satisfaction of employees through their industrial safety initiatives in industries resulting in a motivated environment for workers, which improved productivity and performance of workers and industries both. In addition, latest advancement of Artificial Intelligence (AI) is another key factor driving revenue growth of the market. This is due to its major advantages of hazard recognition and early prevention, real- time tracking, safety programs, and worker safety monitoring. As a result, major companies are collaborating to adopt this technology for increased industrial safety. For instance, on 22 June 2023, Kognition, a top supplier of AI software solutions announced its collaboration with Verizon Business as a part of its 5G Edge Partner Program. This will enable Verizon’s 5G network, cutting-edge AI technology, and Amazon Web Services’ (AWS) back-end support to be used to transform workplace safety and security in industries.

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However, adoption of new changes into safety rules and regulations for creating secure workplace environment is a major factor, which could restrain market revenue growth. In addition, training induction sessions for personnel working in industrial units due to their interference with production operations and industrial processes is another factor, which could restrain market revenue growth.

Scope of Research

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Major Companies and Competitive Landscape

The global industrial safety market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global industrial safety market report are:

• Honeywell International
• Emerson Electric Co.
• Huawei Technologies Co.
• Schneider Electric
• Siemens 
• ABB
• Rockwell Automation
• HIMA 
• Baker Huges Company
• Yokogawa Electric Corporation

Strategic Development

• On 13 December 2021, Honeywell announced an agreement to acquire U.S. Digital Designs, Inc., a privately held firm for a purchase multiple of 14X EBITDA in an all-cash deal. The company provides dispatch communications and alerting technologies that improve first responders’ effectiveness and enable quicker emergency response times.
• On November 30, 2021, Compressor Controls LLC (CCC) and Yokogawa Electric Corporation announced their joint commercial agreement for the sale of their jointly developed solution, CCC Inside for Yokogawa CENTUM VP, which combined the process control technology of Yokogawa and the turbomachinery control technology of CCC.

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Some Key Highlights From the Report

• The presence sensing safety sensors segment accounted for largest revenue share in the global industrial safety market in 2022. This is because presence sensing safety sensors lower dangers to employees in industrial units and enhance productivity, performance, flexibility, and dependability of various industrial activities. Ultrasonic sensors have recently been developed and are being used as presence sensors in industrial activities due to their advantages in detecting various materials and operating in challenging environmental conditions. In addition, these are also cost-effective and reliable for use with sound-proof fabrics and sound-reflecting objects. Moreover, major corporations are launching cutting-edge ultrasonic sensors, which is also expected to drive revenue growth of this segment . For instance, on 20 July 2022, Toposens, a high-tech company announced the launch of its first commercial 3D collision avoidance system for mobile robots. The system is based on the company’s unique 3D ultrasonic echolocation technology.
• The machine safety segment is expected to register steadily fast revenue growth rate in the global industrial safety market during the forecast period. This is because machine safety in industries are safeguarding of the employee or workers using machinery resulting in an increase in the productivity of the employees. In addition, recent advancement of Internet of Things (IoT), which improves worker safety, machine performance, power consumption, and enhanced analysis of machine damage is also expected to drive revenue growth of this segment during the forecast period. As a result, major corporations are introducing new goods and services aimed at improving industrial units’ machine safety. For instance, on 2 December 2020, Amazon AWS announced the launch of a range of industrial ML tools with the aim of supporting enterprises in adopting AI to monitor plant people and equipment.
• The fire and gas monitoring shutdown systems segment is expected to account for significantly large revenue share in the global industrial safety market in 2022. This is due to increasing use of fire and gas monitoring shutdown systems for early detection of possible risks and fire outbreaks, leakages, and toxic gas concentration levels for preventing significant potential fire outbreaks. In addition, recent advancements in fire and gas sensors offer benefits of real-time alerts about gaseous concentration and the presence of toxic gases in immediate environment, prevention of hazardous situations and leakage, safety assurance of worker’s health, cheap affordability, and improved decision-making.
• The North America market accounted for largest revenue share in the global industrial safety market in 2022. This is due to latest technological advancements and upgrading along with the launch of new products with increased efficiency and productivity of the telecom power systems. In addition, initiatives and partnerships between major market companies is also expected to drive market revenue growth during the forecast period. For instance, on 21 April 2022, Modjoul, a major data analytics and wearables company that develops innovative ways to enhance safety at workplace announced a partnership with Amazon Industrial Innovation. This partnership will help Modjoul’s wearable-based solution to protect workers and offer cutting-edge new insights to aid in the prediction and prevention of workplace accidents to continue its development.

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Emergen Research has segmented the global industrial safety market on the basis of component, type, product, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)

• • Presence Sensing Safety Sensors
  • Safety Controllers/ Modules/ Relays
  • Programmable Safety Systems
  • Safety Interlock Switches
  • Emergency Stop Controls
  • Two- Hand Safety Controls

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Machine Safety
  • Worker Safety

• Product Outlook (Revenue, USD Billion; 2019-2032)

• • Emergency Shutdown Systems
  • Fire and Gas Monitoring Shutdown Systems
  • High Integrity Pressure Protection Systems
  • Burner Management Systems
  • Turbomachinery Control

• Industry Outlook (Revenue, USD Billion; 2019-2032)

• • Oil & Gas (O&G)
  • Food & Beverages (F&B)
  • Pharmaceutical
  • Chemical
  • Power Generation
  • Metals and Mining
  • Water and Wastewater

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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