Industrial Safety Market Estimated to Grow at a CAGR of 8.56% During 2021-2026

(IT-NEWSWIRE.COM, December 21, 2021 ) Industrial Safety Market size was valued at $3.2 billion in 2020 and it is estimated to grow at a CAGR of 8.56% during the period 2021-2026. Strict safety mandates and regulations coupled with high requirements for reliable safety equipments such as Presence Sensing Sensors, Emergency Stop Devices, Safety Switches, Final Control Element, Electrical safety gloves and others across industries, drives the growth of Industrial safety market. Apart from that, rapid industrialization in the developing countries, creates a huge requirement for safety tools at both personal and organizational levels, which in turn, drives the adoption rate of the industrial safety systems. Furthermore, increasing number of industrial accidents along with growing awareness regarding the importance and the benefits of safety measures plays a major role in the growth of industrial safety industry.

ndustrial Safety Market Segment Analysis – By Component

By component, this market is segmented into Safety Sensor, Programmable Safety System, Emergency Stop Device, Electrical safety gloves, Final Control Element, sound level meters, Safety Controllers/Module/Relays, Process Safety Systems, noise dosimeters, noise monitors and Others. Safety sensors held a significant amount of market share around 23.5% in 2020 owing to the strict safety mandates and rising accidents in industrial sectors which in turn increases the investment in safety measure. Safety sensor can be used for worker protection as well as machine protection and it also reduces the possibilities of industrial accidents through presence detection. Major market players of this industry are launching technologically advanced products in order to meet the rising requirement of reliable safety sensors. For instance, in May 2019, Sick launched its newest safety laser scanner outdoorScan3 for outdoor applications. It allows automated guided vehicle systems to navigate safely through outdoor industrial environments and it can work safely under any weather condition due to its outdoor-safe HDDM scanning technology. Similarly, in October 2020, Rockwell Automation launched two new safety switches with advanced technologies 440G-MZ and 440G-EZ to enhance its existing safety switch range. Furthermore, according to a report, in U.S. over 2.8 million nonfatal workplace injuries, illnesses and 5,333 fatal workplace injuries were recorded in 2019. The amount of fatal accidents was 2% more than its previous year. Increasing amount such incidence drives the demand for safety sensors as it helps in reducing such fatal and non-fatal accidents.

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Industrial Safety Market Segment Analysis – By End-User Industry

Based on end-user industry, Industrial Safety Market is segmented into General Manufacturing, Power, aerospace & defense, Chemical, Oil & Gas, Paper & Pulp, Metal & Mining, Electronics & Semiconductor, Medical &Pharmaceutical, automotive and Others. Medical and pharmaceutical industry is the fastest growing segment in Industrial Safety Market and estimated to grow at a CAGR of 9.54% during forecast period 2021-2026, specifically due to the increasing investment in this sector. According to the report of Invest-India, the pharmaceutical industry is analyzed to reach $65 billion by 2024 and to reach $120 billion by the year 2030 and the investment should have reached US $55 billion by the year 2020. Furthermore, out-break of COVID-19 had a positive impact on medical and pharmaceutical industry, resulting in continuous production process without any break. The rise in COVID cases and the growing health awareness among public are the key factors behind this investment that creates the massive requirement of safety tools, which in turn drives the growth of industrial safety market. Hence, rising investment in medical pharmaceutical industry is being seen as the opportunity for the players operating in the industrial safety market during 2021-2026.

Industrial Safety Market Segment Analysis – By Geography

APAC region is estimated to grow with the fastest CAGR of 9.85% during the forecast period 2021-2026. This growth will be attributed to rapid industrialization along with high investment across industries. According to some recent reports of Invest India, India is estimated to become world’s third largest manufacturer of passenger vehicles by 2021. Apart from that, Government’s initiative for safety enhancement in the industrial sectors in India, China, Japan, Australia and other countries of this region propel the APAC Industrial Safety Market during 2021-2026. Several changes were made to the Work Health and Safety Regulations 2012 (SA) which came into effect from January 1, 2021. This regulation alteration includes changes related to the air monitoring during asbestos removal work, chemical labeling, Australian reference Standards for lasers as well as pressure equipment and minor updates for diving work. However, growing incidence of industrial accidents is one of the major driving forces behind the growth of this market. According to a report released by Ministry of Manpower, the number of workplace deaths in Singapore was 17 in the first half of the year 2019 and more people suffered injuries in this year than the previous years due to the negligence in safety measures of the workforce by the organizations.

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Industrial Safety Market Drivers

Rapid Industrialization in Emerging Economies

Rapid industrialization coupled with high investments across industries, especially in emerging economies is one of the main drivers of this market. In October 2020, at 4th India Energy Forum, Indian Prime minister said that India is planning to increase its refining capacity from 250 mtpa (million tonnes per annum) to 400 mtpa by year 2026 and it is estimated that Indian Oil and Natural Gas sector will receive investment over $300 Billion by the year 2030 for the development of this sector. Apart from that, Governments of emerging economies such as India, are offering incentives and setting up industrial projects to boost the economical growth, which in turn is accelerating the growth of industrial safety market. In February 2020, UP government had announced about its special wing ‘Invest UP’, to attract more private investments and accelerate the industrialization growth across the state. Such factors are analyzed to increase the demand for this technology during the forecast period 2021-2026.

Growing Initiatives for Safety

Another growth driver for this market is growing requirement for safety measures in various industries. Increasing requirements for safety measures across industries and government initiative along with regulatory norms to maintain the safety level is fuelling the adoption of automation as well as electrical safety gloves, presence sensing sensors, emergency stop devices, safety switches, process safety systems and others. For instance, The Ministry of Foreign Affairs of Russian Federation, requested UNIDO to conduct an international conference with Rostechnadzor, to increasing the awareness regarding industrial safety and security. Similarly, OSHA issued some regulations, which include safety and health standards to ensure the safety of the wide range of workers. Such strategic safety measures taken by government bodies are augmenting the growing adoption of industrial safety technology globally and set to boost the market growth during 2021-2026.

Industrial Safety Market Challenges

Downside of Presence Sensing Devices

Although the industrial safety market is growing at a rapid phrase but few disadvantages of the presence sensing devices will hamper the growth of this industry during 2021-2026. The main disadvantage of presence sensing devices is that these devices cannot protect the workers from something that is coming out of a machine. For instance, if a part of a machine is being ejected out of that machine then a light curtain wouldn’t stop the machine from flying through the beam which can hurt the worker. Another disadvantage of these devices is that these devices cannot prevent people from accessing the hazardous zone. These disadvantages of presence sensing devices will hamper the growth of the industrial safety market during the forecast period 2021-2026.

Industrial Safety Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Industrial Safety Market. As of 2020, the market for Industrial Safety Market outlook is consolidated with the top players including ABB Ltd, Emerson Electric Co, General Electric Company, Rockwell Automation, Inc., Honeywell International, Inc., Siemens AG, Schneider Electric SE, Omron Corporation, Hima Paul Hildebrandt Gmbh, Yokogawa Electric Corporation and others.

Acquisitions/Technology Launches

In February 2020, Rockwell Automation introduced a new Allen-Bradley electronic overload relay E100, which helps the industrial organizations in protecting its motors and to avoid unplanned downtime.

In January 2020, SICK launched its newest ultra-compact safety laser scanner for mobile machines, nanoScan3, which combines smart safety functions with excellent measurement of data quality for accurate and reliable localization. This product uses patented safeHDDM® scan technology that allows nanoScan3 to work properly even under harsh or challenging ambient conditions.

Key Takeaways

APAC is anticipated to register fastest growth during the forecast period 2021-2026, owing to rapid industrialization in emerging economies of this region, high investment in various industries and others

Growing initiatives for industrial safety and rapid industrialization in developing countries are few of the main driving factors of the market.

The market is consolidated with top market players including Abb Ltd, Emerson Electric Co, General Electric Company, Rockwell Automation, Inc., Honeywell International, Inc., Siemens AG and others.

Relevant Report Titles:

A. Machine Safety Market

https://www.industryarc.com/Report/225/machine-safety-market-analysis-forecast-report.html

B. Safety Sensors and Switches Market

https://www.industryarc.com/Report/121/Safety-Sensors-Market.html

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Industrial Safety Market Estimated to Grow at a CAGR of 8.56% During 2021-2026