The Worldwide Industrial Safety Industry is Expected to Reach $9.5 Billion by 2028

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Sep 05, 2022, 16:15 ET

DUBLIN, Sept. 5, 2022 /PRNewswire/ -- The "Global Industrial Safety Market Size, Share & Industry Trends Analysis Report By Type (Machine Safety and Worker Safety), By Industry, By Component, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Industrial Safety Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.

The management of all activities and events inside the industry to protect its personnel and assets by avoiding risks, hazards, accidents, and near misses is known as industrial safety. Governmental bodies keep a check on it through various laws & rules. Millions of occupational or industrial accidents occur every year, resulting in significant lost production time, making it critical to invest in industrial safety. Additionally, people who are truly injured lose a significant amount of production time owing to temporary & permanent disability, as well as those who assist those who are injured. As a result, industrial safety laws must be followed to attain production efficiency.

The Occupational Safety and Health Act of 1970 was a watershed moment in industrial safety laws. The Act was the first comprehensive federal industrial safety legislation, and it was near full favor vote passed by both chambers of Congress. The surge in the number of work-related fatalities in the 1960s, particularly the Farmington, West Virginia mine tragedy of 1968, which killed many miners, was one of the variables contributing to a solid support for the act.

The act was notable for putting a greater emphasis on preventing rather than compensating for occupational accidents & illnesses. The Occupational Safety and Health Administration (OSHA) & the National Institute of Occupational Safety and Health were established as a result of the act (NIOSH). The act included requirements such as developing obligatory safety & health standards, enforcing those standards, and establishing uniform record-keeping and reporting methods.

Workers" compensation laws vary greatly from state to state, although they always have the same basic goals. Employers must pay disability benefits, medical expenses, and compensation for lost work hours in the event of a work-related injury or illness. Workers, on the other side, are generally forbidden from filing a lawsuit against their employers, safeguarding corporations from costly liability settlements. "Workmen's compensation legislation has done much more to promote safety than all other measures combined," argues David Colling in his book Industrial Safety: Management and Technology. "Employers found that focusing on safety was more cost-effective than compensating employees for injury or death."

COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc on the oil & gas industry, with oil prices plummeting. In 2021, a massive imbalance between supply & demand arose as a result of a significant drop in oil and gas demand because of several limitations implemented by governments around the world. One of the most important sectors, oil, and gas, necessitates the use of safety systems & components.

Chemicals and the energy and power industries are two other major end-users of industry safety products, both of which saw a drop in demand as a result of the global pandemic. Therefore, this led a slowdown in the industrial safety market. Due to the closure of international borders, non-operational distribution methods, and many precautionary measures implemented for public health & safety, foreign trade was restricted. However, development in the energy & power sector is predicted to enhance the industrial safety market for the energy & power end-use industry in the upcoming years.

Market Growth Factors

Strict impositions for safety regulations

The expansion of the industrial safety industry is mostly due to mandates for safety laws. The US government & governments in Europe are working to prevent mishaps by enforcing regulations relating to people and process safety and putting certified equipment in hazardous locations, such as switches, explosion-proof sensors, and actuators.

Safety standards & regulatory measures have been implemented by organizations like as the Occupational Safety & Health Administration (OSHA), the International Standard Organization (ISO), the International Electro technical Commission (IEC), and the American National Standards Institute (ANSI) to monitor and improve the efficiency of industrial processes. Machine safety laws, like the EU Machinery Directives and OSHA regulations in North America, have aided the expansion of the industrial safety product industry.

Growing utilization of the Industrial Internet of Things

The Internet of Things is opening up new possibilities for integrated safety & compliance services. Sensors that measure pressure, flow, level, temperature, & vibration can be used by the IIoT to collect data and communicate it to monitoring systems. The data is sent across wired & wireless networks, allowing for real-time analysis, alarms, and potential solutions in the event of an emergency. Companies can combine their operations with safety systems and monitor them in real-time using the IIoT. IIoT allows for quick monitoring, analysis, & control, as well as virtual administration of physical systems, resulting in improved performance.

Marketing Restraining Factor:

Difficult to deal with any machinery-related dangers

Overall machine guarding necessitates a risk assessment that includes input from machine operators, maintenance workers, supervisors, engineers, safety specialists, machine guarding experts, & original equipment manufacturer (OEM) representatives, in addition to guard designers. It's hard for a designer to foresee all the dangers involved with equipment setup, operation, inspection, & maintenance on their own.

When personnel needs to reach locations inside machine guards, meticulous planning & execution are required. Inadequate risk assessment can also lead to the omission of important requirements for the design and performance of interlock devices and monitoring components like relays and safety-rated programmable logic controllers, which are used for safety while performing substitute safeguarding measures.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2019, Jan - 2022, Mar) Leading Players

Chapter 4. Global Industrial Safety Market by Type
4.1 Global Machine Safety Market by Region
4.2 Global Worker Safety Market by Region

Chapter 5. Global Industrial Safety Market by Industry
5.1 Global Automotive Market by Region
5.2 Global Food & Beverages Market by Region
5.3 Global Chemicals Market by Region
5.4 Global Semiconductor Market by Region
5.5 Global Aerospace & Defense Market by Region
5.6 Global Healthcare & Life Sciences Market by Region
5.7 Global Metals & Mining Market by Region
5.8 Global Energy & Power Market by Region
5.9 Global Oil & Gas Market by Region
5.1 Global Other Industry Market by Region

Chapter 6. Global Industrial Safety Market by Component
6.1 Global Presence Sensing Safety Sensors Market by Region
6.2 Global Safety Controllers/ Modules/ Relays Market by Region
6.3 Global Programmable Safety Systems Market by Region
6.4 Global Safety Interlock Switches Market by Region
6.5 Global Emergency Stop Controls Market by Region
6.6 Global Two-Hand Safety Controls Market by Region
6.7 Global Others Market by Region

Chapter 7. Global Industrial Safety Market by Region

Chapter 8. Company Profiles
8.1 Schneider Electric SE
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.2 Honeywell International, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Product Launches and Product Expansions:
8.2.5.3 Acquisition and Mergers:
8.3 ABB Group
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Product Launches and Product Expansions:
8.3.5.3 Acquisition and Mergers:
8.4 Rockwell Automation, Inc.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.5 Siemens AG
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.5.5.2 Acquisition and Mergers:
8.6 Emerson Electric Co.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expenses
8.6.5 Recent strategies and developments:
8.6.5.1 Product Launches and Product Expansions:
8.7 Baker Hughes Company
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.8 HIMA Paul Hildebrandt GmbH
8.8.1 Company Overview
8.8.1 Recent strategies and developments:
8.8.1.1 Partnerships, Collaborations, and Agreements:
8.8.1.2 Product Launches and Product Expansions:
8.9 Yokogawa Electric Corporation
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expenses
8.9.5 Recent strategies and developments:
8.9.5.1 Product Launches and Product Expansions:
8.9.5.2 Acquisition and Mergers:
8.10. Omron Corporation
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expenses
8.10.5 Recent strategies and developments:
8.10.5.1 Product Launches and Product Expansions:

For more information about this report visit https://www.researchandmarkets.com/r/3u8qc2

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