The industrial safety market size was valued at USD 6.3 billion in 2022 and is projected to reach USD 8.8 billion by 2027; it is expected to grow at a CAGR of 6.8% from 2022 to 2027. Key factors driving the demand for industrial safety include strict mandates for safety regulations and high requirements for reliable safety systems to ensure personnel and asset protection. However, high investments required for installing industrial safety systems and the lack of awareness and complexity of standards are the key restraining factors for the industrial safety market.
The market for programmable safety systems is expected to grow at the highest CAGR as manufacturers are replacing their existing systems to comply with strict industrial safety regulatory standards. Programmable safety systems such as safety PLCs are an integral part of safety instrumented systems. Safety PLCs need to be certified with IEC 61508-the industrial safety standard for electrical /electronic/programmable electronic safety related systems. Unlike regular PLCs, a safety PLC, along with a logic solver, has redundancy and other safety diagnostics that ensure the successful execution of required safety instructions.
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The food & beverages segment is expected to grow at the highest CAGR during the forecast period. As regulations and regulations are becoming more stringent, there is an upsurge in demand for industrial safety systems to achieve safe and efficient operations in food & beverage manufacturing plants. The food & beverages industry strives to achieve high quality and consistent production at a low cost. This can be achieved by making food & beverages plants more safe, flexible, and profitable by choosing an integrated approach of automated safety control systems such as industrial safety solutions. The safety systems help in achieving greater operation transparency across production lines and reduction of compliance costs through timely corrective actions.
The industrial safety market in North America is expected to grow at the highest CAGR during the forecast period, owing to the stringent industrial safety regulations in the US and Canada that are strictly followed across various process industries. Safety standards developed by OSHA, ANSI, and CSA Group have forced various industries to implement industrial safety at their workplace. In addition, rising focus on workplace safety in the oil & gas, refining, food & beverages, healthcare & pharmaceuticals, and chemicals industries have promoted an encouraging investment environment in the industrial safety market in North America.
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