The industrial safety market is projected to grow from USD 6.3 billion in 2022 to USD 8.8 billion by 2027; it is expected to grow at a CAGR of 6.8% from 2022 to 2027.
The key factors fueling the growth of the market includes the demand for industrial safety include strict mandates for safety regulations and high requirements for reliable safety systems to ensure personnel and asset protection. Moreover, growing acceptance of workplace safety standards in emerging economies and increasing usage of the Industrial Internet of Things (IIoT) are expected to create opportunities for the market in the next 5 years.
"Machine safety market to lead industrial safety market during the forecasted period"
Currently, machine safety systems provide increased safety for process industries. Machine safety demands continue to rise. The major driving factors of the machine safety industry are stringent mandates for safety regulations, high demand for safety systems in the oil & gas, energy & power, and food & beverages industries, and rising need for reliable safety systems for machine protection.
"Market for programmable safety system to grow at fastest CAGR from 2022 to 2027"
Programmable safety systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations. The market for programmable safety systems is anticipated to grow at a fast rate in the coming years as manufacturers are replacing the existing systems to comply with strict industrial safety regulatory standards. Programmable safety systems are an integral part of safety instrumented systems. These systems must be designed or selected in accordance with the IEC 61508 standard and are required to achieve the SIL 3 and SIL 4 performance.
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"Automotive industry to hold a larger market share for industrial safety in 2022"
Automation plays a vital role in the automotive manufacturing industry owing to functions such as inventory management, performance analysis, design process, and supply chain management, which require a lot of time if done manually. Automation enables companies to save time during assembling, thereby increasing productivity. Automotive companies focus on automation to address the fast-changing consumer needs in various markets worldwide.
"APAC to be the largest market for industrial safety during the forecast period"
APAC is expected to dominate the global industrial safety market during the forecast period owing to increasing industrialization in emerging economies such as China and India. China and India have already adopted industrial safety in various processes such as oil & gas and power generation. The adoption of safety automation solutions in manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.
Major players in the industrial safety market are Schneider Electric SE (France), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Emerson Electric Co. (US), Baker Hughes (US), HIMA (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan).
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