Industrial Safety Market Worth $17.86 Billion by 2030 - Market Size, Share, Forecasts & Trends Analysis Report with the Impact of COVID-19 Pandemic by Meticulous Research®

REDDING, Calif., Jan. 25, 2023 /PRNewswire/ -- According to a new market research report titled, 'Industrial Safety Market by Type, Offering (Hardware, Software), End User (Oil & Gas, Energy & Power, Chemicals), and Geography - Global Forecast to 2030', the global industrial safety market is projected to reach $ 17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030.

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Industrial safety refers to the safety systems or devices applied to machinery and their operators to avoid hazards and prevent harm to machines or human life. Industrial safety systems are an important countermeasure in all hazardous facilities, such as oil & gas plants and nuclear power plants. They help protect workers, plants, and the environment when processes exceed control limits. These systems are designed to protect the processes and not to control themselves. The process is controlled via a process control system (DCS) and locked by a safety system so immediate action can be taken in case of a process control system failure.

In this study, the market is segmented based on type, offering, and end user, including its subsegments and geography. The report has considered five major geographies: North America, Asia-Pacific, Europe, Latin America and Middle East & Africa.

The growth of this market is attributed to the need for reliable safety systems to ensure personnel and asset protection, stringent regulations for workplace safety, and the growth of the oil & gas sector driving the adoption of industrial safety systems. However, the high installation costs of industrial safety systems are expected to restrain the growth of this market. Furthermore, the increasing usage of industrial internet-of-things is expected to offer potential growth opportunities. Failure to access all machinery-related risks is a challenge for this market.

Growth of the Oil & Gas Sector Driving the Adoption of Industrial Safety Systems

Oil and gas is the world's largest security systems sector. Oil and gas prices are expected to recover, and upstream activity will increase demand for emergency shutdown systems, especially from offshore facilities. Regulations such as the Bureau of Safety and Environmental Enforcement (BSEE), which enforces safety and environmental regulations for the U.S. offshore oil & gas sector, are prevalent in other regions such as Europe (European 4 and 5 standards). The risk of serious damage, line pressure, and temperature must be monitored closely; therefore, emergency shutdown systems are widely preferred.

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The industry is continuously witnessing an increase in oil & gas plants in recent years, creating opportunities for the industrial safety market. For instance, according to BP p.l.c. (U.K.), the crude oil consumption reached 94,088 thousand barrels per day worldwide in 2021. This increasing demand for crude oil will positively impact the market. Furthermore, on July 2022, the Department of the Interior (DOI) (U.S.) introduced the availability of the proposed program for the 2023–2028 National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program), as well as the Draft Programmatic Environmental Impact Statement for the 2023–2028 Program (Draft PEIS) which is expected to encourage adoption of safety systems in the oil & gas sector in North America.

Additionally, traditional technologies such as handheld/personal detectors and monitor systems fail to detect the concentrations of combustible gases in unoccupied areas that are hazardous to personnel, equipment, and facilities. Moreover, oil refineries, pipelines, LNG plants, storage farms, and offshore platforms utilize a wide range of hazardous combustible and toxic gases that boost the adoption of safety systems.

Based on type, the global industrial safety market is segmented into emergency shutdown systems (ESD), fire & gas monitoring systems, high-integrity pressure protection systems (HIPPS), burner management systems (BMS), turbomachinery control (TMC) systems, access control & intrusion detection systems, bypass & override management systems, process control systems (PCS), pipeline monitoring & control systems, and network security systems. In 2023, the emergency shutdown systems segment is expected to account for the largest share of the global industrial safety market. The large market share of this segment is attributed to the increasing implementation of safety measures by governments and the rising demand in industries such as oil & gas healthcare, power, manufacturing, pharmaceuticals, and petrochemical industries. However, the fire & gas monitoring systems segment is projected to register the highest CAGR during the forecast period.

Based on offering, the global industrial safety market is segmented into hardware and software. In 2023, the hardware segment is expected to account for the largest share of the global industrial safety market. The large market share of this segment is attributed to the stringent regulations for workplace safety and the high demand for safety systems in areas such as oil & gas, energy & power, and food & beverage. However, the software segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing deployment of software, including advanced technologies such as IoT, AI, and cloud-based services, that have impacted the overall growth of the industrial safety systems industry. With industrial safety systems, various software, such as chemical software, healthcare software, and administrative software, have been increasingly utilized in the outer premises in different industries to resolve issues in real-time.

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Based on end user, the global industrial safety market is segmented into oil & gas, energy & power, chemicals, water & wastewater, construction, food & beverage, aerospace & defense, automotive, semiconductor, healthcare & pharmaceutical, metals & mining, and other end users. In 2023, the oil & gas sector is expected to account for the largest share of the global industrial safety market. The growth of this segment is attributed to the need for industrial safety systems to recognize and control hazards to prevent injuries and deaths. Workers in the oil & gas industries face the risk of fire and explosion due to igniting flammable vapors or gases. This has encouraged the wide adoption of safety systems across the oil & gas industry. However, the automotive segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global industrial safety market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global industrial safety market. The market growth in Asia-Pacific is attributed to the increasing focus on developing oil & gas refining capacity and notable growth in the chemicals industry in countries such as China, Japan, and India. However, Europe is slated to register the highest CAGR during the forecast period. The increasing manufacturing activities across European countries, safety standards set by governments, and the rising need for workplace safety have driven the demand for industrial safety systems in the region.

Some of the key players operating in the global industrial safety market are Schneider Electric SE (France), ABB Ltd (Switzerland), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Johnson Controls International plc (Ireland), HIMA Paul Hildebrandt GmbH (Germany), MSA Safety Incorporated (U.S.), EUCHNER GmbH + Co. KG (Germany), Omron Corporation (U.S.), Paladon Systems S.r.l. (Italy), Balluff GmbH (Germany), and SICK AG (Germany).

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Scope of the Report

Industrial Safety Market, by Type               

• Emergency Shutdown Systems (ESD)
• Fire & Gas Monitoring Systems
• High Integrity Pressure Protection Systems (HIPPS)
• Burner Management Systems (BMS)
• Turbomachinery Control (TMC) Systems
• Access control & Intrusion Detection Systems
• Bypass & Override Management Systems
• Process Control Systems (PCS)
• Pipeline Monitoring & Control Systems
• Network Security Systems

Industrial Safety Market, by Offering

• Hardware
• Safety Programmable Controllers
• Safety Modules
• Safety Connection Systems
• Safety Drives
• Safety Motion Control
• Safety Motor Control
• Presence Sensing Safety Devices
• Hand Detection Safety Sensor
• Safety Laser Scanners
• Other Devices
• Safety Sensors & Switches
• Safety Relays
• Safety Communication Devices
• Operator Control & Monitoring
• Head, Eye, Face, and Hearing Protection
• Supplied Air Respirators
• Air-purifying Respirators
• Gas & Flame Detectors
• Fall Protection Devices
• Software
• Health & Safety Software
• Chemical Safety Software
• Environmental Software
• Administrative Software
• Crisis Management Software
• Mobile-based Safety Applications

Industrial Safety Market, by End User

• Oil & Gas
• Energy & Power
• Chemicals
• Water & Wastewater
• Construction
• Food & Beverages
• Aerospace & Defense
• Automotive
• Semiconductor
• Healthcare & Pharmaceuticals
• Metals & Mining
• Other End-users

Industrial Safety Market, by Geography   

• Asia-Pacific
• China
• India
• Japan
• South Korea
• Singapore
• Thailand
• Vietnam
• Philippines
• Rest of APAC
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Netherlands
• Sweden
• Rest of Europe
• North America
• U.S.
• Canada
• Latin America
• Middle East & Africa
• Saudi Arabia
• United Arab Emirates
• Rest of the Middle East & Africa (RoMEA)

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