The Industrial Safety Market is expected to grow from USD 3.3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period. The market’s growth is propelled by the mandates for safety regulations, rising demand for safety systems in the oil & gas industry, rising need for reliable safety systems for personnel and asset protection, industrial revolution 4.0, and growing automation in hazardous industrial areas.

Key Market Players

As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity (UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK) were the major players in the industrial safety market.

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Schneider Electric has a strong presence in discrete and process automation industries. The company has grown through mergers of various business divisions; as a result, it typically offers more than one brand and product in most markets and sectors. Its strong position in various markets gives it a competitive advantage. The company has identified certain countries in Latin America, Asia, the Middle East, Eastern Europe, and Africa as “new economies” (experiencing accelerated growth due to urbanization, industrialization, digitalization, and development) that it intends to penetrate with long-term investments.

Recent Developments

In July 2018, Schneider Electric launched a series of industrial safety products in Australia, including the Telemecanique XCSR contactless RFiD safety sensor and Harmony range of pushbuttons. Both products present unique safety features to enable industrial operations to uphold the highest safety standards.
In March 2018, Schneider Electric opened its East Asia & Japan headquarters in Singapore, bringing together multiple operations across the island to one location to better serve regional customers and industry partners.
Critical Questions:

Which industrial safety equipment is expected to witness the highest demand in the future?
What is the most-widely adopted industrial safety product?
How is industrial safety implemented across industries?
What are the key trends in the industrial safety market?
Most suppliers adopt agreements, partnerships, and collaborations as key growth strategies (as seen from their recent developments); where will these take the market in the mid to long term?
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