Industrial Safety Market worth $8.8 billion by 2027, at a CAGR of 6.8%


Posted April 8, 2022 by Prashantvi

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.

 
According to a research report "Industrial Safety Market with COVID-19 Impact Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region - Global Forecast to 2027" published by MarketsandMarkets, 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.



Browse 154 market data Tables and 49 Figures spread through 213 Pages and in-depth TOC on "Industrial Safety Market with COVID-19 Impact Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region - Global Forecast to 2027"



Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=19720540



“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 market 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.



“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).



know more @ https://www.marketsandmarkets.com/Market-Reports/safety-instrumented-system-market-19720540.html



About MarketsandMarkets™



MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By marketsandmarkets
Country United States
Categories Electronics
Tags Industrial Safety Market
Last Updated April 8, 2022