Industrial Safety: Trends, Demand and Future Opportunities

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Industrial Safety Market by Type (Emergency Shutdown Systems (ESD), Burner Management Systems (BMS)), by Offering (Hardware, Software), by End User (Oil & Gas, Energy & Power, Chemicals), and Geography - Global Forecasts to 2029

Industrial Safety: Trends, Demand and Future Opportunities

According to a new market research report titled, ‘Industrial Safety Market by Type (Emergency Shutdown Systems (ESD), Burner Management Systems (BMS)), Offering (Hardware, Software), End User (Oil & Gas, Energy & Power, Chemicals), and Geography - Global Forecast to 2029’, the global industrial safety systems market is projected to reach $ 15.76 billion by 2029, at a CAGR of 10.5% from 2022 to 2029.

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 industry driving the adoption of industrial safety systems. Furthermore, the growing acceptance of workplace safety standards in emerging economies and the increasing usage of the industrial internet of things are expected to offer potential growth opportunities during the forecast period

The high installation costs of industrial safety systems are expected to restrain the growth of this market. Furthermore, failure to access machinery-related issues is a challenge for this market.

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The Impact of COVID-19 on the Industrial Safety Market

The COVID-19 pandemic has drastically impacted several industries across the globe. The industries severely affected include oil & gas, automotive, chemical, and power generation. These industries faced a high impact due to changes in consumer behavior, low production, and industry closures. Some moderately impacted industries include metals & mining, healthcare & pharmaceuticals, semiconductor, and food & beverage. However, these industries are expected to recover quickly due to consumer demand and the resumption of manufacturing processes.

The pandemic has severely affected the oil & gas industry due to the drastic reduction in oil prices. In 2020, government restrictions worldwide declined the demand for oil & gas, resulting in a huge gap between the supply and demand. Oil & gas is one of the key industries that require safety systems and components.

Chemicals and energy & power industries are among the key end users of valves; these industries also witnessed reduced demand due to the global pandemic. The restrictions on foreign trade were due to the nationwide lockdown, including international borders, non-operational distribution channels, and various preventive measures for public health and safety. However, an increase in the demand from the energy & power sector is likely to drive the industrial safety systems market for the energy & power end-user industry during the forecast period.

The global industrial safety systems market is segmented by type, offering, end-user and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

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Based on type, in 2022, the emergency shutdown systems (ESD) segment is expected to account for the largest share of the global industrial safety systems market. The growth of this segment is attributed to the increasing implementation of safety measures by many government bodies and the rising demand in process industries, such as oil & gas. Moreover, these systems are also used in 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. The growth of this segment is attributed to the growing need to provide appropriate safeguards and redundancies to detect, isolate, and minimize the uncontrolled release of flammable and toxic liquids & gases across manufacturing and processing industries.

Based on offering, in 2022, the hardware segment is expected to account for the largest share of the global industrial safety systems 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 the oil & gas, energy & power, and food & beverages industries. 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.

Based on end user, in 2022, the oil & gas industry is expected to account for the largest share of the global industrial safety systems 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 the ignition of flammable vapors or gases. This has encouraged the wide adoption of safety systems across the oil & gas industry. However, the food & beverages segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global industrial safety systems market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific market is expected to account for the largest share of the global industrial safety systems market. The growth of this regional market is attributed to the growing industrialization in emerging countries such as China and India. China and India have already introduced occupational health and safety measures in various activities, such as oil & gas exploration and power generation. Rapid industrialization has increased the adoption of industrial safety systems in the manufacturing industries in the Asia-Pacific, contributing to the growth of the machine safety market.

Some of the key players operating in the global industrial safety systems 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), Baker Hughes Company (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