The industrial and workplace safety market is capturing a valuation of USD 6.2 billion in 2023 and is predicted to reach USD 11.1 billion by 2033. The market is registering a CAGR of 6% during the forecast period.
Industrial machine safety is the management of all activities and events within an industry to safeguard its personnel assets by preventing risks, accidents, hazards, and near misses. Government agencies regulate it through a variety of laws and rules.
Millions of occupational or industrial accidents occur each year, resulting in significant loss of production time, highlighting the importance of investing in the industrial machine safety market. Additionally, a significant amount of production time is lost by people who are truly wounded owing to temporary or permanent disablement. Due to the severe governmental regulations and legislation governing industrial safety certifications, North America and Europe account for the lion's share of the industry.
It is vital to adhere to industrial machine safety rules to maximize production efficiency. Numerous systems, including emergency shutdown, fire and gas monitoring, and pressure protection, are utilized in various industry verticals, including oil and gas, food and beverage, pharmaceutical, chemical, metals, and mining.
Several components are utilized in industrial safety applications, including safety sensors, relays, switches, and safety valves, with safety relays having the maximum market share. The globalization of economies has created shared platforms for businesses, resulting in an increase in rivalry, which enables them to invest in this area to reach manufacturing proficiency. Thus, impacting the worldwide industrial safety market growth.
| Attribute | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6% |
| Market Valuation (2023) | USD 6.2 billion |
| Market Valuation (2033) | USD 11.1 billion |
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The IIoT Enables Rapid Monitoring, Analysis, and Control of Physical Systems by Providing Virtual Physical Systems Management, Resulting in Performance Improvement.
Mandates for safety rules contribute significantly to the industrial safety market growth. The United States government and governments of Europe nations are taking proactive steps to prevent mishaps by enforcing rules governing people and process safety and installing certified equipment in hazardous places. Equipment includes explosion-proof sensors, switches, and actuators.
Organizations such as OSHA, the International Electrotechnical Commission (IEC), the International Standard Organization (ISO), and the American National Standards Institute (ANSI) have implemented safety standards and regulatory measures to monitor and improve the efficiency of industrial processes.
Regulations governing the machine safety market, such as the European Union's Machinery Directives and North America's OSHA standards, have aided in expanding the industrial machine safety product industry.
In an emergency, industrial safety systems must be built as a precautionary step to safeguard personnel, machinery, and production lines. Industrial safety component prices, installation charges, and maintenance and repair costs significantly strain an organization's budget. While big companies can manage these costs, small and medium-sized businesses may struggle.
The industrial machine safety market must adhere to legislative requirements. Safety standards are revised often to reflect technology improvements and new laws, requiring firms to modernize their industrial safety systems. This upgrade necessitates significant expenditures on safety components and systems. As a result, this element works as a constraint, particularly on small and medium-sized businesses.
The market was valued at USD 4.8 billion in 2018 and held USD 5.9 billion in 2022. The market captured a CAGR of 4.2% between 2018 and 2022.
Oil and gas is a critical industry that requires various safety systems and components. Chemicals and energy & power sectors are other significant valve end-users. These industries also saw decreased demand because of the global pandemic.
Foreign commerce was restricted as a result of the closure of international borders, the closure of distribution networks, and numerous preventative measures implemented for public health and safety. However, from 2018 to 2022, growth in demand from the energy & power sector is expected to steadily boost the industrial safety market for the energy & power end-use industry.
The pharmaceutical end-user business overview for safety systems is less affected than other industries. Pharmaceutical firms require enhanced control over operational excellence to keep pace with industry advancements.
Maintaining a safe, consistent, and efficient production process is critical for ensuring product quality. Cost constraints, regulatory and safety regulations, and an increasingly broad product range are just a few issues this business faces. As a result, fast management and monitoring of manufacturing processes are required.
The safety system enables processes to operate by statutory safety requirements and to produce maximum output safely. As a result, the employment of safety systems and components has aided pharmaceutical businesses in overcoming process restrictions such as:
Market share for industrial machine safety is categorized by component, product, sector, and region. Safety sensors, programmable safety sensors, safety controllers/modules/relays, safety switches, emergency stop devices, and safety valves are the component types.
The market is further divided into emergency shutdown systems, fire, and gas monitoring systems, high integrity pressure protection systems, burner management systems, and turbomachinery control, depending on the product.
The presence sensing sensor segment is expected to dominate in the coming years. It is owing to the increasing need for security measures to safeguard workers and production units against accidents, as mandated by stringent industrial machine safety regulations based on national and international standards. There are a few factors that drive the demand for presence-sensing safety sensors in the industrial safety market such as:
Based on industry, energy, and power is estimated to dominate the global market by securing a share of 27% during the forecast period.
During the projection period, the food & drinks industry is predicted to increase with a significant CAGR. As laws become strict, demand for industrial machine safety solutions to ensure safe and efficient operations in food and beverage production plants is increasing. The food and beverage business seeks to provide high-quality, consistent products at a reasonable price. It may be accomplished by enhancing food and beverage industries' safety, flexibility, and profitability by using an integrated strategy of automated safety control systems such as industrial machine safety solutions.
Safety systems contribute to increased operational transparency across production lines and cost savings associated with compliance through quick corrective actions.
| Countries | CAGR % 2033 to End of Forecast (2033) |
|---|---|
| The United States | 18.9% |
| Germany | 5.7% |
| Japan | 6.8% |
| Australia | 1.1% |
| China | 6.8% |
| India | 7.2% |
| The United Kingdom | 4.1% |
During the projected period, the United States is estimated to lead the worldwide industrial and workplace safety market, owing to the rising industrialization of emerging economies. The United States is anticipated to secure a CAGR of 18.9% in the global market by 2033.
China and India have previously implemented industrial safety measures in various activities, including oil and gas extraction and electricity generation. With rapid industrialization, the adoption of safety automation solutions in manufacturing industries in this region is increasing significantly, contributing to the machine safety market growth. China and India are estimated to capture a CAGR of 6.8% and 7.2%, respectively, in the global market by 2033.
The IIoT is reshaping the landscape of integrated safety and compliance services. IIoT sensors may capture pressure, level, flow, temperature, and vibration data and transmit it to monitoring systems. The data is communicated over wired and wireless networks, allowing for real-time analysis, alarms, and potential remedies in an emergency.
Businesses can combine their operations with industrial safety systems and monitor them in real time using the IIoT. The IIoT enables rapid monitoring, analysis, and control of physical systems by providing virtual physical systems management, resulting in performance improvement. Industrial machine safety market demand is predicted to increase throughout the forecast period, owing to the growing usage of IIoT.
Complete machine guarding needs risk assessment that incorporates input from machine operators, maintenance workers, supervisors, engineers, safety specialists, machine guarding experts, and representatives from original equipment manufacturers (OEMs). It is difficult for a designer to predict all the dangers involved with the setup, operation, inspection, and maintenance of equipment separately.
Comprehensive planning and execution are necessary when employees must get access to places enclosed inside machine guards. Inadequate risk assessment can also result in the omission of critical requirements for the design and performance of interlock devices and monitoring components. These devices and components include relays and safety-rated programmable logic controllers used to protect while performing alternative safeguarding measures.
Industrial safety competitors have strengthened their market offers through various organic and inorganic development tactics, including new product launches, acquisitions, and partnerships.
Other Essential Players Working in the Global Market
Recent Developments in the Industrial and Workplace Safety Market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, The United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Type, Component, Safety System, Industry, Region |
| Key Companies Profiled | Schneider Electric SE (France); Honeywell International Inc. (USA); ABB Ltd. (Switzerland); Rockwell Automation, Inc. (USA); Siemens AG (Germany); Emerson Electric Co. (USA); Baker Hughes (USA); HIMA (Germany); Yokogawa Electric Corp. (Japan); Omron Corporation (Japan) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The projected Industrial and workplace safety market CAGR by 2033 is 6%.
The projected market value by 2033 is USD 11.1 billion.
The market is estimated to secure a valuation of USD 6.2 billion in 2023.
The energy and power industry is the key consumer of the industrial and workplace safety market.
Schneider Electric, Honeywell International, and ABB are the three key players in the market.
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Industrial and Workplace Safety Market
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