Industrial Safety Market Size, Share, And Growth Report 2032

Industrial Safety Market: Size

The global Industrial Safety Market size was worth around USD 6.67 billion in 2023 and is predicted to grow to around USD 12.15 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.9% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Industrial Safety Market on a global and regional level.

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Industrial Safety Market: Overview

Industrial safety refers to the management of various events and operations within an industry/factory, to ensure employee safety and asset protection by minimizing accidents, risks, hazards, and losses.

The global industrial safety market is likely to experience significant growth over the upcoming years, owing to the rising demand for industrial safety-certified emergency shutdown systems (ESD). The growing awareness levels about industrial safety measures among various end-user industries is further expected to fuel the global industrial safety market in the years ahead. Rapid industrialization and execution of industrial safety measures by numerous governments are also expected to propel the industrial safety market globally in the years to come. However, the huge initial investments for industrial safety systems installation may restrict the global industrial safety market development. Conversely, the increasing acceptance of workplace safety standards, particularly in developing countries, is likely to open new growth avenues for the major market players.

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Industrial Safety Market: Segmentation

The study provides a crucial view of the industrial safety market by segmenting it based on product, component, end-use industry, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

On the basis of product, the global industrial safety market includes burner management systems, fire and gas monitoring and control, high integrity pressure protection systems, turbomachinery control, and emergency shutdown systems. Emergency shutdown systems are anticipated to grow rapidly over the estimated time period.

By component, the global market is categorized into safety sensors, emergency stop devices, safety controllers/module/relays, programmable safety systems, safety valves, safety switches, and others. Programmable safety systems were the fastest growing segment and accounted for a significant share in 2023.

By end-use industry, the global industrial safety market includes oil and gas, food and beverages, water and wastewater, pharmaceuticals, power generation, chemicals, mining, and others. In 2023, the power generation segment dominated the global industrial safety market.

Industrial Safety Market: Report Scope

Industrial Safety Market: Regional Analysis

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

In 2023, Europe dominated the global industrial safety market. This growth can be attributed to the stringent regulatory standards and safety directives implemented by the governments across the region. North America held the second spot in the industrial safety market globally in 2023. The Asia Pacific region is anticipated to register the fastest CAGR in the global industrial safety market over the next few years, owing to the rising urbanization and growing industrialization across the region, particularly in the emerging economies of India and China.

Global Industrial Safety Market Players Analysis

Some major players in the global industrial safety market are:

• Honeywell
• ABB
• Schneider
• Rockwell
• Emerson
• Yokogawa
• Hima Paul
• GE
• Siemens
• Omron
• Johnson Controls
• Proserv Ingenious Simplicity
• Euchner
• Balluff
• Fortress Interlocks

The Global Industrial Safety Market is segmented as follows:

Global Industrial Safety Market: Product Analysis

• Burner Management Systems (BMS)
• Fire and Gas Monitoring and Control (F&GM)
• High Integrity Pressure Protection Systems (HIPPS)
• Turbomachinery Control (TMC)
• Emergency Shutdown Systems (ESD)

Global Industrial Safety Market: Component Analysis

• Safety Sensors
• Emergency Stop Devices
• Safety Controllers/Module/Relays
• Programmable Safety Systems
• Safety Valves
• Safety Switches
• Others

Global Industrial Safety Market: End-Use Industry Analysis

• Oil and Gas
• Food and Beverages
• Water and Wastewater
• Pharmaceuticals
• Power Generation
• Chemicals
• Mining
• Others

Global Industrial Safety Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa