Industrial Safety Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.24 Billion |
| Market Size (2029) | USD 7.78 Billion |
| CAGR (2024 - 2029) | 4.49 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Safety Market Analysis
The Industrial Safety Market size is estimated at USD 6.24 billion in 2024, and is expected to reach USD 7.78 billion by 2029, growing at a CAGR of 4.49% during the forecast period (2024-2029).
Industrial safety solutions aim to mitigate hazards and vulnerabilities associated with industrial plants and machinery. These systems safeguard the equipment, personnel, and entire facilities. As the number of industries grows in various countries, with heightened demands for productivity and stringent regulations from government agencies, the industrial safety market is witnessing robust growth.
- The introduction of computer-controlled machinery, AI-driven safety devices, and robots into the workplace presents opportunities for increased productivity and the risk of unexpected accidents. This highlights the essential requirement for dependable industrial safety systems to safeguard against these occurrences.
- The swift integration of automation and robotics within various sectors raises novel safety challenges. In environments where machines and humans coexist, worker safety must be prioritized. Incorporating sophisticated safety systems is vital for ensuring safe human-machine collaboration and mitigating the risk of accidents.
- Recent technological advancements have transformed the machine safety landscape. Innovations such as technologically advanced sensors, security controllers, and machine learning algorithms have significantly enhanced safety protocols. Emerging technologies are propelling advancements in security solutions by improving hazard detection, risk evaluation, and real-time monitoring capabilities.
- The adoption of machine safety protocols may assist organizations in minimizing expenses related to workplace incidents, medical costs, legal disputes, and decreased productivity. By preventing accidents and improving operational efficiency, companies may realize cost reductions and increase their overall profitability.
- Several manufacturing firms consistently strive to enhance their infrastructure to meet safety requirements, contributing to market expansion. For instance, in May 2024, Genpak LLC announced a notable achievement in its investment project valued at USD 22.8 million at the Montgomery production facility. The Genpak facility, which covers more than 400,000 sq. ft, resumed operations following safety improvements and upgrades to increase production efficiency.
- However, more knowledge of machine safety and comprehension is necessary for market development. Numerous businesses, particularly small and medium enterprises (SMEs), may need to recognize the significance of security systems and the available security solutions. A deficiency in understanding security policies and practices may result in practical or suitable security measures. Nevertheless, enhancing awareness and offering education and training may effectively address this challenge.
- Macroeconomic factors, including fluctuations in exchange rates and shifts in international trade dynamics, could sway the global industrial safety market. Changes in currency values influence the costs of imported sensors, switches, and other raw materials, subsequently impacting equipment manufacturers' pricing strategies and profitability.
Industrial Safety Market Trends
Safety Sensors Segment is Expected to Hold Significant Market Share
- Presence-sensing safety sensors identify the existence of individuals or objects within a designated space. These sensors are frequently utilized in machinery safety applications to mitigate potential hazards. Various presence-sensing devices exist, such as safety mats, laser scanners, and radar systems.
- These sensors are particularly suitable for scenarios where personnel require regular and straightforward access to hazardous zones, including areas adjacent to robotic welding, machining centers, stamping machines, hydraulic presses, filter presses, and packaging equipment.
- The rise in safety automation, coupled with the expansion of Industry 4.0, is expected to drive the market's growth. There has been a heightened focus on protecting manufacturing facilities, prompted by an alarming increase in fatalities and injuries within the sector.
- The escalating investments from industry stakeholders to enhance safety measures have reduced such incidents. The stringent specifications and safety standards established by safety organizations are compelling end-user industries to augment their safety investments further.
- With the increased oil and gas production and growth in manufacturing activities, the demand for industrial safety sensors is expected to increase. According to the US Department of Commerce, in 2023, the manufacturing sector contributed USD 2.8 trillion to the GDP of the United States. The chemical products industry contributed the most at USD 513.2 billion in 2023.
- Several players in the market are focusing on developing new products, further supporting the market growth. For instance, in June 2024, Baker Hughes introduced three innovative sensor technologies for measuring gas, flow, and moisture to enhance safety performance and boost productivity within the oil and gas, hydrogen, and various other sectors in the energy and industrial domains. These new Panametrics solutions are developed to meet the increasing demand for precision in essential measurements and are engineered to provide long-lasting stability even in challenging environments, thereby delivering superior accuracy, reliability, and durability.
Asia Pacific is Expected to Hold a Significant Market Share
- In the Asia-Pacific's emerging economies, the surge in manufacturing activities, rapid industrialization, and the presence of local and foreign manufacturing firms are set to boost the demand for industrial safety.
- Numerous countries within the APAC region have opted to automate diverse sectors by adopting the principles of Industry 4.0. They aim to implement stringent safety regulations in industrial and commercial environments to mitigate property and human life risks. The ongoing industrial revolution presents significant growth prospects for the market studied.
- For example, the "Made in China 2025" initiative fosters advanced manufacturing while enhancing safety measures. China is expected to emerge as the leading market in the Asia-Pacific for industrial safety products in terms of revenue. The ongoing enhancement of technical safety standards, the persistent elevation of personal safety consciousness among the populace, and the government's and businesses' active involvement in market promotion have significantly expedited the development of the industrial safety sector in the country.
- The demand for Japanese industrial safety is driven by the growing number of government regulations and increasing concerns about safety and security in the workplace, mainly due to the rise in explosion activities. An example of this is the explosion that occurred at a chemical plant in Niigata Prefecture in June 2023, resulting in the death of a contractor and injuries to two others. The industry is expected to adopt a range of safety equipment, including sensors, detectors, and others, to provide early warning of potential hazards and to mitigate such risks.
- The rise in government regulations and the presence of regulatory agencies aimed at improving safety management across various industries is anticipated to propel market growth. For instance, the Central Chemicals Registration Authority (CCRA) is the designated regulatory body responsible for supervising and enforcing the Indian Chemical Management System Regulations. This authority is vital in ensuring adherence to the CMSR and promoting the safe handling of chemicals within India. As these regulations are implemented, a substantial increase in demand for the associated equipment is expected.
Industrial Safety Industry Overview
The industrial safety market is fragmented and consists of various players. Market players adopt strategies such as strategic mergers and acquisitions, product innovations, and market expansions to stay ahead of the competition. Some of the key players include Siemens AG, Rockwell Automation Inc., ABB Ltd, Honeywell International Inc., and Schneider Electric SE. Some of the recent developments in the market include:
- In July 2024, Fortress Safety announced the acquisition of Remlive, a firm renowned for its expertise in electrical safety warning indicators. This strategic initiative is designed to augment the Fortress product range by incorporating Remlive’s advanced live circuit detection technology, which contributes to minimizing workplace accidents and enhancing overall safety.
- In June 2024, Sick introduced a new sensor for demanding industrial settings. This enhancement to Sick's sensor lineup aims to improve the reliability, durability, and consistency of machinery components, which the company emphasizes as essential for minimizing maintenance requirements and avoiding expensive operational interruptions. The IMG sensor is directed toward manufacturers and system integrators who encounter regular site maintenance due to component malfunctions.
Industrial Safety Market Leaders
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Schneider Electric SE
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Honeywell International Inc.
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ABB Ltd.
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Rockwell Automation, Inc.
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
Industrial Safety Market News
- April 2024 - Emerson launched the ASCO Series 148/149 safety valve and motorized actuator, specifically engineered for industrial fuel oil burner recirculation and safety shutoff functions. This innovative solution offers industrial users a dependable and adaptable instrument to mitigate risks of overpressure, leaks, and system failures that may result in health and safety hazards, with a single configuration applicable to various combustion system applications.
- January 2024 - MKS Instruments Inc. received TÜV Rheinland certification for its newly developed programmable safety interlock solution designed for its custom I/O control platform. The TÜV certified programmable safety software from MKS, when integrated with a custom I/O controller, empowers users to establish interlock logic across various distributed controllers, thereby enhancing design flexibility and ensuring a high standard of safety.
Industrial Safety Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Regulatory Environment in the Industry will Drive the Market Growth
- 5.1.2 The Rising Adoption of Automation, Robotics, and IoT will Increase the Demand for Industrial Safety
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5.2 Market Challenges
- 5.2.1 Significant Investments Needed for Automation and Industrial Safety System Installations
6. MARKET SEGMENTATION
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6.1 By Component
- 6.1.1 Safety Sensors
- 6.1.2 Safety Controllers/Relays
- 6.1.3 Safety Valves
- 6.1.4 Other Components
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6.2 By Safety System
- 6.2.1 Emergency Shutdown Systems (ESD)
- 6.2.2 Fire and Gas Monitoring Systems
- 6.2.3 High Integrity Pressure Protection Systems (HIPPS)
- 6.2.4 Burner Management Systems (BMS)
- 6.2.5 Other Safety Systems
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6.3 By End-user Industry
- 6.3.1 Aerospace and Defense
- 6.3.2 Oil and Gas
- 6.3.3 Automotive
- 6.3.4 Energy and Power
- 6.3.5 Metals and Mining
- 6.3.6 Pharmaceutical and Healthcare
- 6.3.7 Food and Beverage
- 6.3.8 Chemical and Petrochemical
- 6.3.9 Other End-user Industries
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6.4 By Geography***
- 6.4.1 North America
- 6.4.2 Europe
- 6.4.3 Asia
- 6.4.4 Australia and New Zealand
- 6.4.5 Latin America
- 6.4.6 Middle East & Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 Schneider Electric SE
- 7.1.2 Honeywell International Inc.
- 7.1.3 ABB Ltd.
- 7.1.4 Rockwell Automation Inc.
- 7.1.5 Siemens AG
- 7.1.6 Emerson Electric Co.
- 7.1.7 Baker Hughes
- 7.1.8 HIMA Paul Hildebrandt GmbH
- 7.1.9 Yokogawa Electric Corporation
- 7.1.10 Omron Corporation
- 7.1.11 Johnson Controls
- 7.1.12 Balluff GmbH
- 7.1.13 Keyence Corporation
- 7.1.14 IDEC Corporation
- 7.1.15 SICK AG
- 7.1.16 Mitsubishi Electric
- 7.1.17 Banner Engineering
- 7.1.18 Fortress Interlocks
- 7.1.19 Automation Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
** Subject To AvailablityIndustrial Safety Industry Segmentation
Industrial safety encompasses safety management practices tailored for the industrial sector. These processes are designed to safeguard industrial workers, structures, machinery, facilities, and the surrounding environment. Oversight of industrial safety is provided by state, federal, and local laws and regulations.
The study tracks the revenue accrued through the sale of industrial safety products by various players in the global market. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyzes the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The industrial safety market is segmented by component (safety sensors, safety controllers/relays, safety valves, and other components), safety system (emergency shutdown systems (ESD), fire and gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), other safety systems), end-user industry (aerospace and defense, oil and gas, automotive, energy and power, metals and mining, pharmaceuticals and healthcare, food and beverage, chemical and petrochemical, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The report offers the market size in value terms in USD for all the abovementioned segments.
| By Component | Safety Sensors |
| Safety Controllers/Relays | |
| Safety Valves | |
| Other Components | |
| By Safety System | Emergency Shutdown Systems (ESD) |
| Fire and Gas Monitoring Systems | |
| High Integrity Pressure Protection Systems (HIPPS) | |
| Burner Management Systems (BMS) | |
| Other Safety Systems | |
| By End-user Industry | Aerospace and Defense |
| Oil and Gas | |
| Automotive | |
| Energy and Power | |
| Metals and Mining | |
| Pharmaceutical and Healthcare | |
| Food and Beverage | |
| Chemical and Petrochemical | |
| Other End-user Industries | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East & Africa |
Industrial Safety Market Research FAQs
How big is the Industrial Safety Market?
The Industrial Safety Market size is expected to reach USD 6.24 billion in 2024 and grow at a CAGR of 4.49% to reach USD 7.78 billion by 2029.
What is the current Industrial Safety Market size?
In 2024, the Industrial Safety Market size is expected to reach USD 6.24 billion.
Who are the key players in Industrial Safety Market?
Schneider Electric SE, Honeywell International Inc., ABB Ltd., Rockwell Automation, Inc. and Siemens AG are the major companies operating in the Industrial Safety Market.
Which is the fastest growing region in Industrial Safety Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Safety Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Safety Market.
What years does this Industrial Safety Market cover, and what was the market size in 2023?
In 2023, the Industrial Safety Market size was estimated at USD 5.96 billion. The report covers the Industrial Safety Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Safety Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Safety Industry Report
Statistics for the 2024 Industrial Safety market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Safety analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
