The stringent requirements for the Energy and Oil & Gas sectors, regulatory obligations and technological acceleration are the main factors affecting the global industrial safety market, which is expected to grow over the next 5 years.According to a recent report by Zion Market Research, the global industrial safety market is expected to rise from $ 3.04 billion in 2018 to reach $ 5.41 billion by 2025, with a compound annual growth rate (CAGR) of 8.6% in the period 2019-2025.
The implementation of safety measures by many governments is a key factor in boosting this market, and is only partially hampered by the need for substantial upfront investments. In contrast, the growing acceptance of workplace safety regulations, particularly in developing countries, is opening up new growth opportunities for the main market players such as ABB, Balluff, Emerson, Euchner, Fortress Interlocks, GE, Harting, Hima, Honeywell, Johnson Controls, Omron, Pepperl+Fuchs, Proserv Rockwell Automation, Schneider Electric, Siemens, and Turck Yokogawa.
The report took into consideration 5 types of system: Burner Management Systems (BMS), Fire & Gas Monitoring and Control systems, High Integrity Pressure Protection Systems (HIPPS), Turbo Machinery Control (TMC) and Emergency Shutdown (ESD) systems.
In terms of products and components, 7 types were analyzed: safety sensors, emergency devices, safety relays/modules/controllers, programmable safety systems, safety valves, safety switches, and other accessory devices. Emergency shutdown systems and programmable safety systems (IEC 61508-certified PLCs with enhanced diagnostics and redundancy) are estimated to be the fastest-growing segments, with a highly significant share in 2018.
As regards outlet industry, the report examined leading sectors such as Oil&Gas, Food&Beverage, water and wastewater, pharmaceutical products, energy production, chemicals, mining activities and others. The electricity-generation sector dominated the global industrial safety market in 2018.
After all, electricity production plants are strategic for national economies and involve high risk to human life and to the environment. Systems and products for burner management, fire&gas monitoring and emergency shutdown systems are widely used in power plants to monitor critical situations and ensure safe operating sequences during plant activity, start-ups and shutdowns.
In 2018, Europe was the area with the most widespread industrial safety systems. This market leadership can be attributed to the rigorous regulatory standards and to the directives implemented by governments throughout the area. North America has also become a mature market, as industrial safety systems and products are widely used and the installation of advanced safety systems is made mandatory by government regulations.
The Asia-Pacific region looks set to record the fastest growth rate over the coming years, also due to the growth of urbanization and industrialization, particularly in the emerging economies of India and China, which are already producers and primary consumers of safety technologies.
For Latin America, the Middle East and Africa, the report expects more moderate growth. The governments of Brazil, Argentina, South Africa and the United Arab Emirates are nonetheless promoting the widespread use of safety technologies in various industrial sectors.