Industrial Safety Market by Product Type (ESD, HIPPS, TMC, BMS, and F&GM), Component (Safety Sensors, Safety Switches, Programmable Safety Systems, Safety Valves, Emergency Stop Devices), Industry, and Region - Global Forecast to 2024
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Request For Special PricingThe industrial safety market is expected to grow from USD 3.3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period. The market’s growth is propelled by the mandates for safety regulations, rising demand for safety systems in the oil & gas industry, rising need for reliable safety systems for personnel and asset protection, industrial revolution 4.0, and growing automation in hazardous industrial areas.
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Market for programmable safety systems to grow at highest CAGR from 2019 to 2024
The industrial safety market for programmable safety systems is expected to grow at the highest CAGR during the forecast period. Programmable safety systems such as safety PLCs are an integral part of safety instrumented systems. Safety PLCs need to be certified with IEC 61508—the industrial safety standard for electrical/electronics/programmable electronics safety-related systems. Unlike regular PLCs, a safety PLC, along with logic solver, has redundancy and other safety diagnostics that ensure successful execution of required safety instructions.
Emergency shutdown systems market to grow at the highest CAGR from 2019 to 2024
The emergency shutdown systems market is expected to grow at the highest CAGR during the forecast period. An emergency shutdown (ESD) system is designed to avert hazardous situations; it can initiate the shutdown of a plant, unit, or equipment (sensors are used to detect undesired conditions and logic solvers respond to sensors by taking final elements like valves and pumps to safe states). During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered while implementing an ESD system, such as cost-effectiveness of the system, compliance with current government rules and regulations, and litigation costs that may occur in case of the absence of an ESD system.
Power generation industry to exhibit high growth in industrial safety market during forecast period
The power generation industry is expected to grow at the highest CAGR from 2019 to 2024. Power generation plants pose high risks to human lives as well as the environment. Therefore, a high level of industrial safety is required for such plants. Industrial safety systems such as burner management, fire & gas monitoring, and emergency shutdown systems are widely used in power plants. Fire & gas monitoring solutions are especially deployed in power plants and substations to address applicable laws and regulations. A BMS (Burner Management System) protects boilers from exploding by ensuring safe and orderly operating sequences during start-ups and shutdowns.
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Industrial safety market in APAC to grow at highest CAGR during forecast period
The industrial safety market in APAC is expected to grow at the highest CAGR during the forecast period. This growth will likely be driven by the increasing industrialization in emerging economies such as China and India. These 2 countries have already adopted industrial safety in various industries such as oil & gas and power generation. The adoption of safety automation solutions in the manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth.
Key Market Players
As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity (UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK) were the major players in the industrial safety market.
Schneider Electric has a strong presence in discrete and process automation industries. The company has grown through mergers of various business divisions; as a result, it typically offers more than one brand and product in most markets and sectors. Its strong position in various markets gives it a competitive advantage. The company has identified certain countries in Latin America, Asia, the Middle East, Eastern Europe, and Africa as “new economies” (experiencing accelerated growth due to urbanization, industrialization, digitalization, and development) that it intends to penetrate with long-term investments.
Report Scope:
|
Report Metric |
Details |
|
Years considered |
2016–2024 |
|
Base year considered |
2018 |
|
Forecast period |
2019–2024 |
|
Forecast units |
Value (USD) in million/billion |
|
Segments covered |
Product, Component, and Industry |
|
Regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity(UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK) |
In this report, the overall industrial safety market has been segmented by product, component, industry, and geography.
Industrial Safety Market, By Product:
- Emergency Shutdown Systems (ESD)
- Fire & Gas Monitoring Systems
- High Integrity Pressure Protection Systems (HIPPS)
- Burner Management Systems (BMS)
- Turbomachinery Control (TMC)
Industrial Safety Market, By Component:
- Safety Sensors
- Programmable Safety Systems
- Safety Controllers/Modules/Relays
- Safety Switches
- Emergency Stop Devices
- Safety Valves
- Others
Industrial Safety Market, By Industry:
- Chemicals
- Oil & Gas
- Power Generation
- Pharmaceuticals
- Metal & Mining
- Water & Wastewater
- Food & Beverages
- Others
Industrial Safety Market, By Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World (RoW)
- South America
- Middle East & Africa
Recent Developments
- In July 2018, Schneider Electric launched a series of industrial safety products in Australia, including the Telemecanique XCSR contactless RFiD safety sensor and Harmony range of pushbuttons. Both products present unique safety features to enable industrial operations to uphold the highest safety standards.
- In March 2018, Schneider Electric opened its East Asia & Japan headquarters in Singapore, bringing together multiple operations across the island to one location to better serve regional customers and industry partners.
Critical Questions:
- Which industrial safety equipment is expected to witness the highest demand in the future?
- What is the most-widely adopted industrial safety product?
- How is industrial safety implemented across industries?
- What are the key trends in the industrial safety market?
- Most suppliers adopt agreements, partnerships, and collaborations as key growth strategies (as seen from their recent developments); where will these take the market in the mid to long term?
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Table of Contents
1 Introduction (Page No. - 17)
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary & Primary Research
2.1.2 Secondary Data
2.1.2.1 Major Secondary Sources
2.1.2.2 Secondary Sources
2.1.3 Primary Data
2.1.3.1 Primary Interviews With Experts
2.1.3.2 Key Data From Primary Sources
2.1.3.3 Key Industry Insights
2.1.3.4 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Arriving at Market Share By Bottom-Up Analysis(Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis(Supply Side)
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 29)
4 Premium Insights (Page No. - 33)
4.1 Attractive Growth Opportunities in Industrial Safety Market
4.2 Market, By Product
4.3 Market, By Component
4.4 Market, By Industry
4.5 Market in APAC, By Product and Country
4.6 Market, By Geography
5 Market Overview (Page No. - 37)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Mandate for Safety Regulations
5.2.1.2 Rising Demand for Safety Systems in the Oil & Gas Industry
5.2.1.3 Rising Need for Reliable Safety Systems for Personnel & Asset Protection
5.2.1.4 Industrial Revolution 4.0
5.2.1.5 Growing Automation in Hazardous Industrial Areas
5.2.2 Restraints
5.2.2.1 High Investment Required for Automation and Maintenance of Equipment in Hazardous Environments
5.2.3 Opportunities
5.2.3.1 Rising Acceptance of Workplace Safety Standards in Emerging Economies
5.2.3.2 Growing Use of Iiot
5.2.4 Challenges
5.2.4.1 Increasing Complexity of Safety Applications
5.2.4.2 Lack of Industrial Safety Certified Workforce
5.3 New Industrial Safety Technologies Expected to Foster Market Growth
5.3.1 Safety Integrity Level (SIL)
5.3.2 Industrial Safety Standards
5.3.2.1 IEC 61508
5.3.2.2 IEC 61511
5.3.2.3 IEC 62061
5.3.2.4 IEC 62443
5.3.3 Adoption of Different Technologies for Industrial Safety
5.4 Industrial Safety market by services (Qualitative)
5.4.1 Testing, Inspection and certification
5.4.2 Maintenance
5.4.3 Training and consulting
5.5 Industrial Safety Process Flow Analysis
5.5.1 Development of Safety Requirement
5.5.2 Allocation of Safety Functions
5.5.3 Designing and Installation of Safety System
5.5.4 Validation and Certification of Safety Systems
5.5.5 Post Installation service
6 Industrial Safety Market, By Component (Page No. - 44)
6.1 Introduction
6.2 Safety Sensors
6.2.1 Sensors Used in A Safety System are Developed and Designed to Ensure A Safe Output Based on the Logic
6.3 Programmable Safety Systems
6.3.1 Programmable Safety Systems Such as Safety PLCs are an Integral Part of Safety Instrumented Systems
6.4 Safety Controllers/Module/Relays
6.4.1 Relays are A Simple and Efficient Way to Meet Existing Safety Standards
6.5 Safety Switches
6.5.1 Safety Switches are Designed to Protect Operators and Equipment in Industrial Plants
6.6 Emergency Stop Devices
6.6.1 Emergency Stop Devices are Crucial Elements Within the Safety-Related Parts of Control Systems
6.7 Safety Valves
6.7.1 Safety Valve is the Final Element of A Safety Instrumented Function
6.8 Others
7 Industrial Safety Market, By Product (Page No. - 54)
7.1 Introduction
7.2 Emergency Shutdown Systems (ESD)
7.2.1 Emergency Shutdown (ESD) System is Designed to Avert Hazardous Situations
7.3 Fire & Gas Monitoring Systems
7.3.1 Fire and Gas Monitoring System is Mainly Used to Prevent and Lower the After-Effects of Fire Accidents
7.4 High Integrity Pressure Protection Systems (HIPPS)
7.4.1 HIPPS is Employed to Prevent Gas Over-Pressurization
7.5 Burner Management Systems (BMS)
7.5.1 Burner Management System (BMS) Helps in Reliable Monitoring, Operations, and Maintenance of All Plants Assets
7.6 Turbomachinery Control (TMC)
7.6.1 Tmc Provides Tight Control Over the Speed of Steam, Hydro, and Gas Turbines
8 Industrial Safety Market, By Industry (Page No. - 78)
8.1 Introduction
8.2 Oil & Gas
8.2.1 Oil & Gas Plants are Prone to Incidents That Can Affect People and the Environment
8.3 Food & Beverages
8.3.1 in Food Processing Plants, Several Dangerous Machines are Used Which Requires Adherence to Safety
8.4 Pharmaceuticals
8.4.1 Installing an Effective Safety Instrumented System Can Prevent Potential Hazards From Occurring
8.5 Chemicals
8.5.1 Safety and Reliability are Critical Factors for the Chemicals Industry
8.6 Power Generation
8.6.1 Power Generation Plants Pose High Risks to Human Lives as Well as the Environment. Therefore, A High Level of Industrial Safety is Required
8.7 Metals & Mining
8.7.1 Safety is Vital for Metals Production, Transportation, and Storage
8.8 Water and Wastewater
8.8.1 Water and Wastewater Industry is Widely Adopting Industrial Safety Solutions to Safeguard People and Environment
8.9 Others
9 Geographic Analysis (Page No. - 84)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Industrial Safety Standards and Legal Requirements to Maintain Safety Standards have Surged the Deployment of Safety-Related Systems
9.2.2 Canada
9.2.2.1 Industrial Safety is Governed at the Provincial Level in Canada
9.2.3 Mexico
9.2.3.1 Industrial Safety Systems are Essential for Ensuring the Safety of These Oil & Gas Processes
9.3 Europe
9.3.1 UK
9.3.1.1 Offshore Oil & Gas Industry in the UK is A Major Hazard Sector and is Committed Toward Maintaining Safe Operations to Protect People and the Environment
9.3.2 Germany
9.3.2.1 Machine and Industrial Safety Measures are Strictly Governed By Various Regulatory Standards, Such as the IEC 61508 in Germany
9.3.3 France
9.3.3.1 Rising Awareness About Industrial Safety in the Process Industry is Contributing to the Growth of the Market in France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 China has Been Witnessing the Highest Adoption of Industrial Safety Solutions Within APAC
9.4.2 Japan
9.4.2.1 Fast-Growing Process Industry in Japan Adheres to Safety Standards to Improve Human and Process Safety
9.4.3 India
9.4.3.1 Growing Number of Power Projects in India has Given Momentum to the Implementation of Industrial Safety Systems
9.4.4 South Korea
9.4.4.1 Korean Government has Established the Industrial Safety and Health Law to Prevent Industrial Accidents
9.4.5 Rest of APAC
9.5 RoW
9.5.1 South America
9.5.1.1 Brazil is One of the Most Conducive Markets for Industrial Safety Owing to Favorable Safety Regulations Put Forth By the Country’s Ministry of Labor
9.5.2 Middle East & Africa
9.5.2.1 Middle East & African Region is an Important Market for Industrial Safety Systems in RoW Because of Its Oil & Gas Reserves
10 Competitive Landscape (Page No. - 97)
10.1 Overview
10.2 Market Ranking Analysis: Industrial Safety Market
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Strength of Product Portfolio
10.5 Business Strategy Excellence
10.6 Competitive Situation & Trends
10.6.1 Contracts, Agreements, and Partnerships
10.6.2 Product Launches & Developments
10.6.3 Acquisitions
11 Company Profiles (Page No. - 105)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
11.1 Key Players
11.1.1 ABB
11.1.2 Honeywell
11.1.3 Rockwell
11.1.4 Schneider
11.1.5 Yokogawa
11.1.6 Emerson
11.1.7 GE
11.1.8 Hima Paul
11.1.9 Omron
11.1.10 Siemens
11.2 Other Key Players
11.2.1 Proserv Ingenious Simplicity
11.2.2 Johnson Controls (Tyco)
11.2.3 Balluff GmbH
11.2.4 Euchner
11.2.5 Fortress Interlocks (Halma PLC)
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
12 Appendix (Page No. - 141)
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details
List of Tables (88 Tables)
Table 1 Industrial Safety Market, By Component, 2016–2024 (USD Million)
Table 2 Industrial Safety Market, By Component, 2016–2024 (Million Units)
Table 3 Market for Safety Sensors, By Product, 2016–2024 (USD Million)
Table 4 Market for Programmable Safety Systems, By Product, 2016–2024 (USD Million)
Table 5 Market for Safety Controllers/Module/Relays, By Product, 2016–2024 (USD Million)
Table 6 Market for Safety Switches, By Product, 2016–2024 (USD Million)
Table 7 3 Common Types of Emergency Stop Devices
Table 8 Market for Emergency Stop Devices, By Product, 2016–2024 (USD Million)
Table 9 Market for Safety Valves, By Product, 2016–2024 (USD Million)
Table 10 Market for Others, By Product, 2016–2024 (USD Million)
Table 11 Industrial Safety Market, By Product, 2016–2024 (USD Million)
Table 12 Emergency Shutdown Systems Market, By Component, 2016–2024 (USD Million)
Table 13 Emergency Shutdown System Market for Oil & Gas, By Region, 2016–2024 (USD Million)
Table 14 Emergency Shutdown System Market for Power Generation, By Region, 2016–2024 (USD Million)
Table 15 Emergency Shutdown System Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 16 Emergency Shutdown System Market for Food & Beverages, By Region, 2016–2024 (USD Million)
Table 17 Emergency Shutdown System Market for Water & Wastewater, By Region, 2016–2024 (USD Million)
Table 18 Emergency Shutdown System Market for Pharmaceuticals, By Region, 2016–2024 (USD Million)
Table 19 Emergency Shutdown System Market for Metals and Mining, By Region, 2016–2024 (USD Million)
Table 20 Emergency Shutdown System Market for Others, By Region, 2016–2024 (USD Million)
Table 21 Fire & Gas Monitoring System Market, By Component, 2016–2024 (USD Million)
Table 22 Fire & Gas System Market for Oil & Gas, By Region, 2016–2024 (USD Million)
Table 23 Fire & Gas System Market for Power Generation, By Region, 2016–2024 (USD Million)
Table 24 Fire & Gas System Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 25 Fire & Gas Monitoring System Market for Food & Beverages, By Region, 2016–2024 (USD Million)
Table 26 Fire & Gas Monitoring System Market for Water & Wastewater, By Region, 2016–2024 (USD Million)
Table 27 Fire & Gas Monitoring System Market for Pharmaceuticals, By Region, 2016–2024 (USD Million)
Table 28 Fire & Gas Monitoring System Market for Metals & Mining, By Region, 2016–2024 (USD Million)
Table 29 Fire & Gas Monitoring System Market for Others, By Region, 2016–2024 (USD Million)
Table 30 High Integrity Pressure Protection Systems Market, By Component, 2016–2024 (USD Million)
Table 31 High Integrity Pressure Protection Systems Market for Oil & Gas, By Region, 2016–2024 (USD Million)
Table 32 High Integrity Pressure Protection Systems Market for Power Generation, By Region, 2016–2024 (USD Million)
Table 33 High Integrity Pressure Protection Systems Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 34 High Integrity Pressure Protection Systems Market for Food & Beverages, By Region, 2016–2024 (USD Million)
Table 35 High Integrity Pressure Protection Systems Market for Water & Wastewater, By Region, 2016–2024 (USD Million)
Table 36 High Integrity Pressure Protection Systems Market for Pharmaceuticals, By Region, 2016–2024 (USD Million)
Table 37 High Integrity Pressure Protection Systems Market for Metals & Mining, By Region, 2016–2024 (USD Million)
Table 38 High Integrity Pressure Protection Systems Market for Others, By Region, 2016–2024 (USD Million)
Table 39 Burner Management Systems Market, By Component, 2016–2024 (USD Million)
Table 40 Burner Management Systems Market for Oil & Gas, By Region, 2016–2024 (USD Million)
Table 41 Burner Management Systems Market for Power Generation, By Region, 2016–2024 (USD Million)
Table 42 Burner Management Systems Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 43 Burner Management Systems Market for Food & Beverages, By Region, 2016–2024 (USD Million)
Table 44 Burner Management Systems Market for Water & Wastewater, By Region, 2016–2024 (USD Million)
Table 45 Burner Management Systems Market for Pharmaceuticals, By Region, 2016–2024 (USD Million)
Table 46 Burner Management Systems Market for Metals and Mining, By Region, 2016–2024 (USD Million)
Table 47 Burner Management Systems Market for Others, By Region, 2016–2024 (USD Million)
Table 48 Turbomachinery Control Market, By Component, 2016–2024 (USD Million)
Table 49 Turbomachinery Control Market for Oil & Gas, By Region, 2016–2024 (USD Million)
Table 50 Turbomachinery Control Market for Power Generation, By Region, 2016–2024 (USD Million)
Table 51 Turbomachinery Control Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 52 Turbomachinery Control Market for Food & Beverages, By Region, 2016–2024 (USD Million)
Table 53 Turbomachinery Control Market for Water & Wastewater, By Region, 2016–2024 (USD Million)
Table 54 Turbomachinery Control Market for Pharmaceuticals, By Region, 2016–2024 (USD Million)
Table 55 Turbomachinery Control Market for Metals & Mining, By Region, 2016–2024 (USD Million)
Table 56 Turbomachinery Control Market for Others, By Region, 2016–2024 (USD Million)
Table 57 Market, By Process Industry, 2016–2024 (USD Million)
Table 58 Market, By Region, 2016–2024 (USD Million)
Table 59 Market in North America, By Country, 2016–2024 (USD Million)
Table 60 Market in Europe, By Country, 2016–2024 (USD Million)
Table 61 Market in APAC, By Country, 2016–2024 (USD Million)
Table 62 Market in RoW, By Region, 2016–2024 (USD Million)
Table 63 Market in Oil & Gas Industry, By Product, 2016-2024 (USD Million)
Table 64 Market in Chemicals Industry, By Product, 2016-2024 (USD Million)
Table 65 Market in Power Generation Industry, By Product, 2016-2024 (USD Million)
Table 66 Market in Food and Beverages Industry, By Product, 2016-2024 (USD Million)
Table 67 Market in Water and Wastewater Industry, By Product, 2016-2024 (USD Million)
Table 68 Market in Pharmaceuticals Industry, By Product, 2016-2024 (USD Million)
Table 69 Market in Metals & Mining Industry, By Product, 2016-2024 (USD Million)
Table 70 Industrial Safety Market in Other Industries, By Product, 2016-2024 (USD Million)
Table 71 Emergency Shutdown System Market By Industry, 2016-2024 (USD Million)
Table 72 Emergency Shutdown System Market By Region, 2016-2024 (USD Million)
Table 73 Fire & Gas System Market By Industry, 2016-2024 (USD Million)
Table 74 Fire & Gas System Market By Region, 2016-2024 (USD Million)
Table 75 High Integrity Pressure Protection System Market By Industry, 2016-2024 (USD Million)
Table 76 High Integrity Pressure Protection System Market By Region, 2016-2024 (USD Million)
Table 77 Burner Management System Market By Industry, 2016-2024 (USD Million)
Table 78 Burner Management System Market By Region, 2016-2024 (USD Million)
Table 79 Turbomachinery Control Market By Industry, 2016-2024 (USD Million)
Table 80 Turbomachinery Control Market By Region, 2016-2024 (USD Million)
Table 81 Market in North America, By Product, 2016-2024 (USD Million)
Table 82 Market in Europe, By Product, 2016-2024 (USD Million)
Table 83 Market in APAC, By Product, 2016-2024 (USD Million)
Table 84 Market in RoW, By Product, 2016-2024 (USD Million)
Table 85 Market in North America, By Industry, 2016-2024 (USD Million)
Table 86 Market in Europe, By Industry, 2016-2024 (USD Million)
Table 87 Market in APAC, By Industry, 2016-2024 (USD Million)
Table 88 Market in RoW, By Industry, 2016-2024 (USD Million)
List of Figures (40 Figures)
Figure 1 Industrial Safety Market: Research Design
Figure 2 Industrial Safety Market: Bottom-Up Approach
Figure 3 Industrial Safety Market: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Market for Fire & Gas Monitoring Systems to Grow at Highest CAGR During Forecast Period
Figure 6 Market for Programmable Safety Systems to Grow at Highest CAGR During Forecast Period
Figure 7 Oil & Gas Held Major Share of Market in 2018
Figure 8 Industrial Safety Market, By Region
Figure 9 Mandates for Safety Regulation and Rising Demand for Safety Systems in Oil & Gas Industry to Boost Adoption of Industrial Safety Systems
Figure 10 Emergency Shutdown Systems to Hold Major Market Share in 2019
Figure 11 Safety Sensors to Hold Major Share of Market By 2024
Figure 12 Oil & Gas to Hold Largest Share of Market in 2019
Figure 13 Emergency Shutdown Systems Held Largest Share of APAC Market in 2018
Figure 14 Industrial Safety Market in China to Grow at Highest CAGR During Forecast Period
Figure 15 Mandate for Safety Regulations is Expected to Drive Growth of Industrial Safety Market
Figure 16 Industrial Safety Market, By Component
Figure 17 Safety Sensors to Hold Largest Share of Market By 2024
Figure 18 Emergency Shutdown Systems to Hold Largest Share of Programmable Safety System Market By 2024
Figure 19 Industrial Safety Market, By Product
Figure 20 Safety Sensors to Hold Largest Share of Fire & Gas Monitoring Market By 2024
Figure 21 Safety Sensors to Hold Largest Share of Market for Burner Management Systems in 2019
Figure 22 Global Industrial Safety Market, By Industry
Figure 23 Oil & Gas Industry to Hold Largest Share of Market By 2024
Figure 24 China to Grow at Highest CAGR During Forecast Period
Figure 25 North America: Snapshot of Market
Figure 26 Europe: Snapshot of Market
Figure 27 APAC: Snapshot of Market
Figure 28 Middle East & Africa to Dominate RoW Market During Forecast Period
Figure 29 Key Developments in Industrial Safety Market (2016 to 2018)
Figure 30 Ranking of Key Players in Industrial Safety Market, 2018
Figure 31 Industrial Safety Market (Global) Competitive Leadership Mapping, 2018
Figure 32 ABB: Company Snapshot
Figure 33 Honeywell: Company Snapshot
Figure 34 Rockwell: Company Snapshot
Figure 35 Schneider: Company Snapshot
Figure 36 Yokogawa: Company Snapshot
Figure 37 Emerson: Company Snapshot
Figure 38 GE: Company Snapshot
Figure 39 Omron: Company Snapshot
Figure 40 Siemens: Company Snapshot
The study involved 4 major activities for estimating the size of the industrial safety market. Exhaustive secondary research was conducted to collect information on the market. The next step involved validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources such as encyclopedias, directories, and databases (Occupational Safety and Health Administration (OSHA), American National Standards Institute (ANSI), International Electrotechnical Commission (IEC), and International Standard Organization (ISO)) have been used to identify and collect information for an extensive technical and commercial study of the industrial safety market.
Primary Research
In the primary research process, primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as assess prospects. Key players in the industrial safety market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research included studying annual reports of top market players and interviewing key opinion leaders, such as CEOs, directors, and marketing personnel.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the industrial safety market and other dependent submarkets listed in this report.
- The key players in the industry and markets have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size, the total market has been split into several segments. To complete the overall market engineering process and arrive at exact statistics for all segments, market breakdown and data triangulation procedures have been employed wherever applicable. The data has been triangulated by studying various factors and trends from both demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Study Objectives:
- To define, describe, segment, and forecast the industrial safety market, in terms of value, based on component, product, industry, and geography
- To forecast the market size, in terms of value, for segments mentioned above with respect to 4 regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To analyze opportunities for stakeholders in the industrial safety market by identifying its high-growth segments
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
- To strategically profile key players and comprehensively analyze their market shares and core competencies along with detailing the competitive leadership and analyzing growth strategies such as product launches and developments, expansions, acquisitions, agreements, mergers, joint ventures, and partnerships
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the report.
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
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- Any level of Personalization
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Growth opportunities and latent adjacency in Industrial Safety Market