An industrial safety system acts to prevent or reduce the risk of abnormal process conditions that can occur in the industry. An industrial safety system is engineered to perform specific control functions to maintain safety in a process operation when unacceptable or dangerous conditions occur. Nowadays, there is a need for industrial safety in any industry to ensure uninterrupted operations, reliability, and safety of processes. The industrial safety market is projected to grow from USD 6.3 billion in 2022 to USD 8.8 billion by 2027; growing at a CAGR of 6.8% during the forecasted period.
Schneider Electric SE (France), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Emerson Electric Co. (US), Baker Hughes (US), HIMA (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan) are among the major players in the industrial safety market.
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Schneider Electric has a wide market presence and a robust portfolio of functional safety instrumented systems. It offers industrial safety solutions through the Industrial Automation business segment. The company provides SIL 3 function safety solutions that ensure the fail-safe performance of controllers for energize-to-trip and de-energize-to-trip applications. Triconex, a brand of Schneider Electric, provides Trident safety-instrumented systems with SIL 3 certification. These safety systems feature high scalability, with options low as 32 I/O points per system to high as 40,000 I/O points. Schneider Electric has a comprehensive portfolio of industrial safety-certified emergency stop devices and safety instrumented systems. In addition, the company has expertise in distributed control systems (DCSs) and offers a wide range of safety solutions.
Honeywell Inc. is one of the key players in the industrial safety market. The company focuses more on inorganic growth strategies to expand its presence in the industrial safety market. Honeywell offers a wide range of solutions related to industrial safety through its Safety and Productivity Solutions segment. The company provides safety systems and solutions such as integrated control and safety systems, distributed control systems, control monitoring and safety systems, and industrial wireless solutions through the segments’ control, monitoring, and safety systems product line.
ABB is a leading power and automation technology company. It focuses on increasing profitability by strengthening its market position, adopting organic growth strategies, and lowering operational risks. ABB offers industrial safety solutions under the Industrial Automation business segment. ABB offers industrial safety solutions through the Industrial Automation business segment. The company has expertise in designing, manufacturing, and implementing safety systems and has effectively installed and delivered safety systems in over 55 countries globally.
Industrial Safety Market with COVID-19 Impact Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region - Global Forecast to 2027
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