Industrial Safety Market

Schnider Electric and Honeywell are Leading Players in the Industrial Safety Market

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 5.6 billion in 2020 to USD 7.7 billion by 2025; growing at a CAGR of 6.7% during forecasted period.

ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), and Omron Corporation (Japan) are among the major players in the industrial safety market.

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Schnider Electric offers a diversified industrial safety solutions under its 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 applications as low as 32 I/O points per system to as high as 40,000 I/O points. Schneider Electric has a strong portfolio of industrial safety-certified emergency stop devices and safety instrumented systems. The company has expertise in DCS and offers a range of safety solutions. Additionally, in line with the company’s strong financial performance and R&D investments, the company can also emphasize on inorganic growth strategies, such as collaborations, mergers, and acquisitions, to target emerging and rapidly growing markets in APAC, such as India, China, and South Korea. Moreover, the company has identified certain countries in South America, Asia, the Middle East, Eastern Europe, and Africa as “new economies” that it intends to penetrate with long-term investments. For example, Schneider Electric established its first large-scale “Innovation Hub” in Asia, after Boston and Paris. Schneider Electric has reduced its activities to critical operations in France. It has also suspended its 2020 guidance because of COVID-19.

Honeywell  offers a wide range of solutions related to industrial safety through its Safety and Productivity segment. The company offers safety systems and solutions such as integrated control and safety systems, distributed control systems, control monitoring and safety systems, and industrial wireless solutions in the control, monitoring, and safety systems category. The company has recently launched various products to diversify its industrial safety product portfolio. The launches are a result of extensive R&D conducted by the company. Honeywell has a strong presence in the US, with ~60% revenue generated from this region. For better revenue avenues, the company could focus on other regions such as APAC, the Middle East, and South America. The company focuses on both organic and inorganic growth strategies to expand its presence in the industrial safety market. For instance, in April 2019, Casale SA, an engineering, procurement, and construction licensor and contractor, selected Honeywell to be the main automation contractor. Moreover, in June 2018, Honeywell launched Safety Manager SC, the next generation of its flagship Safety Manager platform. This will help the company maintain its leading position in the industrial safety market.

Related Reports:

Industrial Safety Market with COVID-19 Impact by Component (Presence Sensing Sensors, Safety Switches, Programmable Safety Systems, Emergency Stop Devices), System (ESD, HIPPS, TMC, BMS, and F&GM), Industry, and Region - Global Forecast to 2025

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Report Code
SE 3294
RI Published ON
8/17/2020
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