Industrial Safety Market

Schneider (France), Rockwell (US), and Yokogawa (Japan) are the leading players in the Industrial Safety Market

Industrial safety covers the implementation of safety instrumented systems to mitigate risks associated with a process in which components such as sensors, logic controls, and acting elements are used. Implementing industrial safety ensures that safety critical control and protective systems are appropriately specified, designed, installed, and maintained. Safety devices such as sensors, programmable safety systems, and final elements are an integral part of safety instrumented systems and industrial control systems. The adoption of standards like IEC 61508 and IEC 61511 has increased the dependency on industrial safety systems to achieve required risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of functional safety lifecycle. The growth of the market is attributed to 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. The industrial safety market is expected to reach USD 5.4 billion by 2024 from USD 3.3 billion in 2019, at a CAGR of 8.6% during the forecast period. Schneider (France), Rockwell (US), and Yokogawa (Japan) are the leading players in the industrial safety market.

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Schneider offers integrated solutions to various sectors. The company has a wide geographic presence and a diversified product portfolio. It holds a leading position in most of the markets it serves. 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.

Rockwell uses 3 platforms integrated architecture, solutions and services, and intelligent motor control to build a sustainable competitive advantage. The company is the only automation provider to support discrete, batch, process, safety, and motion and power control on a common hardware platform with the same software programming environment. The company emphasizes on developing new products to upgrade its portfolio. For instance, in November 2018, it launched Allen-Bradley Compact GuardLogix 5380 controller family to scale SIL 2/PLd to SIL 3/PLe safety requirements. Rockwell Automation invests substantially in R&D to survive in the intense competition.

Yokogawa is a measurement-, control-, and IT-based company. It is a leading producer of industrial automation and control, and test and measurement equipment. The company has developed a broad product portfolio via strong R&D and strategic acquisitions. Having a broad product portfolio enables it to cater to a diversified customer base and withstand demand-supply fluctuations in different product segments. Additionally, a broad product base also reduces risks associated with a particular market. The company has adopted strategies such as product developments, acquisitions, and expansions to grow in the market. The company also focuses on expanding its solution and service offerings by involving its customers in a co-innovation process that adds value.

Related Reports:

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

Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Report Code
SE 3294
Published ON
Feb, 2019
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