Industrial Safety Market - Forecasts from 2017 to 2022

Industrial Safety Market is projected to expand at a compound annual growth rate of 8.13% to reach a total market size of US$5.663 billion by 2022, from US$3.831 billion in 2017. Industrial Safety Market comprises of sensors, logic solvers, and final control elements to ensure process safety in a plant when predetermined conditions are violated. The growth of the Industrial Safety Market is influenced significantly by government regulations such as EU Machinery Directives and North America’s OSHA standards. Apart from government regulations, technological advancements and increasing demand from developing nations are driving the growth. However, the major limiting factors are the complexity of standards, lack of awareness and the high cost of Industrial Safety products.

Research Methodology

Firstly, the report provides a brief introduction of the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segmentation which has been covered as part of the report.

Market Dynamics

Next, the section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth and a brief technological aspect of Industrial Safety solutions. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.

Segmentation

Thirdly, Industrial Safety Market has been segmented on the basis of, Product, Component and end user industry. Under Product; Fire and Gas Monitoring and Control, Burner Management Systems (BMS), Turbomachinery Control (TMC), High Integrity Pressure Protection Systems (HIPPS) and Emergency Shutdown Systems (ESD) have been covered. By end user industry, the market is segmented into oil and gas, healthcare, mining manufacturing, power generation, paper and pulp, energy and power, chemicals among others. By component industrial safety market has been segmented into sensors, safety controllers/module/relays, emergency stop devices, safety switches, and programmable safety systems among others. Important regions for vendors in terms of market size is covered through detailed geographical segmentation of Americas, Europe Middle East and Africa, and Asia Pacific.

Market Players

Finally, competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are ABB, Emerson Electric, HIMA Paul Hildebrandt, Schneider Electric, and Siemens among others.