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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

  • ID: 4755331
  • Report
  • Region: Global
  • 148 Pages
  • Markets and Markets
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Industrial Safety Market to Exhibit Significant Growth During 2019–2024

FEATURED COMPANIES

  • ABB
  • Emerson
  • GE
  • Honeywell
  • Omron
  • Schneider
  • MORE

“Industrial safety market to exhibit significant growth during 2019–2024”

The industrial safety market is estimated 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 key factors driving the market’s growth include 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. However, the high investment required for automation and maintenance of equipment in hazardous environments will likely restrain the growth.

“Market for programmable safety systems to witness high growth during forecast period”

The market for programmable safety systems is expected to grow at the highest CAGR from 2019 to 2024. Programmable safety systems or safety PLCs are considered the backbone of an industrial safety system. The market for this component segment is expected to grow significantly as user requirements for programmable safety systems are emerging not only from a safety standpoint but also from their ease-of-use and interoperability with other systems.

“Market for fire & gas monitoring systems to grow at the highest CAGR during forecast period

The fire & gas monitoring systems market is estimated to grow at the highest CAGR from 2019 to 2024. Fire & gas safety systems continuously monitor fire or combustible/toxic gas leakages and provide early warning to prevent escalations. By implementing functional safety-certified fire and gas systems, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries, thereby contributing to the high growth of the market for fire & gas systems.

“Oil & gas industry to hold major share of industrial safety market during forecast period”

The oil & gas industry is expected to hold the majority market share from 2019 to 2024. Oil & gas plants are prone to incidents that can affect people and the environment. In avoiding such incidents, functional safety becomes a matter of utmost importance. Various safety instrumented systems are used in the oil & gas industry. HIPPS are used to safeguard pipelines, vessels, and process packages against overpressure. ESDs are used to minimize the consequences of emergencies by shutting down systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control.

“Europe to be largest market for industrial safety systems during forecast period”

Europe is expected to lead the global industrial safety market, in terms of size, from 2019 to 2024. The implementation of various industrial safety directives and industrial process and machine safety regulations in the region is driving the demand for industrial safety systems. Europe follows industrial safety standards such as EN 61508, EN 61511, and EN 62061. The increasing adoption of industrial safety solutions to comply with these standards and workplace safety regulations is driving the growth of the market in this region.

Break-up of primary participants’ profile:

  • By Company Type – Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
  • By Designation – C-level – 47%, Director-level – 31%, and Manager-level – 22%
  • By Region – North America - 44%, Europe – 25%, APAC – 21%, and MEA – 10%

The key players in the market include 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).

The global industrial safety market has been segmented into product, component, industry, and geography. The market, by product, has been segmented into emergency shutdown systems (ESD), fire & gas monitoring systems, high integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC). Based on component, the industrial safety market has been split into safety sensors, programmable safety systems, safety controllers/modules/relays, safety switches, emergency stop devices, safety valves, and others. The industries studied in the report include Chemicals, Oil & Gas, Power Generation, Pharmaceuticals, Metal & Mining, Water & Wastewater, Food & Beverages, and Others. The industrial safety market is segmented into 4 regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to buy the report:

  • Illustrative segmentation, analysis, and forecast for markets based on product, component, industry, and geography have been conducted to give an overall view of the industrial safety market.
  • A value chain analysis has been performed to provide an in-depth insight into the industrial safety market.
  • Major drivers, restraints, opportunities, and challenges for the industrial safety market have been detailed in this report.
  • The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenues of key players.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ABB
  • Emerson
  • GE
  • Honeywell
  • Omron
  • Schneider
  • MORE

1 Introduction
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
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

4 Premium Insights
4.1 Attractive Growth Opportunities in Industrial Safety Market
4.2 Industrial Safety Market, By Product Type
4.3 Industrial Safety Market, By Component
4.4 Industrial Safety Market, By Industry
4.5 Industrial Safety Market in APAC, By Product and Country
4.6 Industrial Safety Market, By Geography

5 Market Overview
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

6 Industrial Safety Market, By Component
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
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
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
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
10.1 Overview
10.2 Market Ranking Analysis: Industrial Safety Market
10.3 Microquadrant Overview
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.3.5 Strength of Product Portfolio
10.3.6 Business Strategy Excellence
10.4 Competitive Situation & Trends
10.4.1 Contracts, Agreements, and Partnerships
10.4.2 Product Launches & Developments
10.4.3 Acquisitions

11 Company Profiles
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
11.1.10 Omron
11.1.11 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)

12 Appendix
12.1 Insights of Industry Experts
12.2 Available Customizations
12.3 Related Reports

List of 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 Industrial Safety Market for Safety Sensors, By Product, 2016–2024 (USD Million)
Table 4 Industrial Safety Market for Programmable Safety Systems, By Product, 2016–2024 (USD Million)
Table 5 Industrial Safety Market for Safety Controllers/Module/Relays, By Product, 2016–2024 (USD Million)
Table 6 Industrial Safety Market for Safety Switches, By Product, 2016–2024 (USD Million)
Table 7 3 Common Types of Emergency Stop Devices
Table 8 Industrial Safety Market for Emergency Stop Devices, By Product, 2016–2024 (USD Million)
Table 9 Industrial Safety Market for Safety Valves, By Product, 2016–2024 (USD Million)
Table 10 Industrial Safety 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 Industrial Safety Market, By Process Industry, 2016–2024 (USD Million)
Table 58 Industrial Safety Market, By Region, 2016–2024 (USD Million)
Table 59 Industrial Safety Market in North America, By Country, 2016–2024 (USD Million)
Table 60 Industrial Safety Market in Europe, By Country, 2016–2024 (USD Million)
Table 61 Industrial Safety Market in APAC, By Country, 2016–2024 (USD Billion)
Table 62 Industrial Safety Market in RoW, By Region, 2016–2024 (USD Billion)
Table 63 Ranking of Key Players in Industrial Safety Market, 2018

List of 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 Industrial Safety 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 Industrial Safety 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 Industrial Safety Market By 2024
Figure 12 Oil & Gas to Hold Largest Share of Industrial Safety Market in 2019
Figure 13 Emergency Shutdown Systems Held Largest Share of APAC Industrial Safety Market in 2018
Figure 14 Industrial Safety Market in China to Grow at Highest CAGR
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 Industrial Safety 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 & Control Market By 2024
Figure 21 Safety Sensors to Hold Largest Share of Industrial Safety 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 Industrial Safety Market By 2024
Figure 24 China to Grow at Highest CAGR During Forecast Period
Figure 25 North America: Snapshot of Industrial Safety Market
Figure 26 Europe: Snapshot of Industrial Safety Market
Figure 27 APAC: Snapshot of Industrial Safety Market
Figure 28 Middle East & Africa to Dominate RoW Industrial Safety Market During Forecast Period
Figure 29 Key Developments in Industrial Safety Market (2016 to 2018)
Figure 30 Industrial Safety Market (Global) Competitive Leadership Mapping, 2018
Figure 31 ABB: Company Snapshot
Figure 32 Honeywell: Company Snapshot
Figure 33 Rockwell: Company Snapshot
Figure 34 Schneider: Company Snapshot
Figure 35 Yokogawa: Company Snapshot
Figure 36 Emerson: Company Snapshot
Figure 37 GE: Company Snapshot
Figure 38 Omron: Company Snapshot
Figure 39 Siemens: Company Snapshot

Note: Product cover images may vary from those shown
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  • ABB
  • Balluff GmbH
  • Emerson
  • Euchner
  • Fortress Interlocks (Halma PLC)
  • GE
  • Hima Paul
  • Honeywell
  • Johnson Controls (TYCO)
  • Omron
  • Proserv Ingenious Simplicity
  • Rockwell
  • Schneider
  • Siemens
  • Yokogawa
Note: Product cover images may vary from those shown
6 of 6
Note: Product cover images may vary from those shown
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