The industrial safety market is projected to witness a compound annual growth rate of 5.44% to grow to US$7.629 billion by 2026, from US$5.265 billion in 2019. Industrial safety solutions are installed to avoid the occurrence of harm causing incidence or reduce the severity of an occurred mishappening in an industrial setup. In an industrial sector, the risk of occurring hazard always prevails owing to high automation, usage of chemicals, and other factors, having the potential to cause harm to human life and financial losses. Industrial safety solutions, hence reduce the chances of loss by industry hazardous and help in facilitating better functioning. The prime reason driving the market demand during the forecast period is robust development in the end users’ industries. Oil and gas, chemicals, and manufacturing are key end-users that are witnessing lucrative growth and are expected to grow at an exponential rate with increased operations. Growing technology and automation complexities in these industries accompanied by rising safety standards by industry and government are expected to support the market growth. Furthermore, rapid industrialization across developing countries with a growing industry sector is projected to provide opportunities for the market.
Robust growth across the end-users industry
One of the prime reasons for augmenting the industrial safety solutions demand is the robust growth across the end-users industry, especially manufacturing, healthcare, and oil and gas industries. With increased industrialization in developing countries, the manufacturing sector is projected to witness robust growth. In the Asia Pacific region, countries like India, Thailand, South Korea, Vietnam, and Cambodia have been emerging as manufacturing hubs which have provided robust scope for industrial safety systems. The oil and gas industry is also expected to witness robust growth with surging demand. A report published by International Energy Agency (IEA) estimates that global oil consumption will reach 104.1 mb/d by 2026, a rise of 4.4 mb/d from 2019. Rise consumption is expected to be supported by an increase in production of oil and gas, through expansion of existing fields and operations through new fields. Industrial safety systems are an intramural part of these projects since the industry is prone to severe hazards. Growth in projects is expected to create significant demand for the market.
The coronavirus pandemic negatively impacted the industrial safety market. Containment measures included a nationwide lockdown and a halt across various end users’ industries, including the construction of new industrial units and projects. Social distancing measures included operations with a lower capacity of labour, delaying the operations and hence demand. Furthermore, the physical shutdown resulted in disruption of the supply chain, delaying the projects. IEA data shows that the overall industry growth has lowered which will take time to recover. Oil demand for 2025 is expected to be lower in comparison with the no-covid forecast, by 2.5 mb/d. However, the industries are expected to resume at previous capacities with the recovery of economic activities.
The industrial safety market has been significantly hit by the COVID-19 pandemic. The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant reduction in international economic activity. Geopolitical events triggering the increase in the supply of low-priced oil in the market happened at the same time. COVID-19 restrictions caused major disruptions in the industry activity.
|Market size value in 2019||US$5.265 billion|
|Market size value in 2026||US$7.629 billion|
|Growth Rate||CAGR of 5.44% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Systems, End-User Industry, Component, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB Ltd, Emerson Electric Co, Johnson Controls, Yokogawa Electric Corporation, Rockwell Automation, Honeywell International, General Electric, Schneider Electric, Siemens AG, HIMA Paul Hildebrandt GmbH|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the industrial safety market size by 2026?
A1. The global industrial safety market is expected to reach a total market size of US$7.629 billion in 2026.
Q2. What is the size of the industrial safety market?
A2. The Industrial Safety market was valued at US$5.265 billion in 2019.
Q3. What are the growth prospects for the industrial safety market?
A3. The global industrial safety market is expected to grow at a CAGR of 5.44% over the forecast period.
Q4. Which region holds the largest market share in the industrial safety market?
A4. By region, the North American region is anticipated to hold a healthy share in the industrial safety market which may be attributed to the early adoption of technology in countries like the United States of America and Canada.
Q5. What factors are anticipated to drive the industrial safety market growth?
A5. The market for industrial safety solutions will be majorly driven by the growing adoption of automation solutions by various industries to enhance safety and control by also ensuring maximum output at minimal costs.
Emerson Electric Co
Yokogawa Electric Corporation
HIMA Paul Hildebrandt GmbH
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