Industrial Safety Market is projected to expand at a CAGR of 7.72% to reach $7.103 billion by 2024, from $4.545 billion in 2018. 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 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.
Industry safety products help in creating a safe and secure working environment for workers in an industry. Industry safety product is segmented into Fire and Gas monitoring and Control, Burner Management System (BMS), Turbomachinery Control (TMC), High Integrity Pressure Protection Systems (HIPPS) and Emergency Shutdown Systems (ESD). Industrial safety products are required for personnel and asset protection.
Industrial Safety Product Market, by Segments
- Burner Management System
BMS is a safety solution for power generation facilities that enables the safe start-up, operation, and shut down of the multiple burner furnace sections of a boiler. It reduces maintenance, improves uptime, and provides a safe environment for the boiler and plant personnel. Multiple-burners are typically used in dryers, incinerators, and in almost all chemical heating appliances. Gas-powered burners are utilised more due to their operating efficiencies and easy availability of natural gas.
- Fire and Gas Monitoring and Control (F&GM)
The F&G safety system continuously monitors for abnormal situations such as a fire. Or a combustible or toxic gas release within the plant and provides an early warning and mitigations actions to prevent escalation of the incident and protect the process and environment. Oxygen analyzers, detectors and monitors are widely used in automotive, smart cities & building automation, food & beverages, and other industrial applications.
- High Integrity Pressure Protection Systems (HIPPS)
A high integrity pressure protection system is a type of safety instrument system (SIS) designed to prevent over-pressurization of a plant, such as a chemical plant or oil refinery. The HIPPS will shut off the source of high pressure before the design pressure of the system is exceeded, thus preventing loss of containment through the rupture of a line or vessel. HIPPS market is increasing due to government imposition of regulatory norms for the protection of environment, equipment, and personnel.
- Turbomachinery Control (TMC)
TMC controls the speed of stream, hydro, and gas turbines while ensuring over-speed protection. Surge protection for compressors, enabling users to operate closer to the surge curve safely. Load balancing between compressors or generators to allow for more efficient use of resources.
- Emergency Shutdown Systems (ESD)
ESD is designed to minimize the consequences of emergency situations, related to typically uncontrolled flooding, escape of hydrocarbons, or outbreak of fire in hydrocarbon areas or areas which may otherwise be hazardous. Recovering oil and gas prices and increasing upstream activity is going to increase the demand for ESD. New refinery projects across India, Norway, Denmark, Uzbekistan, and Kuwait among other potential customers will increase the demand for ESD systems.
Industrial Safety Product: Use, Trends, and Opportunities
- Growing demands for ESD systems (Emergency Shutdown Systems) in process and discrete industries. Oil and Gas plants are prone to incidents that can adversely affect people and the environment.
- The industrial safety system ESD can reduce the risk of accidents in Oil and Gas plants.
- ESD systems are widely used in petrochemicals, pharmaceuticals, manufacturing, power, and healthcare industries.
- Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, palm buttons, mats, optoelectronic devices (single and multiple beams), lights curtains, etc.
- Safety sensors are used for ensuring safe and logic-based outputs in case a measurement or signal transmission does not occur.
- HIPPS are used to safeguard pipelines, vessels and process packages against overpressure.
- Fire and gas monitoring system provide early warnings to prevent escalations and it continuously monitors fire or combustible/Toxic gas leakages.
- The market for programmable safety systems is expected to grow substantially due to its end-use and interoperability with other systems.
What The Future Holds
- The rising demand for industrial safety systems in the oil and gas, automotive, and construction sectors are reasons for huge demand and for the evolution of the market.
- The stringent laws and regulations implemented by the government for the safety of the industrial workforce and for protection of the environment from hazard.
- The government's focus on creating a safer work culture has given rise to creating safety systems as a mandatory part.
- Increasing awareness about occupational hazards and way to counter them will help to increase the market.
- Emerging economies like India and China are implementing are adopting industrial safety mechanisms.
- A growing number of businesses in end-use industries are making industrial safety a crucial part of employee policies.
- The implementation of workplace safety and health standards in numerous industries is uplifting the industrial safety market.
- Increased implementation of Automation systems, combined with safety awareness, is driving the market.
- Demand for safety equipment and the need for simplified configuration.
- China’s has surges sharply due to expansion of the petroleum industry, improvement in living standards, and the development of gas infrastructure.
- Recovering oil and gas prices and increasing upstream activity is going to increase the demand for ESD.
- New refinery projects across India, Norway, Denmark, Uzbekistan, and Kuwait among other potential customers will increase the demand for ESD systems.