The industrial safety market was worth USD 3.3 billion in 2019 and is expected to reach USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period. Industrial safety equipment is a system composed of sensors, logic solvers, switches, and final control elements, which is installed to protect personnel, asset, and the environment by taking processes to a safe state. An industrial safety system acts to prevent or reduce the risk of abnormal industrial process conditions. Such a system is engineered to perform specific control functions to maintain the safety of a process operation when unacceptable or dangerous conditions occur. The mandate 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 are the major factors driving the market’s growth.
The market for programmable safety systems is expected to grow at the highest CAGR during the forecast period. Safety PLCs are programmable and can provide discrete responses for different types of safety products and applications. Their most pivotal function is to provide redundant solid state relays to shut down equipment in emergencies. Beyond this, they also support functions such as diagnosis, signal analysis, equipment status, and indicator lights. These components have historically been standalone units; however, their functionalities are now being integrated or embedded as part of a machine’s controller.
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The fire and gas monitoring systems market is expected to grow at the highest CAGR from 2019 to 2024. A good fire and gas monitoring system consists of innovative fire and gas detectors, conventional and analog addressable fire panels, clean agent and inert gas fire suppression systems, and a SIL 3-certified fire and gas logic solver. Incorrect detector placement and poor environmental conditions can prevent a system from detecting a hazardous gas leak or flame, even when it is functioning properly. If a safety hazard goes undetected, appropriate safety actions (shut down, deluge, venting, and others) cannot be initiated. Hence, detector placement is extremely crucial.
The market for the food & beverages industry is expected to register the highest CAGR during the forecast period. In food processing plants, several dangerous machines are used for which plant managers need to adhere to safety regulations to avoid penalty. Nowadays, food & beverages manufacturers rely on automated controls for production. The most important goal for food & beverages companies is achieving product quality at a low cost. One way of achieving this is making food & beverages plants more flexible, safe, and profitable by choosing an integrated approach to safety automated control systems.
APAC is expected to be the fastest-growing market for industrial safety systems during 2019–2024. This growth would likely be driven by increasing industrialization in emerging economies such as China and India. These 2 countries have already adopted industrial safety in various industries such as oil & gas and power generation. The adoption of safety automation solutions in the manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth. Countries here focus on large-scale industrial manufacturing and host a vast number of manufacturing plants of almost all major global companies. For Emerging countries in this region offers significant growth opportunities for manufactures of safety systems especially in the process industries. The companies operating in the industrial safety market could benefit from the expansion in emerging countries such as India and China.
