Market Overview

The market of industrial safety has been predicted to reach a market size of 5,290.1 million dollars by the end of the year 2025. During the forecast period of 2018 to 2025, the market is expected to grow with a CAGR or Compound Annual Growth Rate of 8.2%. According to analysts, this growth rate is considered good to promote the growth of the market.

The industrial safety market is responsible for the practices revolving around managing safety in industrial practices in the sector of industrial services. It has a meticulous process of analysing all possibilities and risks in any given situation pertaining to industrial safety. This includes eliminating the risks, as far as possible, of deaths, injury, temporary and permanent disability that can be caused to the employees of the industrial sector. It is also responsible for preventing damage to the industry’s resources such as material or machinery used. It is hence, an essential service that is needed for industrialisation to thrive across the globe. It aims at eliminating any danger of damage to human and material resources of the sector. The rapid growth of the industry can be attributed to the increase in instances of countries adopting solutions for industrial safety in a large number of verticals. There is also an increase seen in the number of industrial facilities across the globe.

Market Segmentation

The market of industrial safety is segmented on various accounts. These include segmentation by vertical, by component and by type.

• On the grounds of segmentation by vertical, the division includes Energy Power, Chemicals, Water Wastewater, Refining, Metal Mining, Pharmaceutical, Paper Pulp and Oil Gas.
• On the grounds of segmentation by component, the division includes Two-Hand Safety Control, Safety Controllers or Modules or Relays, Presence Sensing Safety Sensors, Safety Interlock Switches, Programmable Safety Systems and Emergency Stop Controls.
• On the grounds of segmentation by type, the classification will include Turbomachinery Control, High integrity pressure protection systems, Emergency Shut down systems, Fire Gas Monitoring systems and Burner Management systems.

Regional Classification

The regional segmentation of the industrial safety market includes Europe, Asia Pacific, Middle East Africa, Latin America and North America. Among all the regional segments of the market, North America has shown the largest market growth and is also expected to be the leading market in the forecast period of 2018 to 2025. The reason for North America dominating the market can be attributed to the major prevalence of safety equipment and providers. The increase in industrialization in developing countries and growing economies is going to prove as a driving force to grow the industrial safety market in countries like China, India and other countries that form the Asia Pacific or APAC. With rising industrialisation, the adoption of technology to ensure industrial safety is inevitable.

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Source- Market Research Future