Industrial Safety Market Set for Rapid Growth and Trend by 2018-2024
Market Highlights
Industrial safety is one of the major concerns
of the factory owners and safety system providers. With the advancements in
technology and proliferation of industrial IoT by plants and facilities, the
demand for electrical safety products has increased to ensure the efficiency,
operations, and safety of electrical components. The safety equipment industry
has witnessed a major surge owing to the demand for safety solutions by
facility owners. Government regulations and policies that concern the safety of
workers and plant operators have further contributed to the growth of the
industrial safety market. However, the investments incurred in the maintenance
of the equipment are significantly high, which might hamper the market growth
in the near future. Also, the market has a limited number of safety certified
personnel, which acts as a challenge to plant and facility owners.
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Key Players
The key players in the Industrial
Safety Market are
identified across all the major regions based on their country of origin,
presence across different regions, recent key developments, product
diversification, and industry expertise. Some of them are ABB Ltd (Switzerland),
Schneider Electric SE (France), GENERAL ELECTRIC (US), Yokogawa Electric Corp.
(Japan), Hima Paul Hildebrandt GmbH (US), Emerson Electric Co. (US), Euchner
(Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Siemens
AG (Germany), Balluff (US), Proserv Ingenious Simplicity (UK), Johnson Controls
(Ireland), Honeywell International, Inc. (US), and Fortress Interlocks (UK).
The companies are focused on upgrading their existing product portfolios as
well as innovating products by investing in research and development to analyze
the changing market trends.
Regional
Analysis
The market for
industrial safety is projected to witness significant growth during the
forecast period from 2019 to 2024. The geographic analysis of the industrial safety
market has been conducted for North America, Europe, Asia-Pacific, and the rest
of the world (including the Middle East & Africa, and South America).
According to MRFR analysis, North America is expected to dominate the
industrial safety market in terms of revenue generation during the forecast
period. Also, the region has witnessed a major concentration of manufacturing
facilities in the US and Canada. This has resulted in the adoption of
industrial safety solutions by these facilities, therefore, contributing to the
growth of the market in North America. On the other hand, the market in
Asia-Pacific is expected to register the highest CAGR during the forecast
period. Increasing adoption of automation, industrial IoT, and similar
technologies in manufacturing plants has increased the demand for industrial
safety in the region. Moreover, government regulations leveraging the safety of
employees in developing countries, including Taiwan, India, and South Korea, is
projected to fuel market growth.
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