Industrial Safety Market Detailed Analysis of Current & Future Market Growth Till 2027
The rising adoption of industrial safety systems, followed by the advent of industry 4.0 revolution and rising industrial activities are the major factors that are boosting the demand for the industrial safety market.
Dublin, Ireland – July 16, 2020 /MarketersMedia/ —
The industrial safety market is likely to witness strong demand during the next six years. The increasing adoption of industrial safety systems across numerous industries driven by the growing incidences of accidents, which is rising the concerns related to the safety of the humans and environment, are the significant factors that are accelerating the demand of the market. Moreover, continuous technological advancements for the development of industrial safety systems, including the implementation of IIOT in the systems to improve the level of safety and performance, is further strengthening the demand of the global industrial safety market between 2020-2027. Several stringent safety regulations implemented by the government to ensure the safety in the work culture and the increasing awareness of safety among the public is encouraging the adoption of industrial safety systems, especially in the manufacturing plants.
The advent of industry 4.0 revolution and the increasing industrial activities in the developing countries is further surging the demand for these systems. The emergence of the COVID-19 pandemic in 2020 has a positive impact on the market as a result of the growing focus on the safety of workers, which in turn, will promote the usage of industrial safety systems in various industries. The combination of these factors is responsible for the expansion of the industrial safety market size. However, on the other end, the huge investment required for the implementation of the equipment and the high cost of maintenance are certain factors that will have a negative impact on the growing demand of the market.
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On the basis of component, the programmable safety systems segment exhibits substantial growth potential and is predicted to gain traction over the forecast period. This is attributed to the increasing deployment of these components for improving the level of safety across several industries. Additionally, the programmable safety systems provide exceptional advantages, including ease of integration, compliance with the evolving safety standards, improved flexibility, and low cost of ownership. All these factors will further energize the demand of the segment in the market.
Based on the industry, the power generation segment is anticipated to witness considerable growth in the next six years owing to the accelerating demand for the industrial safety systems in this industry as a result of the growing incidences of incidents and accidents which is leading to a risk to environment and lives of humans.
On the basis of the region, the Asia-pacific region is expected to be the fastest growing region during the forecast period. The increasing adoption of industrial safety systems across various industries, including metals & mining, oil & gas, and other industries, is the key driver that is contributing to the growth of the market in this region. In addition to this, the rising number of industrial activities, rapid urbanization, and the growing awareness of the need for safety in the industries are some other factors that are strengthening the market growth in this region.
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The key players of the industrial safety market include Schneider Electric, Yokogawa Electrics CIS Ltd., HIMA, Rockwell Automation, Inc., Honeywell International Inc, ABB, Emerson Electric Co., General Electric, Siemens, and OMRON Corporation, among others.
The research report on the industrial safety market provides an in-depth analysis of the market revenue based on component, product, industry, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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