Industrial Safety Market To Generate $8,923.2 Million Revenue by 2030
- Published: October 2023
The industrial safety market revenue is expected to reach USD 8,923.2 million by 2030, exhibiting a CAGR of 6.3% during 2024–2030.
Organizations’ top priority is to safeguard the safety and wellbeing of their employees. Worker satisfaction, productivity, and overall organizational success are all enhanced by a safe work environment. Putting worker health first improves workplace morale, lowers accidents and injuries, and draws and keeps talented employees.
Hence, long-term financial savings may result from investing in industrial safety measures. Mishaps, accidents, and sicknesses at work can be avoided, which lowers the cost of medical care, workers' compensation claims, legal obligations, and lost production time. Effective safety procedures can also lower insurance rates, maintenance expenses, and equipment damage.
The market for industrial safety solutions is increasingly being driven by corporate social responsibility measures. Organizations are aware of their obligation to safeguard the community, their employees, and the environment. Thus, for many companies, industrial safety commitments are in line with their CSR programs and sustainability objectives, which has a beneficial impact on the market.
Moreover, many industrial enterprises educate their employees about the inherent risk in their sector and the ways to mitigate harm. This increasing awareness fuels the market for safety solutions and motivates businesses to give this aspect top priority in their operations.
Oil & Gas Is Largest End User in Industrial Safety Market
The oil & gas sector held the largest share in the market, of 25%, in 2022.
Extreme pressures, harmful gases, volatile chemicals, and flammable materials are just a few of the inherent dangers that the oil & gas business faces. Thus, safety precautions are necessary here to shield employees from potential mishaps, such as explosions, fires, and exposure to dangerous substances.
Moreover, oil & gas operations are themselves intricate and need sophisticated technology, high-pressure systems, and detailed procedures. To effectively monitor, manage, and regulate these operations, as well as identify and mitigate any safety concerns, a range of security measures are essential.
The exploration and production of hydrocarbons frequently take place in isolated and difficult settings, including drilling platforms, in often unfavorable weather. Industrial safety systems are, thus, essential for quick reaction and protection due to the remoteness of these sites and the difficulty of reaching them during emergencies.
Significant capital expenditures are being made in infrastructure and equipment for oil & gas plants. Industrial safety regulations shield these priceless assets from mishaps, malfunctions, and potential harms, which could have serious financial repercussions, if not tackled effectively.
The oil & gas business places a high focus on worker safety, and to protect them from workplace accidents, occupational hazards, and potential health risks, advanced safety solutions and training programs are implemented.
Food & Beverage Companies Are Significant Users Too
The food & beverage sector places a high priority on food safety. Ensuring the purity and quality of food items and preventing foodborne illnesses are both made possible by safety solutions, such as monitoring systems, hygiene precautions, and contamination control measures.
Cooking, baking, packaging, and handling are only a few of the operations used in the production of food & beverages. Safety procedures assist in preventing incidents linked to these processes, such as fires, explosions, and chemical exposures, thus creating a secure working environment.
Moreover, to prevent contamination and guarantee food safety, appropriate hygiene and sanitation must be maintained. To keep F&B plants and warehouses hygienic and secure, sanitation protocols, involving proper cleaning supplies and machinery, must be implemented.
The food & beverage industry prioritizes worker health, in addition to physical safety. Hence, it integrates a range of safety systems to reduce exposure risks to allergens, chemicals, and biological agents and protect workers' health.
Some of the key players are HIMA Paul Hildebrandt GmbH, Johnson Controls International PLC, Siemens AG, Honeywell International Inc., Emerson Electric Co., OMRON Corporation, Rockwell Automation Inc., ABB Ltd., General Electric, and Schneider Electric SE.