Assessment of the Global Industrial Safety Market 2021-2026 Featuring Profiles of ABB, Emerson Electric Co, and Johnson Controls Among Others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Industrial Safety Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

The world’s industrial safety market is projected to witness a compound annual growth rate of 5.44% to grow to US$7.629 billion by 2026, from US$5.265 billion in 2019.

The prime reason driving the market demand during the forecast period is robust development in the end users’ industries. Oil and gas, chemicals, and manufacturing are key end-users that are witnessing lucrative growth and are expected to grow at an exponential rate with increased operations.

Growing technology and automation complexities in these industries accompanied by rising safety standards by industry and government are expected to support the market growth. Furthermore, rapid industrialization across developing countries with a growing industry sector is projected to provide opportunities for the market.

Robust Growth Across the End-users Industry

One of the prime reasons augmenting the industrial safety solutions demand is the robust growth across the end-users industry, especially manufacturing, healthcare, and oil and gas industries. With increased industrialization in developing countries, the manufacturing sector is projected to witness robust growth. In the Asia Pacific region, countries like India, Thailand, South Korea, Vietnam, and Cambodia have been emerging as manufacturing hubs which have provided robust scope for industrial safety systems.

The oil and gas industry is also expected to witness robust growth with surging demand. A report published by International Energy Agency (IEA) estimates that global oil consumption will reach 104.1 mb/d by 2026, a rise of 4.4 mb/d from 2019. Rise consumption is expected to be supported by an increase in production of oil and gas, through expansion of existing fields and operations through new fields. Industrial safety systems are an intramural part of these projects since the industry is prone to severe hazardous. Growth in projects is expected to create significant demand for the market.

COVID-19 Insights

The coronavirus pandemic negatively impacted the industrial safety market. Containment measures included nationwide lockdown and a halt across various end users’ industries, including the construction of new industrial units and projects. Social distancing measures included operations with a lower capacity of labor, delaying the operations and hence demand. Furthermore, the physical shutdown resulted in disruption of the supply chain, delaying the projects. IEA data shows that the overall industry growth has lowered which will take time to recover. Oil demand for 2025 is expected to be lower in comparison with the no-COVID forecast, by 2.5 mb/d. However, the industries are expected to resume at previous capacities with the recovery of economic activities.

The industrial safety market has been significantly hit by the COVID-19 pandemic. The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant reduction in international economic activity. Geopolitical events triggering the increase in the supply of low-priced oil in the market happened at the same time. COVID-19 restrictions caused major disruptions in the industry activity.

Key Topics Covered

1. INTRODUCTION

1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

2. RESEARCH METHODOLOGY

2.1. Research Data

2.2. Secondary Sources

3. EXECUTIVE SUMMARY

3.1. Key Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.4. Industry Value Chain Analysis

5. INDUSTRIAL SAFETY MARKET, BY SYSTEMS

5.1. Introduction

5.2. Process Control System (PCS)

5.3. Safety Shutdown System (SSS)

5.4. Emergency Shutdown System (ESS)

5.5. Fire and Gas System (FGS)

5.6. Others

6. INDUSTRIAL SAFETY MARKET, BY END-USER INDUSTRY

6.1. Introduction

6.2. Oil and Gas

6.3. Healthcare

6.4. Manufacturing

6.5. Chemical

6.6. Others

7. INDUSTRIAL SAFETY MARKEY, BY COMPONENT

7.1. Introduction

7.2. Hardware

7.3. Software

8. INDUSTRIAL SAFETY MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.3. South America

8.4. Europe

8.5. The Middle East and Africa

8.6. Asia Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrative

9.3. Mergers, Acquisition, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. ABB

10.2. Emerson Electric Co.

10.3. Johnson Controls

10.4. Yokogawa Electric Corporation

10.5. Rockwell Automation

10.6. Honeywell International

10.7. General Electric

10.8. Schneider Electric

10.9. Siemens AG

10.10. HIMA Paul Hildebrandt GmbH

For more information about this report visit https://www.researchandmarkets.com/r/ggd09h

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