Industrial Safety Market Competitive Analysis 2019 and Key Players: Yokogawa Electric Corp., Siemens AG, Rockwell Automation, Inc

Industrial Safety Market Competitive Analysis 2019 and Key Players: Yokogawa Electric Corp., Siemens AG, Rockwell Automation, Inc

April 9, 2021 0 By [email protected]
Press Release

Industrial safety is playing a significant role in practices and measures adopted for ensuring occupational safety in various industries. The system is used for preventing various occupational hazards and in many cases eliminate the cause of industrial accidents thus protecting personnel, the industrial environment, and the equipment and assets. World over, the systems for industrial safety are increasingly being demanded in several process industries, including paper and pulp, metal and mining, water and wastewater, power generation, and food manufacturing.

The incidence of workplace injuries affects the productivities in businesses of all sizes. In particular, fire hazards and electrical hazards may take a toll on the lives of industrial workers, severely constraining the productivity. The growing demand for workplace safety in various parts of the globe has propelled the demand for industrial safety. Industrial safety processes encompass various levels of safety shutdown system or emergency shutdown initiating protective action in case of untoward incident. Some of the other popular industrial safety elements used are fire and gas monitoring system, burner management systems, pressure protection systems, and turbomachinery control solutions.

The report offers comprehensive insight into the key growth dynamics, prevailing regulatory framework in various regions, notable trends, emerging technologies, and the competitive landscape. The evidence-based assessment presented in the study helps market participants in identifying the imminent investment pockets and lucrative avenues over the forecast period of 2018–2026. 

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Global Industrial Safety Market: Trends and Opportunities

The substantially rising demand for industrial safety systems in the oil and gas, automotive, and construction sectors is a notable factor instrumental in the rapid evolution of the market. The stricter implementation of government protocols for creating a safer work culture has imparted a noticeable momentum to the uptake of industrial safety systems. Rapid advances made in process manufacturing industries, especially in emerging economies, have led to a staggering adoption of industrial safety mechanisms. For instance, the rapid rise in automotive manufacturing activities has catalyzed the demand for industrial safety systems in various parts of the world.

However, the uptake of industrial safety systems also faces certain challenges. The lack of awareness about the potential benefits of workplace safety programs by numerous businesses in process industries, especially in emerging markets, has crippled the demand for industrial safety. The limited training initiatives to create awareness about occupational hazards and ways to counter them are also causing setback to the market.