Industrial and Workplace Safety Market Is Expected To See a growth of 6.4% | FMI

The global industrial and workplace safety industry is poised to increase at a steady CAGR of 6.4%, reaching US$ 11.6 Bn by 2032 from US$ 5.9 Bn in 2021. According to a market study on industrial and workplace safety, the growing concern about occupational safety is driving up demand for workplace safety solutions. Industrial health and safety regulations are strictly enforced globally, and the requirement to use industrial safety solutions in the workplace is a major factor driving the industrial and workplace safety market statistics.

The management of all activities and events within an industry with the aim of protecting its people and assets through the avoidance of risks, accidents, hazards, and near misses is known as industrial machine safety. Governmental organisations control it through a range of laws and regulations.

The study also reveals that the industrial and workplace safety market is experiencing significant growth due to the high demand for reliable safety systems to ensure asset and personal protection.

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Intelligent clothing, smart safety, autonomous vehicles, and smart construction PPE are new, emerging trends in the industrial and workplace safety market that will most likely augur well for the industrial and workplace safety market.

The increasing integration of big data in safety tools, as well as the use of safety information as a predictive tool for risk management, is anticipated to provide lucrative industrial and workplace safety market opportunities to grow.

Sales of industrial and workplace safety solutions are also expected to rise during the forecast period as the surveillance industry is expanding rapidly, particularly in Europe and North America.

Industrial and workplace safety solutions adoption trends are positively impacted by many industries that have begun to implement real-time location monitoring systems (RTLMS), monitoring and surveillance solutions, and environmental health and safety systems (EHS) to protect their assets, thereby supporting the industrial and workplace safety market trends and forecast.

The industrial and workplace safety market key trends & opportunities are also facilitated by the industrial internet of things (IIoT) as it enables analysis and control by providing virtual management of physical systems, resulting in improved performance.

Therefore, the adoption of industrial and workplace safety solutions is projected to scale up during the forecast period due to the increasing adoption of IoT.

Considering all of the above-mentioned factors, the industrial and workplace safety market size is expected to be around US$ 6.3 Bn by 2022.

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Key Takeaways

  • By system, Real-Time Location Monitoring Systems (RTLMS) is likely to dominate the market as they identify and track the location of objects & people in a defined area in real-time and are used for a variety of applications.
  • By application, the incident and emergency management segment is expected to lead the market owing to the large-scale deployment to reduce workplace injuries and accident cases.
  • During the forecast period, the food and beverage segment is expected to grow at the fastest CAGR owing to an increase in demand for these systems as a result of various regulations.
  • Due to stringent regulations such as GDPR, Europe is expected to see significant market growth and witness a positive industrial and workplace safety market outlook.
  • On account of government and regulatory framework for labor safety and well-being, Asia Pacific would pave the way to various industrial and workplace safety market future trends during the forecast period.

“North America is expected to be the leading holder of industrial and workplace safety market share. The presence of global innovative technology providers and tech-savvy consumers drives the demand for innovative workplace safety solutions, and safety standards are key factors driving the market growth in North America. The increasing use of advanced technologies and smart sensors in workplace safety to monitor and track equipment provides opportunities for industrial and workplace safety companies in the region.” opines an FMI analyst.

Competitive Landscape

To strengthen their industrial and workplace safety market share, the industrial players have been implementing a variety of organic and inorganic growth strategies, such as acquisitions, agreements, and new product launches, thereby giving way to many emerging trends in the industrial and workplace safety market.

The major players in the industrial safety market are Honeywell International Inc. (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Co. (US), HIMA (Germany), Yokogawa Electric Corp. (Japan), Omron Corporation (Japan), and Baker Hughes (US).