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Industrial Safety Market Regional Outlook, Company Share and Segment Forecast 2024

The industrial safety market is expected to grow from USD 3.3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period

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Industrial Safety Market Regional Outlook, Company Share and Segment Forecast 2024

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  1. Industrial Safety Market Regional Outlook, Company Share and Segment Forecast 2024 “The industrial safety market is expected to grow from USD 3.3 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.6% during the forecast period.” The overall Sports Technology Market is estimated to be worth USD 8.9 billion in 2018 and USD 31.1 billion by 2024, growing at a CAGR of 20.63% during that period. Major growth drivers include significant improvement in audience engagement, growing demand for data-driven decisions and operations, and increasing sports events, online and offline. Market for programmable safety systems to grow at highest CAGR from 2019 to 2024 The industrial safety market for programmable safety systems is expected to grow at the highest CAGR during the forecast period. Programmable safety systems such as safety PLCs are an integral part of safety instrumented systems. Safety PLCs need to be certified with IEC 61508—the industrial safety standard for electrical/electronics/programmable electronics safety-related systems. Unlike regular PLCs, a safety PLC, along with logic solver, has redundancy and other safety diagnostics that ensure successful execution of required safety instructions. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=19720540 Emergency shutdown systems market to grow at the highest CAGR from 2019 to 2024 The emergency shutdown systems market is expected to grow at the highest CAGR during the forecast period. An emergency shutdown (ESD) system is designed to avert hazardous situations; it can initiate the shutdown of a plant, unit, or equipment (sensors are used to detect undesired conditions and logic solvers respond to sensors by taking final elements like valves and pumps to safe states). During an emergency, an ESD system shuts down the process in a safe and orderly manner. Various parameters are considered

  2. while implementing an ESD system, such as cost-effectiveness of the system, compliance with current government rules and regulations, and litigation costs that may occur in case of the absence of an ESD system. Power generation industry to exhibit high growth in industrial safety market during forecast period The power generation industry is expected to grow at the highest CAGR from 2019 to 2024. Power generation plants pose high risks to human lives as well as the environment. Therefore, a high level of industrial safety is required for such plants. Industrial safety systems such as burner management, fire & gas monitoring, and emergency shutdown systems are widely used in power plants. Fire & gas monitoring solutions are especially deployed in power plants and substations to address applicable laws and regulations. A BMS (Burner Management System) protects boilers from exploding by ensuring safe and orderly operating sequences during start-ups and shutdowns. Industrial safety market in APAC to grow at highest CAGR during forecast period The industrial safety market in APAC is expected to grow at the highest CAGR during the forecast period. This growth will likely be driven by the increasing industrialization in emerging economies such as China and India. These 2 countries have already adopted industrial safety in various industries such as oil & gas and power generation. The adoption of safety automation solutions in the manufacturing industries in this region is increasing significantly with rapid industrialization, thereby contributing to market growth. Key Market Players As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), Proserv Ingenious Simplicity (UK), Johnson Controls (Tyco) (Ireland), Balluff (US), Euchner (Germany), and Fortress Interlocks (UK) were the major players in the industrial safety market. Get Free 10% Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=19720540

  3. About MarketsandMarkets MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 stomers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Contact: Mr. Shelly Singh MarketsandMarkets INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 Email:sales@marketsandmarkets.com

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