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The industrial safety integrated components market size is forecast to increase by USD 2.10 billion at a CAGR of 5.8% between 2023 and 2028. The market is experiencing significant growth due to the increasing emphasis on worker vitals monitoring and workplace accidents reduction. The global industrial sector's rapid expansion and the growth of high-voltage direct current (HVDC) industries are major driving factors. Safety culture and risk minimization are critical priorities for businesses, leading to an increase in demand for advanced safety systems. Accident prevention is a top priority, and the integration of safety components into industrial processes is becoming increasingly essential. The high investments required for automation and installation of these systems are a challenge, but the long-term benefits in terms of improved safety and productivity make it a worthwhile investment.
Industrial safety has been a top priority for businesses across various sectors to ensure the well-being of their workforce and minimize potential hazards. The integration of advanced tools and systems has revolutionized the way safety is approached and managed in industrial settings. Sensors and wearable devices are becoming increasingly common in industrial safety applications. These components enable real-time monitoring of environmental conditions and worker vitals, ensuring compliance with safety regulations. Hazards detection systems, utilizing advanced algorithms and machine learning, are capable of identifying potential risks before they escalate into accidents.
Furthermore, gas detection sensors play a crucial role in industrial safety, providing early warning of harmful gases or chemical leaks. Automated monitoring systems, equipped with AI and machine learning capabilities, enable proactive decision-making processes and compliance improvement. Automation, robotics, and human exposure reduction are essential aspects of industrial safety. The integration of the Internet of Things (IoT) in workplaces enhances worker protection by enabling real-time monitoring of safety conditions and promoting proactive hazard management. Compliance with safety regulations is essential, and these systems help businesses maintain a strong safety culture. Safety regulations compliance is a top priority for businesses, and advanced safety systems can help streamline the process. Automated monitoring and reporting capabilities ensure that businesses remain in compliance with safety regulations, reducing the risk of fines and penalties. In conclusion, the integration of advanced tools and systems is transforming industrial safety. From hazards detection and environmental monitoring to automation and worker vitals monitoring, these components are essential for minimizing risks and preventing workplace accidents. AI, machine learning, and data analytics are driving innovation in industrial safety, enabling proactive decision-making and continuous improvement.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The safety relays and sensors segment is estimated to witness significant growth during the forecast period. The market for industrial safety, particularly the safety relays and sensors segment, is expected to expand significantly due to the expanding power infrastructure globally.
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The safety relays and sensors segment was the largest segment and was valued at USD 2.32 billion in 2018. Safety relays play a crucial role in detecting electrical circuit faults and preventing damage to equipment and personnel. As a result, their installation is essential in power systems that comprise various electrical components, including generators, transmission lines, transformers, isolators, circuit breakers, bus bars, cables, instrument transformers, distribution feeders, and diverse types of loads. The escalating global electricity demand and consumption drive the need for protective relays that are compatible with these power system components. Data analytics and real-time monitoring, coupled with automation, further enhance the safety and efficiency of industrial processes.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The industrial safety integrated components market in the Asia Pacific (APAC) region is anticipated to experience significant growth due to increasing investments in power, automotive, oil and gas, and electronics industries in countries like Japan, China, India, and South Korea.
Furthermore, infrastructure development, particularly in power generation and distribution, is a key focus in China and India, leading to the establishment of numerous power plants and distribution systems. This trend is expected to spur new investments in the power sector in APAC, subsequently increasing the demand for industrial safety integrated components. The automotive industry in APAC, which holds a substantial share of the automation and safety components market, serves as the primary growth driver for this market. Advancing technology and the implementation of Industry 4.0 are also contributing to the market expansion.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rapid globalization of industries is notably driving market growth. The market has witnessed significant growth due to the increasing prioritization of workplace safety in various industries such as oil and gas, power, automotive, chemicals, and food and beverage. Advanced tools, systems, sensors, and wearable devices are being adopted to ensure safety and efficiency in production processes.
Furthermore, the globalization trend has led to increased competition among international and domestic companies, with several companies from developed economies expanding their operations in emerging markets like China, India, Indonesia, and Brazil to take advantage of lower production costs. These economies offer benefits such as low-cost labor and affordable procurement of raw materials, making them attractive destinations for companies seeking to reduce production expenses. This shift towards emerging markets is expected to continue, driving the growth of the Industrial Safety Integrated Components market. Thus, such factors are driving the growth of the market during the forecast period.
Growth of HVDC industry is the key trend in the market. Industrial safety has been a top priority for businesses aiming to protect their workforce and minimize workplace accidents. Integrated components play a crucial role in promoting a safety culture and minimizing risks. One such technology, High-Voltage Direct Current (HVDC) systems, is gaining popularity due to its ability to transmit electrical power over long distances with minimal losses. By converting Alternating Current (AC) electricity into Direct Current (DC) at the point of generation, HVDC systems enable the efficient transmission of power over long distances, reducing the need for multiple transmission lines and saving both money and land.
Furthermore, HVDC systems offer stability and easy control, ensuring the interconnection and stabilization of otherwise incompatible AC power networks, thereby preventing potential accidents and enhancing overall safety. Worker vitals monitoring and accident prevention are integral aspects of industrial safety, and the implementation of advanced HVDC technology can significantly contribute to achieving these objectives. Thus, such trends will shape the growth of the market during the forecast period.
High investments required for automation and installation of industrial safety systems is the major challenge that affects the growth of the market. Industrial safety integrated components play a crucial role in safeguarding machinery, production lines, and workforces in industrial settings. Automated monitoring systems, including hazards detection and environmental conditions monitoring, are integral to maintaining a safe working environment. Compliance with safety regulations is non-negotiable, and these standards are subject to frequent updates based on technological advancements and new mandates. As a result, organizations must invest in upgrading their safety systems and components to ensure continued adherence.
Furthermore, gas detection sensors are a vital component of industrial safety systems, providing early warning of potential hazards. While these investments can be substantial, they are essential to maintaining a safe and productive industrial environment. Small and medium-sized organizations may find the costs of purchasing, installing, and maintaining safety components challenging, but the potential consequences of neglecting safety make these expenses a necessary investment. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers industrial safety integrated components that includes Programmable safety controllers, Vital Safety Controller, Pilot devices, Safeball, Pressure sensitive devices and ASB safety bumper.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing prioritization of workplace safety in various industries. Advanced tools and systems, including sensors, wearable devices, and automated monitoring systems, are being increasingly adopted to detect hazards and monitor environmental conditions in real-time. These components play a crucial role in ensuring safety regulations compliance and reducing workplace accidents. Gas detection sensors and worker vitals monitoring devices are essential components of safety systems, enabling real-time detection of potential hazards and minimizing human exposure.
Furthermore, automated monitoring systems and decision-making processes, driven by artificial intelligence (AI) and machine learning, enable early warning systems and automated reporting, improving compliance and operational efficiency. Safety culture and risk minimization are key focus areas for industrial enterprises, leading to the adoption of advanced safety components such as automated machinery, robotics, and safety interactions. Data analytics and real-time monitoring enable continuous improvement of safety processes and resource utilization optimization. Advancing technology, including Industry 4.0, is further driving the integration of safety components into industrial processes, enabling human exposure reduction and enhancing overall safety and productivity.
Market Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.8% |
Market growth 2024-2028 |
USD 2.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.4 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 54% |
Key countries |
China, US, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Baker Hughes Co., Balluff GmbH, Eaton Corp plc, Emerson Electric Co., EUCHNER GmbH + Co. KG, Halma Plc, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Johnson Controls International Plc., K. A. Schmersal Holding GmbH and Co. KG, Keyence India Pvt. Ltd., Mitsubishi Electric Corp., OMRON Corp., Pilz GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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