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The industrial safety integrated components market share is expected to increase by USD 2.53 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.85%.
This industrial safety integrated components market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial safety integrated components market segmentation by product (safety relays and sensors, transmitter, safety PLC, safety switch, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The industrial safety integrated components market report also offers information on several market vendors, including 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. among others.
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The rapid globalization of industries is notably driving the industrial safety integrated components market growth, although factors such as high investments required for automation and installation of industrial safety systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial safety integrated components industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial Safety Integrated Components Market Driver
One of the key factors driving growth in the industrial safety integrated components market is the rapid globalization of industries. Globalization has positively impacted key end-user industries, such as oil and gas, power, automotive, chemicals, and food and beverage. Through global investments and technological innovation, companies can significantly reduce production costs. Subsequently, there has been a rise in competition among international and domestic vendors, as the global market is becoming a level-playing field. Several companies based in developed economies such as the US and Western Europe are shifting their focus toward emerging economies to save production costs. The development of industrial infrastructure requires advanced technologies and machinery for smooth functioning. Hence, the adoption of industrial safety integrated components in the abovementioned industries is expected to increase, which, in turn, will support market growth during the forecast period.
Key Industrial Safety Integrated Components Market Trend
The growth of the HVDC market is an industrial safety integrated components market trend that is expected to have a positive impact in the coming years. For many years, high-voltage direct current (HVDC) engineers are looking for a reliable converter technology that can switch AC electricity produced into DC electricity at the point of generation for transmission and convert it back to AC electricity at the other end of the line to run motors or lights. HVDC systems can transmit more electrical power over longer distances than a similar AC transmission system that requires few transmission lines, saving both money and land. Also, to significantly lower electrical losses over long distances, the HVDC technology is stable and easily controlled, which can stabilize and interconnect AC power networks that are otherwise incompatible. The HVDC market is growing rapidly as HVDC can connect remote sources of electrical power, such as renewable sources of energy that include hydro or wind generation and loading centers located at a long distance.
Key Industrial Safety Integrated Components Market Challenge
The high investments required for the automation and installation of industrial safety systems will be a major challenge for the industrial safety integrated components market during the forecast period. Industrial safety systems are essential to be installed as a safety measure for safeguarding machines, production lines, and employees in an emergency situation. The price of industrial safety components, installation costs, and maintenance and repair costs result in heavy pressure on the industry's budget. Large organizations can manage these expenses, but it can be difficult for small and medium-sized organizations to bear such expenses. Moreover, industrial safety has to act in accordance with regulatory standards. Safety standards are regularly updated according to technological advancements and new mandates, which results in the obligation on organizations to upgrade their safety systems. This upgrading requires some additional investments in safety systems and components. Such factors are expected to negatively impact the growth of the global industrial safety integrated components market.
This industrial safety integrated components market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global industrial safety integrated components market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial safety integrated components market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial safety integrated components market encompasses successful business strategies deployed by the key vendors. The industrial safety integrated components market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial safety integrated components market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the industrial safety integrated components market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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47% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for industrial safety integrated components in APAC. Market growth in this region will be faster than the growth of the market in regions.
In China and India, emphasis on infrastructure development, especially in power generation and distribution, has resulted in the setting up of many power plants and distribution systems. This will facilitate the industrial safety integrated components market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the industrial safety integrated components market in APAC faced certain challenges due to the outbreak of COVID-19. The pandemic affected several countries in the region, including China, India, South Korea, and Japan. It negatively impacted the overall economy of the region, which disrupted supply chains and operations in various industries. The governments of various countries in the region have announced economic stimulus packages to bail out the economies from the negative effects of the pandemic.
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The industrial safety integrated components market share growth by the energy and power segment will be significant during the forecast period. The power industry will be the fastest growing end-user segment for safety relays and safety switches due to increased energy requirements on account of rapid industrial development and urbanization in developing countries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial safety integrated components market size and actionable market insights on post COVID-19 impact on each segment.
Industrial Safety Integrated Components Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
Market growth 2022-2026 |
$ 2.53 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.52 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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