Market Trends of Industrial Safety Industry
Safety Sensors Segment is Expected to Hold Significant Market Share
- Presence-sensing safety sensors identify the existence of individuals or objects within a designated space. These sensors are frequently utilized in machinery safety applications to mitigate potential hazards. Various presence-sensing devices exist, such as safety mats, laser scanners, and radar systems.
- These sensors are particularly suitable for scenarios where personnel require regular and straightforward access to hazardous zones, including areas adjacent to robotic welding, machining centers, stamping machines, hydraulic presses, filter presses, and packaging equipment.
- The rise in safety automation, coupled with the expansion of Industry 4.0, is expected to drive the market's growth. There has been a heightened focus on protecting manufacturing facilities, prompted by an alarming increase in fatalities and injuries within the sector.
- The escalating investments from industry stakeholders to enhance safety measures have reduced such incidents. The stringent specifications and safety standards established by safety organizations are compelling end-user industries to augment their safety investments further.
- With the increased oil and gas production and growth in manufacturing activities, the demand for industrial safety sensors is expected to increase. According to the US Department of Commerce, in 2023, the manufacturing sector contributed USD 2.8 trillion to the GDP of the United States. The chemical products industry contributed the most at USD 513.2 billion in 2023.
- Several players in the market are focusing on developing new products, further supporting the market growth. For instance, in June 2024, Baker Hughes introduced three innovative sensor technologies for measuring gas, flow, and moisture to enhance safety performance and boost productivity within the oil and gas, hydrogen, and various other sectors in the energy and industrial domains. These new Panametrics solutions are developed to meet the increasing demand for precision in essential measurements and are engineered to provide long-lasting stability even in challenging environments, thereby delivering superior accuracy, reliability, and durability.
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Asia Pacific is Expected to Hold a Significant Market Share
- In the Asia-Pacific's emerging economies, the surge in manufacturing activities, rapid industrialization, and the presence of local and foreign manufacturing firms are set to boost the demand for industrial safety.
- Numerous countries within the APAC region have opted to automate diverse sectors by adopting the principles of Industry 4.0. They aim to implement stringent safety regulations in industrial and commercial environments to mitigate property and human life risks. The ongoing industrial revolution presents significant growth prospects for the market studied.
- For example, the "Made in China 2025" initiative fosters advanced manufacturing while enhancing safety measures. China is expected to emerge as the leading market in the Asia-Pacific for industrial safety products in terms of revenue. The ongoing enhancement of technical safety standards, the persistent elevation of personal safety consciousness among the populace, and the government's and businesses' active involvement in market promotion have significantly expedited the development of the industrial safety sector in the country.
- The demand for Japanese industrial safety is driven by the growing number of government regulations and increasing concerns about safety and security in the workplace, mainly due to the rise in explosion activities. An example of this is the explosion that occurred at a chemical plant in Niigata Prefecture in June 2023, resulting in the death of a contractor and injuries to two others. The industry is expected to adopt a range of safety equipment, including sensors, detectors, and others, to provide early warning of potential hazards and to mitigate such risks.
- The rise in government regulations and the presence of regulatory agencies aimed at improving safety management across various industries is anticipated to propel market growth. For instance, the Central Chemicals Registration Authority (CCRA) is the designated regulatory body responsible for supervising and enforcing the Indian Chemical Management System Regulations. This authority is vital in ensuring adherence to the CMSR and promoting the safe handling of chemicals within India. As these regulations are implemented, a substantial increase in demand for the associated equipment is expected.
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