May/June 2019

Communities: Industry
Strong Growth Predicted for Industrial Safety Market

An increased focus on safety and workplace standards in several different sectors, including oil and gas, automotive, and construction, will boost the growth of the industrial safety market in the next five years, according to a new report.

The research, from the B2B research company Markets and Markets, shows that the market is expected to grow from $3.3 billion in 2019 to $5.4 billion by 2024, at a compound annual growth rate of 8.6% during that period. Mandates for safety regulations and safety systems around the world in the oil and gas industry, rising need for reliable safety systems, and growing automation in hazardous industrial area are key factors driving the market’s growth.

However, high investment required for automation and continued maintenance could restrain that expected growth, the report notes.

North America and Europe are witnessing substantial adoption of industrial safety systems attributed to the implementation of workplace safety and health standards in numerous industries.

The safety-certified fire and gas systems market is estimated to grow the most from 2019 to 2024, as factories and large plants are continuously monitored for fire and combustible or toxic gas leaks.

The oil and gas industry is expected to hold the majority market share over the next five years due to an increased focus on safety in the oil and gas industry, including the monitoring of pipelines, vessels, and process packages.

European industrialists, who are increasingly updating and implementing safety solutions, are one of the main reasons the continent is expected to lead the global industry safety market for the five-year period.