iCrowdNewswire Jan 14, 2021 2:00 AM ET
Industrial safety is one of the major concerns of the factory owners and safety system providers. With the advancements in technology and proliferation of industrial IoT by plants and facilities, the demand for electrical safety products has increased to ensure the efficiency, operations, and safety of electrical components. The safety equipment industry has witnessed a major surge owing to the demand for safety solutions by facility owners. Government regulations and policies that concern the safety of workers and plant operators have further contributed to the growth of the industrial safety market. However, the investments incurred in the maintenance of the equipment are significantly high, which might hamper the market growth in the near future. Also, the market has a limited number of safety certified personnel, which acts as a challenge to plant and facility owners.
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The key players in the Industrial Safety Market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are ABB Ltd (Switzerland), Schneider Electric SE (France), GENERAL ELECTRIC (US), Yokogawa Electric Corp. (Japan), Hima Paul Hildebrandt GmbH (US), Emerson Electric Co. (US), Euchner (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Siemens AG (Germany), Balluff (US), Proserv Ingenious Simplicity (UK), Johnson Controls (Ireland), Honeywell International, Inc. (US), and Fortress Interlocks (UK). The companies are focused on upgrading their existing product portfolios as well as innovating products by investing in research and development to analyze the changing market trends.
The market for industrial safety is projected to witness significant growth during the forecast period from 2019 to 2024. The geographic analysis of the industrial safety market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America is expected to dominate the industrial safety market in terms of revenue generation during the forecast period. Also, the region has witnessed a major concentration of manufacturing facilities in the US and Canada. This has resulted in the adoption of industrial safety solutions by these facilities, therefore, contributing to the growth of the market in North America. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of automation, industrial IoT, and similar technologies in manufacturing plants has increased the demand for industrial safety in the region. Moreover, government regulations leveraging the safety of employees in developing countries, including Taiwan, India, and South Korea, is projected to fuel market growth.
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