Global Industrial Safety Market: Overview
Industrial safety is playing a significant role in practices and measures adopted for ensuring occupational safety in various industries. The system is used for preventing various occupational hazards and in many cases eliminate the cause of industrial accidents thus protecting personnel, the industrial environment, and the equipment and assets. World over, the systems for industrial safety are increasingly being demanded in several process industries, including paper and pulp, metal and mining, water and wastewater, power generation, and food manufacturing.
The incidence of workplace injuries affects the productivities in businesses of all sizes. In particular, fire hazards and electrical hazards may take a toll on the lives of industrial workers, severely constraining the productivity. The growing demand for workplace safety in various parts of the globe has propelled the demand for industrial safety. Industrial safety processes encompass various levels of safety shutdown system or emergency shutdown initiating protective action in case of untoward incident. Some of the other popular industrial safety elements used are fire and gas monitoring system, burner management systems, pressure protection systems, and turbomachinery control solutions.
Global Industrial Safety Market: Trends and Opportunities
The substantially rising demand for industrial safety systems in the oil and gas, automotive, and construction sectors is a notable factor instrumental in the rapid evolution of the market. The stricter implementation of government protocols for creating a safer work culture has imparted a noticeable momentum to the uptake of industrial safety systems. Rapid advances made in process manufacturing industries, especially in emerging economies, have led to a staggering adoption of industrial safety mechanisms. For instance, the rapid rise in automotive manufacturing activities has catalyzed the demand for industrial safety systems in various parts of the world.
However, the uptake of industrial safety systems also faces certain challenges. The lack of awareness about the potential benefits of workplace safety programs by numerous businesses in process industries, especially in emerging markets, has crippled the demand for industrial safety. The limited training initiatives to create awareness about occupational hazards and ways to counter them are also causing setback to the market. However, over time, a growing number of businesses in end-use industries are making industrial safety a crucial part of employee policies. Moreover, creating a simple mechanism for helping employees to report incidents of industrial accidents goes a long way for ensuring industrial safety.
Global Industrial Safety Market: Regional Outlook
The study takes a crucial look at emerging trends in various regional markets and evaluates key factors that are likely to make some regions potentially lucrative over others during the assessment period. Among the various geographies, North America and Europe are witnessing substantial uptake of industrial safety systems. This is attributed to the implementation of workplace safety and health standards in numerous industries. Asia Pacific is likely to witness a promisingly growing demand for industrial safety, fueled by rapidly rising awareness about occupational hazards and industrial accidents, especially in the oil and gas and construction sectors.
Global Industrial Safety Market: Competitive Landscape
The report provides a critical assessment of the various strategies adopted by players to consolidate their positions or get a foothold over the market. It also takes a close look at their products and services and innovative launches in recent years. Some of the key players operating in the industrial safety market are Omron Corporation, Yokogawa Electric Corp., Siemens AG, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International Inc., General Electric Company, Emerson Electric Co., and ABB Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.