(PharmaNewsWire.Com, January 03, 2017 ) According to a new market research “Industrial Safety Market by Component (Switches, Sensors, and Programmable Safety Devices), by Product (ESD, F&G, and HIPPS), by Application (Chemical, Oil & Gas, and Power Generation), and by Geography - Global Trends & Forecasts to 2014 - 2020” , the total Industrial Safety Market was valued at $2.03 billion in 2014 and is expected to reach $3.76 billion by 2020, at an estimated CAGR of 11.06% between 2015 and 2020.
The operation of many industrial processes involves characteristic risks due to the dangerous materials involved such as gases and chemicals. Industrial Safety Market are explicitly designed to protect personnel, equipment, and the environment by minimising the likelihood (frequency) or the impact severity of an identified emergency event. Safety regulations by government have led to a significant growth in safety instrumented products. Machine safety regulations such as EU Machinery Directives and North America’s OSHA standards have been strong drivers for the growth of the SIS market. In the report, this market has been categorized on the basis of products, namely emergency shutdown systems, fire and gas monitoring and control, high integrity pressure protection systems, burner management systems, and turbo machinery and control. The emergency shutdown system accounted for the largest share of ~39% of the overall SIS market, as of 2014.
The report also covers key application sectors of the Industrial Safety Market, including chemical, refining, oil & gas, pharmaceutical & biotech, paper & pulp, metal and mining, water & wastewater, food and beverage manufacturing, and power generation. Among all the applications, oil and gas is expected to be the largest contributor to the overall SIS market.
The Industrial Safety Market for different geographic regions, including the Americas, Europe, Asia-Pacific, and the Rest of the World (RoW), has also been covered in the report. Europe comprised the largest market for SIS as of 2014, while APAC is expected to grow at the highest CAGR among all the regions during the forecast period.
The report profiles the major players in the Industrial Safety Market along with their SWOT analysis. The market has been witnessing a series of new product launches and partnerships across the value chain. The key players in this industry include ABB Ltd. (Switzerland), Emerson Process Management (U.S.), General Electric Company (U.S.), HIMA Paul Hildebrandt GmbH (Germany), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), Rockwell Automation (U.S.), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Johnson Controls, Inc. (U.S.), Tyco International Plc (Switzerland), and others.
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