According to recent market research published by MarketsandMarkets, the industrial safety market is worth around $3.3 billion in 2019 and is expected to reach $5.4 billion by 2024. The most significant factors that propel this growth are:
- — Industrial revolution 4.0
- — The increased need for reliable safety systems for asset and personnel protection
- — Growing automation in hazardous industrial areas
- — Rising demand for safety systems in the oil and gas industry
- — Mandates for safety regulations.
As for the job opportunities for safety professionals, they are expected to grow at a rate higher than most occupations (over 10% from 2016 to 2019). With more “veteran” safety professionals retiring, there will be more vacant positions that companies will need to fill.
Oil and Gas Industry Will Take the Lead in the Industrial Safety Market
Functional workplace safety has become a top priority in oil and gas plants because they are prone to serious accidents that can affect the environment and people. These plants use many different instrumented systems, such as:
- — ESDs (Emergency Shut Down) to minimize the consequences of emergencies by shutting down equipment and systems
- — HIPPS (High-Integrity Pressure Protection System) to safeguard process packages, vessels, and pipelines against over-pressure.
Fire and Gas Monitoring Systems
These systems are designed to continuously monitor toxic/combustible gas leakages and fire, providing early warnings to prevent major issues. Plants must meet safety and protection requirements by implementing safety-certified gas and fire systems.
Programmable Safety Systems
Another market that’s estimated to grow at a high Compound Annual Growth Rate (CAGR) is the market for programmable safety systems (safety PLCs). These systems make the backbone of any industrial safety system, and the market will grow as the requirements for these systems change. There is an emerging need for interoperability with other systems, ease-of-use, and safety.
In case a signal transmission or measurement doesn’t occur, safety sensors are there to ensure logic-based outputs. If one element fails, a safety sensor includes an element of redundancy that takes over the process and helps avoid productivity losses. For industrial safety, there are different types of sensors, such as proximity, touch, UV (ultra-violet), IR (infrared), and temperature sensors.
The growth of Emergency Shutdown Systems (ESD systems) market is driven by the increasing implementation of safety measures by governments and the rising demand in process industries (such as oil and gas). They are widely used in healthcare, power, manufacturing, pharmaceuticals, and petrochemicals industries.
Rising Focus on Workplace Health and Wellbeing
There are still many causes of injuries and ill health within the workplace, which is why more emphasis is being placed on health and wellbeing in the industrial sector. If companies that operate in some of the mentioned industries have poor compliance with safety and health regulations, there is an increasing risk. This has led to more stringent regulations across various industries and increasing investments by organizations for the implementation of the latest software and consultations.
The Checker Software is an excellent option for industries where accidents can be hazardous for the environment and people. The assets in those facilities need to be inspected regularly, and our software can help because it is created to optimize and streamline audits and inspections for both safety and profitability.