Industrial Safety Devices: Market Size
The value of the United States industrial safety devices market is estimated to be roughly $515 million.
- The size of the United States industrial safety devices market-- comprising "safety sensors, safety switches, programmable safety systems, safety valves, and emergency stop devices"--was $515 million in 2019.
- According to Markets and Markets, the size of the global industrial safety devices market was $3.3 billion in 2019.
- The global market is expected to grow at a CAGR of 8.6% in the 2019-2024 period.
- The growth will be driven by "mandates for safety regulations, rising demand for safety systems in the oil & gas industry, rising need for reliable safety systems for personnel and asset protection, industrial revolution 4.0, and growing automation in hazardous industrial areas".
- The United States accounts for 15.61% of the global industrial output and 18% of the global manufacturing output.
- The United States "industrial safety relays and timers" market will grow at 3.9% till 2025.
We searched research reports, industry portals such as Industrial Safety & Hygiene News (ISHN), and the websites and annual reports of key players such as Honeywell and Emerson; however, we did not find market size estimates for the United States. We also looked for reports specific to segments within the industrial safety market such as safety switch, "safety relays and timers", and safety valves but found no market size estimates for the US market. Given the above limitations, we triangulated the statistic assuming that the adoption of industrial safety devices is the same across all nations.
According to Markets and Markets, the size of the global industrial safety market--includes "safety sensors, safety switches, programmable safety systems, safety salves, and emergency stop devices"-- in 2019 was $3.3 billion. The United States has a 15.61% share of the global industrial output (calculations have been shown in the attached spreadsheet). Assuming that the adoption of industrial safety devices is not significantly different between nations, the market size for industrial safety devices in the United States is $515 million (15.61%*$3.3 billion).
While developed markets such as the United States, Europe, Japan, South Korea, and Canada are also among the top industrialized regions and account for a major share of the global industrial output, developing countries such as China and India also have a significant share (the two countries collectively account for 27.5% of the global industrial output). However, developing countries have been laggards in adopting workplace safety standards. The adoption of safety standards will propel growth in developing markets. For example, the China "safety relays and timers" market will grow at 7.9% as against a 3.9% rate in the United States, a mature market. There is no metric available to factor in workplace safety adoption differences. Therefore, the estimate provided is a rough estimate.