Industrial Safety Market Worth $17.86 Billion by 2030

Industrial Safety Market by Type, Offering (Hardware, Software), End User (Oil & Gas, Energy & Power, Chemicals), and Geography—Global Forecasts to 2030

The global industrial safety market is projected to reach $ 17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030. The growth of this market is attributed to the need for reliable safety systems to ensure personnel and asset protection, stringent regulations for workplace safety, and the growth of the oil & gas sector driving the adoption of industrial safety systems. However, the high installation costs of industrial safety systems are expected to restrain the growth of this market. Furthermore, the increasing usage of industrial internet-of-things is expected to offer potential growth opportunities. Failure to access all machinery-related risks is a challenge for this market.