The Safety Products Market Will Grow To £7 Billion In 2023
Safety products are popular for obvious reasons, they allow you to operate your applications in a safer manner, something which is key when using dangerous machines and tools. However, did you know that the market is expected to grow to around £7 billion this year alone due to the bigger demand for these types of products? This blog will give you some all-important insights about the market and safety product systems.
There is no denying that this market is on the up, it’s predicted to reach £10 billion over the next 10 years, this is because people want safety products that are the best, to keep their workers safe, particularly in chemical and oil industries where there are dangerous conditions. As engineering heads towards more interdisciplinary tasks, engineers need the protective layer that outstanding safety products bring, making the process simpler and easier. The products are split into 5 different categories depending on the components it makes them safer; actuators and values, programmable devices, switches, sensors and others.
The market covers a range of areas including chemical and petroleum refineries, mining oil and gas, pharmaceuticals, and energy and power. These areas are used in markets across the world, such as Latin America, the Middle East and Africa, Asia Pacific, Europe and North America. The market is on the up because the increase of automotive manufacturing has grown globally, and they are known as a major user. The need to ensure people are meeting safety standards that are continually increasing, including laws, means this demand has been catalysed and will continue to grow at this rate, until 2025.
In particular, the chemical and petroleum market is the area with the most dominance because of the growing investments that are being put into natural oil and gas investigation. From down streaming equipment to the change of safety system, this all impacts what is superior in this area. Some unions are ensuring there are safety measures that are being followed in certain market areas, will we see this in others soon?
The market in North America is predicted to grow exceptionally over the next few years. Currently holding 24% of the safety system market, this should increase. In Europe, they’re predicted to lead the market, currently being responsible for 28%, and the Asia-Pacfiic area is looking to have the biggest CAGR for forecast times. It’s also important to remember that these products also have large demands from developing areas, and as new technology is created, the importance of safety products is becoming more known, which further helps to expand the market.
What we do
Here at Motion, we sell a range of safety products and safety product systems, from protective guarding and overload protection to secondary breaking and more, we provide safety solutions to customer operations in hazardous industrial areas. We want to keep you protected by providing safe, compliant and effective working environments. Take a look at the safety products we have on offer here.
For more articles like this one, head to our news and inspiration page!