Workplace Safety Market by Components (Hardware, Software, and Service), by Products (Safety Helmet, Foot-ware, Hearing Protection, Sensors, Control Products, Alarm Systems, Motors, Lighting Products, and others), by Services (Wired and Wireless), and by Company Size (Small and Medium Enterprises, and Large Enterprises), by End-Users (Oil & Gas, Mining, Chemical & Pharmaceutical, Nuclear Plants, and others) – Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Workplace Safety Market size was valued at USD 15.03 billion in 2023 and is predicted to reach USD 35.72 billion by 2030 with a CAGR of 13.2% from 2024-2030.

The workplace safety are the products, services, solutions, and expertise aimed at ensuring the safety, health, and well-being of employees in various work environments. It comprises of numerous products such as personal protective equipment (PPE), safety training programs, and risk assessment tools. The market serves within a wide range of industries including construction, manufacturing, and logistics in which it reduces the risks by preventing accidents and injuries, aiming at increasing the productivity of the sector.

Market Dynamics and Trends

The global surge in mining sector such as gold mines, gas & crude oil drilling, and coal mining across the globe is driving the growth of the workplace safety market. According to a report published by United Nations Environment Program, in November 2023, the production of fossil fuels is expected to increase by 110% by the year 2030 among different countries.

With such significant growth in the production of fossil fuels, the demand for workplace safety equipment such as PPE kits, helmets, and high beam lights, are poised to rise, ensuring safety of the workers and assets within the workplaces.

Moreover, the increasing awareness of workplace safety among workers, coupled with active involvement from government bodies in setting guidelines and enforcing stringent safety regulations, is contributing to the expansion of the occupational health market.

For instance, in December 2021, Irish government launched a framework, namely Healthy Ireland at Work. The workplan includes rising awareness among people regarding workplace safety and implementing the safety measures.

Additionally, in May 2023, the life and building safety (LABS) initiative, a worker and building safety program by IDH sustainable trade initiative, expanded to Indonesia to promote safer working conditions for factory workers and mitigate the risk of fire and structural building safety.

This increased focus on safety concerns to safeguard the workers and resources is fuelling the growth of the market. However, high costs associated with the occupational safety equipment coupled with insufficient knowledge of workers relating to the workplace safety is expected to hinder the growth of the market in middle and low-income countries.

On the other hand, wearable technologies such as two-way communication headsets, exoskeletons, and cooling vests is expected to create numerous opportunities for the growth of the market in the coming years. The advance devices are expected to assist workers in performing physically demanding tasks, regulate body temperature, and improvise communications within the workplaces. This improvement in technology makes workplaces safer by lowering the chances of injuries and illnesses, which in turn boost employee productivity.

Market Segmentations and Scope of the Study

The workplace safety market is segmented on the basis of components, products, services, company size, end-user, and region. On the basis of components, the market is divided into hardware, software, and service. On the basis of products, the market is further divided into safety helmet, foot-ware, hearing protection, sensors, control products, alarm systems, motors, lighting products, and others. On the basis of services, the market is bifurcated into wired and wireless. On the basis of company size, the market is further bifurcated into small and medium enterprises, and large enterprises. On the basis of end-user, the market is again divided into oil & gas, mining, chemical & pharmaceutical, nuclear plants, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominant share of workplace safety market at present and is expected to continue its dominance during the forecast period. This is due to the increase in mining activities such as gold, oil, and coal within the North America region.

As per the latest report published by the World Gold Council, North American countries collectively produced 491.2 tonnes of gold in 2022. Among which, Canada ranked fourth in gold production, with an output of 194.5 tonnes.

Moreover, the presence of major companies such as IBM Corporation, Honeywell International Inc, and Rockwell Automation, Inc., is further propelling the growth of the market. These companies play a crucial role in driving advancements, innovation, and market expansion within the workplace safety market.

For instance, in May 2022, Honeywell launched two new respiratory protection products namely, DC365 Small Surgical N95 Respirator and RU8500X Series, reusable half mask respirator. The Personal Protective Equipment (PPE) is specifically designed for healthcare workers, aiming to improve productivity and durability while also enhancing workplace safety in the healthcare sector, thereby driving the growth of the market.

On the other hand, Asia Pacific is showing a steady rise in the workplace safety market driven by growing awareness among workers and governmental bodies regarding the significance of safeguarding both workers and assets. 

For instance, in January 2023, the Director General of Mines Safety (DGMS) took proactive steps to enhance safety in India's mining industry, by opting safety measures such as digital monitoring, and simplifying the approvals. This initiative highlights the rising concerns related to the safety of the workers in hazardous workplaces, thereby increasing the adoption of workplace safety equipment in this region.

Moreover, the expansion of the workplace safety market is propelled by the significant presence of mining industries in Asia-Pacific nations such as China, Australia, and India. For instance, China hosts approximately 1500 major mining sectors, with 75% of them operating underground, highlighting the critical need for adequate safety equipment. This presence of robust mining sector consequently increases the demand for safety equipment to mitigate the risks of accidents in the workplaces and increases the productivity within the sector.

Competitive Landscape

The workplace safety market trends comprising of various market players such as International Business Machines Corporation, Honeywell International Inc., 3M Company, Siemens AG, Robert Bosch Limitada, HCL Technologies Limited, Hexagon AB, Rockwell Automation, Yokogawa India Ltd. and Wolters Kluwer N.V. and among others. These market players are adopting various strategy such as launch and acquisition of business across various regions to maintain their dominance in the workplace safety market.

For instance, in January 2023, Siemens AG launched the FDA261 and FDA262, two digitalized aspirating smoke detectors. The smoke detectors are equipped with dual wavelength technology, offering early fire detection to protect critical infrastructure such as warehouse, mining areas, and factories.

Moreover, in December 2021, Honeywell International Inc. acquired US Digital Designs Inc. (USDD), a privately held fire department equipment supplier. The acquisition is expected enhance Honeywell's capability to expand its supports in public safety communications by eliminate manual processes, and enable faster emergency response times, and enhance communications to first responders.

Key Benefits

• The report provides quantitative analysis and estimations of the workplace safety market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of workplace safety market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on workplace safety market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Components

• Hardware

• Software 

• Service

By Products

• Safety Helmet

• Foot-ware

• Hearing Protection

• Sensors 

• Control Products

• Alarm Systems 

• Motors 

• Lighting Products 

• Others

By Services 

• Wired

• Wireless

By Company Size

• Small and Medium Enterprises 

• Large Enterprises

By End User

• Oil & Gas

• Mining 

• Chemical & Pharmaceutical 

• Nuclear Plants 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

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