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$6.3 billion in 2022 to $8.8 billion by 2027, that’s a CAGR of 6.8 percent.1 Market researchers have completed studies on the expected growth of the industry and have predicted that more regulation, such as the standards in OSHA’s pipeline for infectious diseases and extreme heat, will continue to drive more purchasing from safety product manufacturers.
Market analysis does show that while the barrier for entry for some safety solutions seems to be pretty high, the costs of not investing in them tend to be more expensive in the long run. Organizations must continue to upgrade their safety systems, not only to keep workers safe, but to stay in accordance with the latest technological advancements and regulation updates.
Speaking of technological advancements, there has been more innovation in bringing the safety industry into the next generation than ever before. More safety solutions are relying on technology that is embedded in the Industrial Internet of Things (IIoT) and researchers believe this increased usage of IIoT will bring new opportunities for more integrated safety and compliance services.
The dedication of the safety industry was proven in the darkest time of a global pandemic and it will be recognized and rewarded for many years to come.
IIoT is not new, but it is becoming more integrated with safety solutions in the industry as companies begin to see the value in acquiring data on the safety and health of their workers as well as the efficiency and compliance of their businesses. Using IIoT, companies can integrate their processes with safety in mind and monitor their progress in real-time, a benefit that wasn’t available just decades ago.
If researchers can find any challenges in the industry, they blame it on restricted knowledge of potential failures when it comes to machinery operation. Complete machine guarding requires intensive risk management that considers so many different kinds of employees. Insufficient risk assessments can overlook important requirements for safeguarding workers, leading to worker injuries and compliance violations.
Finally, market analysis shows that major growth areas for the safety industry include the automotive, energy & power, oil & gas, and food and beverage industries. Each of these industries is expected to demand safety equipment and stringent safety regulations leading to larger purchases and higher budgets.
Seeing is Believing
In the product section on the next few pages, you’ll find listings for some of the latest safety solutions in the industry. These products and solutions signify not only the growth of the industry as a whole, but the time and effort from many companies focused on ensuring all employees have the chance to go home at the end of their shifts. Enjoy looking through this section and seeing all that the industry has to offer.
Sydny Shepard is the Editor of Occupational Health & Safety magazine.
Alex Saurman is the Content Editor of Occupational Health & Safety magazine.
1. instrumented-system-market-19720540.html
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