North America Safety Systems Market Size

North America Safety Systems Market Analysis

The North America Safety Systems Market is expected to register a CAGR of 7.2% during the forecast period. The adoption of standards like IEC 61508 and IEC 61511 has led to increased reliance on industrial safety systems to attain mandatory risk reduction targets. The growth in the demand for programmable safety systems is also aiding the growth of the studied market in North America.

• The food & beverage industry is expected to offer a significant boost to the studied market as the industry strives to achieve high quality, efficient, and consistent production at a low cost. It can be achieved by making food & beverage plants safer, more flexible, and more profitable by picking an integrated approach of automated safety control systems like industrial safety solutions. The safety systems aid in achieving greater operational transparency across production lines and reduce compliance costs through timely corrective actions.
• Additionally, IIoT (Industrial Internet of Things) is creating several new opportunities for integrated industrial safety and compliance services. IIoT can obtain data from sensors that measure pressure, flow, level, temperature, and vibration and send the collected information to monitoring systems. The data is transmitted through wireless or wired networks that offer real-time analysis, alerts, and possible solutions in any emergency. By employing IIoT, companies can integrate their processes with safety systems and monitor the same in real time.
• However, the cost of industrial safety components, installation costs, maintenance, and repair costs put a substantial burden on the organizational budget. Though large organizations can handle these expenses, it could be challenging for small and medium-sized organizations to afford robust industrial safety systems.
• In addition, industrial safety has to comply with regulatory standards. The safety standards are regularly updated according to technological advancements and new orders, resulting in the obligation on organizations to upgrade their safety systems. Such factors are expected to impede the growth of the studied market during the forecast period.
• The COVID-19 pandemic negatively affected the oil & gas industry, with oil prices slashing drastically. A noticeable decline in the demand for oil and gas due to various regional government restrictions in 2020 resulted in a decline in demand for industrial safety systems. Further, chemicals and energy & power industries are also among the key end users of valves. These industries also witnessed reduced demand due to the global pandemic. However, these industries quickly gained momentum in mid-2021.