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Workplace Safety Market Overview
The global Workplace Safety Market size is estimated to reach $32.5 billion by 2030, growing at a CAGR of 12.5% during the forecast period 2024-2030. The market for workplace safety is anticipated to expand as a result of the increase in workplace safety incidents and injuries. The increased adoption of workplace safety solutions is also being fueled by stringent industrial health and safety standards. Employers are responsible for protecting and maintaining the security of their employees. In the last 10 years, there has been a significant increase in demand for workplace safety solutions from a range of end user industries, including chemicals and materials, healthcare, construction, energy and utilities, and engineering.
In addition, the rise in accidents in the mining, oil and gas, and chemical sectors is also contributing to the need for workplace safety measures. Additionally, the extent of workplace safety measures being adopted by firms in their workplaces is greatly influenced by economical pay-as-you-go pricing structures. It is anticipated that each of these traits will contribute to the market for workplace safety growing. The market for workplace safety is also expanding as a result of growing workplace injury and fatality rates and increased market investments by public and private organizations. However, expensive implementation and a lack of adequately skilled workers' compensation and healthcare professionals limit the market's expansion to some extent.
Market Snapshot:
Workplace Safety market - Report Coverage:
The “Workplace Safety market - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Workplace Safety Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic brought workplace safety to the forefront of people's minds. Employers and employees became acutely aware of the need for measures to protect against the transmission of the virus. This heightened awareness has led to increased investments in workplace safety solutions. The demand for PPE, including masks, gloves, face shields, and other protective gear, skyrocketed during the pandemic. Manufacturers of PPE saw a surge in demand, and many companies had to quickly adapt their operations to produce these essential safety items. With remote work becoming the norm for many industries, there was a growing need for digital solutions to monitor and maintain workplace safety. This led to the development and adoption of tools like health screening apps, contact tracing software, and remote safety audits.
● Companies in regions directly affected by the Russia Ukraine conflict, such as Eastern Europe, have experience disruptions in the supply chain for safety equipment, materials, and technology. This led to delays in obtaining essential safety gear and components. The conflict has also resulted in economic instability in Ukraine and certain neighboring regions. Companies operating in these areas face financial challenges, which limits their ability to invest in workplace safety measures, training, and equipment. The conflict has caused damage to infrastructure, including roads, utilities, and buildings. This damage can directly impact workplace safety by creating hazardous conditions and necessitating costly safety-related repairs and upgrades.
Key Takeaways:
● Fastest Growth of Asia Pacific Region
The Asia Pacific region is expected to experience substantial growth in the coming years, primarily attributed to the strict government and regulatory measures aimed at ensuring labor safety and welfare. Initiatives like "Make in India" from the Indian government are anticipated to bolster the expansion of the manufacturing sector, consequently contributing to the growth of the workplace safety market. Additionally, the enforcement of machinery safety regulations and standards by local authorities is poised to be a significant driver of market growth in the Asia Pacific in the foreseeable future.
● By End User, Energy and Utilities Segment to account for the largest market size
The energy and utilities industry has seen expanding demand from workplace safety solutions. Control era plants include tall dangers with respect to the wellbeing and security of the faculty. This is driving demand for workplace safety solutions. A few regions are seeing an increment in the usage of controls and laws related to work environment security, which has driven expanded usage of workplace security arrangements by organizations. The US Division of Energy's wellbeing and security programs guarantee the security of labourers and free from the risks related with office operations. As a result, labourer wellbeing and security arrangements, program devices, and help assets are made accessible.
● Workplace safety issues have increased due to an increase in work-related accidents and fatalities.
With organizations realizing that a proactive approach to damage avoidance and treatment reflects an organization's commitment to worker well-being, working environment security has ended up an on-the-job need. Agreeing to the Health and Safety Executive, which is Britain's national controller for workplace safety and security, in 2021-2022, 1.8 million working individuals endured from a work-related sickness. 441,000 working individuals had workplace accidents in the U.S in 2022, according to the Bureau of Labor Statistics. Also, as per the National Security Committee, one specialist is harmed on the work every seven seconds as of 2022. After actualizing the Overall Laborer Wellbeing concept by the National Institute for Occupational Safety & Health, a significant move is being seen inside the industry toward a more comprehensive approach to well-being past physical wellbeing. After the execution of this program, the center of work environment security programs has moved from recognizing hazardous conditions to recognizing dangers for prevention-based programs that emphasize instruction, preparing, and distinguishing issues some time recently somebody gets harmed. Bosses are progressively contributing to embracing this standard.
● By application, incident and emergency management segment to dominate the market
Organizations around the world must be able to effectively manage a large number of incidents and manage risks. Emergency situations can create a range of risks for workers in the affected area. Prior to an emergency, employers and workers must be prepared with the necessary equipment and knowledge of how to be safe in the event of an emergency. When an emergency occurs, employers and workers may be expected to respond to it at a time when it is least anticipated and must plan for an effective response. To meet this need, companies must have interactive mobile-ready and collaborative solutions for capturing, tracking, investigating, reporting, and analyzing incidents and accidents; managing risks; and improving EHS performance. OSHA has proposed a comprehensive overview of the emergency planning requirements in its OSHA standards, and employers should be aware of the consensus standards set forth by organizations, such as those of National Fire Protection Association (NFPA) and American National Standards Institute (ANSI).
● High implementation costs may impede market expansion
The installation of workplace safety systems is necessary for the protection of workers and machines in the event of an emergency. However, the high cost of installation, implementation, and maintenance of workplace safety systems puts a heavy burden on the organization’s budget. Therefore, the cost of installation and the subscription fees of deployed workplace safety solutions increase. These high costs can be affordable for large organizations. However, they pose a challenge for small enterprises operating in low-income countries. Safety standards are constantly updated with technological advances and new mandates. Organizations need to update their safety systems. This would require additional investments and increase costs. According to a report from the Occupational Safety and Health Administration (OSHA), in 2022 employers in the United States paid more than $1.7 billion in compensation for work-related injuries. According to the National safety Council, in 2022, work-related injuries in the United States cost the country USD 185 billion. These statistics demonstrate the increasing cost of workplace safety.
Workplace Safety Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Workplace Safety Market. The top 10 companies in this industry are listed below
Honeywell
3M
DuPont
Ansell Ltd.
MSA Safety
Johnson Controls
Radians
SafeStart
Lindstrom Group
Cintas Corp.
Scope of Report:
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1. Workplace Safety Market - Overview
1.1 Definitions and Scope
2. Workplace Safety Market - Executive Summary
3. Workplace Safety Market - Comparative Analysis
3.1 Company Benchmarking - Key Companies
3.2 Global Financial Analysis - Key Companies
3.3 Market Share Analysis - Key Companies
3.4 Patent Analysis
3.5 Pricing Analysis
4. Workplace Safety Market - Start-up Companies Scenario (Premium)
4.1 Key Start-up Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Venture Capital and Funding Scenario
5. Workplace Safety Market – Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Workplace Safety Market - Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porter's Five Force Model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Workplace Safety Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Workplace Safety Market – by Component (Market Size – $Million/$Billion)
8.1 Hardware
8.2 Software
8.3 Services
9. Workplace Safety Market – by System (Market Size – $Million/$Billion)
9.1 Environmental Health & Safety
9.2 Access Control and Surveillance System
9.3 Real Time Location Monitoring
9.4 Others
10. Workplace Safety Market – by Deployment Model (Market Size – $Million/$Billion)
10.1 On-Premise
10.2 Cloud
11. Workplace Safety Market – by Application (Market Size – $Million/$Billion)
11.1 Incident and Emergency Management
11.2 PPE Detection
11.3 Personal Tracking
11.4 Others
12. Workplace Safety Market – by End User (Market Size – $Million/$Billion)
12.1 Energy & Utilities
12.2 Construction & Engineering
12.3 Chemical & Materials
12.4 Government & Defense
12.5 Healthcare
12.6 Food & Beverages
12.7 Others
13. Workplace Safety Market – by Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1 The U.S.
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 The UK
13.2.2 Germany
13.2.3 France
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 The Rest of Europe
13.3 Asia-Pacific
13.3.1 China
13.3.2 India
13.3.3 Japan
13.3.4 South Korea
13.3.5 Australia & New Zealand
13.3.6 The Rest of Asia-Pacific
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 The Rest of South America
13.5 The Rest of the World
13.5.1 The Middle East
13.5.2 Africa
14. Workplace Safety Market – Entropy
15. Workplace Safety Market – Industry/Segment Competition Landscape Premium
15.1 Market Share Analysis
15.1.1 Market Share by Product Type – Key Companies
15.1.2 Market Share by Region – Key Companies
15.1.3 Market Share by Country – Key Companies
15.2 Competition Matrix
15.3 Best Practices for Companies
16. Workplace Safety Market – Key Company List by Country Premium
17. Workplace Safety Market - Company Analysis
17.1 Ansell Ltd.
17.2 Honeywell International Inc.
17.3 DuPont
17.4 3M Company
17.5 MSA Safety
17.6 Johnson Controls
17.7 Radians
17.8 SafeStart
17.9 Lindstrom Group
17.10 Cintas Corp.
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The Workplace Safety Market is projected to grow at 12.5% CAGR during the forecast period 2023-2030.
The global Workplace Safety Market size is estimated to be $12.8 billion in 2023 and is projected to reach $32.5 billion by 2030.
The leading players in the Workplace Safety market are Honeywell, 3M, DuPont, MSA Safety and Ansell among others
IoT and Wearable Technology, Data Analytics and AI, Virtual Reality (VR) and Augmented Reality (AR), Automation and Robotics are some major trends that will shape the Workplace Safety market in the future.
Regulatory Compliance, Insurance Premium Reduction, Reputation Management, Remote Work Challenges, are some driving factors and opportunities for the Workplace Safety market.