Industrial Safety Market Overview
The global industrial safety market is projected to reach $17.86 billion by 2030, at a CAGR of 11.1% from 2023 to 2030. The growth of this market is attributed to the need for reliable safety systems to ensure personnel and asset protection, stringent regulations for workplace safety, and the growth of the oil & gas sector driving the adoption of industrial safety systems. Furthermore, the increasing usage of industrial internet-of-Things is expected to offer potential growth opportunities.
Growing segment by industry include Click for more >>>
- Automotive: With rapidly changing consumer attitudes towards greater connectivity, mobility, and autonomous vehicles, the increasing consumer demand for electric vehicles is pushing automotive players to increase manufacturing projects, thereby boosting demand for industrial safety systems.
- Chemicals & petrochemicals, oil & gas, and energy & power: Recognized as continuously developing industries where aging security issues and the need to expand and modernize infrastructure are essential.
In addition to Incident and Emergency Management, Asset Tracking and Management, Personal Protective Equipment Detection, Software is a growing segment which is attributed to the increasing deployment of software, including advanced technologies such as IoT, AI, and cloud-based services, that have impacted the overall growth of the industrial safety systems industry. With industrial safety systems, various software, such as chemical, healthcare, and administrative software, has been increasingly utilized in different industries' outer premises to resolve real-time issues.
Moreover, the increasing manufacturing activities, safety standards set by governments, and the rising need for workplace safety have driven the region's demand for industrial safety systems.
Thailand 2022 OSH Law
The recent revision to the 2022 Occupational Safety and Health (OSH) Law has alarmed many businesses as it significantly impacts numerous industries. This predominantly affects companies within the specified industries that are classified into three risk-based levels that employ more than 50 workers across one or multiple sites of operation. The recent revisions to the OSH Act also emphasize the need for companies to establish procedures and policies for ensuring operational security. Non-compliance with the law may result in substantial penalties.
Industrial Maintenance Market Overview
The global predictive maintenance market size was valued at US$ 4.1Bn. in 2021 and the total predictive maintenance revenue is expected to grow at 29.5% from 2022 to 2029, reaching nearly US$ 32.43 Bn.
Predictive maintenance market dynamics: The growing use of advanced technologies to gather important insights is a major driver of market growth. Continuous advancements in big data, M2M connectivity, and cloud technology have opened up new avenues for investigating data obtained from industrial assets. Sensors, cameras, and other smart devices create a massive quantity of data for IoT devices. Detailed analysis, big data and data visualization approaches allow companies to obtain fresh perspectives. Click for more >>>
AI-based IoT solutions are being adopted by businesses for predictive maintenance and improved customer service. Market providers must build predictive maintenance solutions that take into account two critical factors: maintenance and upgrades.
By End-User, the manufacturing segment is expected to grow at a CAGR of 4.9% during the forecast period. The increased requirement for maintenance of production machinery e.g. robotic systems, apparatus, forklifts, compressors, etc. to reduce total downtime is increasing the manufacturing segment's use of preventive maintenance services and solutions. Additionally, increased production automation, along with Industry 4.0, is estimated to drive the demand for these technologies to secure high-quality and expensive apparatus from damage.
The energy and utility sectors are also significant contributor to the growing market. The segment's growth can be ascribed to the growing demand to improve system reliability by identifying possible difficulties before they arise. Additionally, the growing necessity to estimate the possibility of a breakdown of aging components in power and utility infrastructure is driving the market growth. Moreover, the prevalence of energy consumption analytics apps is helping to drive the energy and utility segment to the forefront of the industry.
SISTAM 2023 - SMART INDUSTRIAL SAFETY & TECHNOLOGY FOR ADVANCED MAINTENANCE
Co-hosted by Technology Promotion Association (Thailand-Japan) and Thai Institute of Chemical Engineering and Applied Chemistry (TIChE), SISTAM 2023 – “Smart Industrial Safety & Technology for Advanced Maintenance” is scheduled to take place on 18-20 October 2023 at BITEC, Bangkok. The event will bring together showcase of the latest technology, innovation, product, solution and service dedicated to smart industrial safety and advanced maintenance. SISTAM 2023 will offer a fascinating networking opportunity for industrial professionals, manufacturers, technology and product suppliers, solution and service providers, academia and those with abiding interest. Industrial updates, technology presentation, best practices and many more will be covered at the concurrent conferences and seminars.