| |NOVEMBER 202119$7.7 billion by 2025. The rise in requirement for reliable safety systems in order to make sure that personal as well as assets are protected coupled with strict mandates for safety regulations are fuelling the industrial safety market growth.Challenges: Supply Chain Disruptions Owing to LockdownsDue to the pandemic, some of the companies have stopped their manufacturing operations completely, and this has disrupted the supply chain. Furthermore, since social distancing is also observed in various other parts of the manufacturing ecosystem, that includes the transportation of the supply of vital manufacturing components as well as raw materials to places where absolute lockdown & sealing have been enforced, has become difficult. And this stops important commercial activities, which affects the market growth negatively, especially in the manufacturing industry.Factors Restraining the Growth of the Industrial Growth MarketAlthough industrial safety systems are needed to be installed as one of the important factors such as safety measures for safeguarding employees as well as machines in an emergency, the industrial safety components are highly expensive. Furthermore, the cost of installation and cost of maintenance & repair become a huge burden on the budget of the organization. While large companies can handle these expenses, it will not be easier for small and medium-sized companies to do so. Furthermore, industrial safety has to comply with regulatory standards that are often updated as per technological advancements. Hence, these factors become a restraint, specifically for small-scale as well as medium-scale industries.Opportunities: Growing Usage of IIoTWith the growing adoption of the Industrial Internet of Things (IIoT), there is a surge in demand for industrial safety, and this is anticipated to grow further over the forecast period. IIoT is creating new as well as a wide range of opportunities for integrated safety & compliance services as it can gather a huge amount of data from various sensors that measure various factors such as pressure, level, flow, temperature, and vibration. After collecting these, it transfers them to monitor the same in real-time. IIoT enables quick monitoring, analysis and control, providing virtual management of physical systems that results in performance improvement, ultimately.Industrial Safety Adoption with IIoT TechnologyWhat would manifest growth opportunities for the players in the industrial safety market are the rising scope of industrial safety for power & energy, food & beverages, oil & gas, and many other end-user industries along with the industrial safety adoption with IIoT technology.
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