The Worldwide Industrial Safety Industry is Expected to Reach $9.5 Billion by 2028 – QNT Press Release


DUBLIN, Sept. 5, 2022 /PRNewswire/ — The “Global Industrial Safety Market Size, Share & Industry Trends Analysis Report By Type (Machine Safety and Worker Safety), By Industry, By Component, By Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

The Global Industrial Safety Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.

The management of all activities and events inside the industry to protect its personnel and assets by avoiding risks, hazards, accidents, and near misses is known as industrial safety. Governmental bodies keep a check on it through various laws & rules. Millions of occupational or industrial accidents occur every year, resulting in significant lost production time, making it critical to invest in industrial safety. Additionally, people who are truly injured lose a significant amount of production time owing to temporary & permanent disability, as well as those who assist those who are injured. As a result, industrial safety laws must be followed to attain production efficiency.

The Occupational Safety and Health Act of 1970 was a watershed moment in industrial safety laws. The Act was the first comprehensive federal industrial safety legislation, and it was near full favor vote passed by both chambers of Congress. The surge in the number of work- related fatalities in the 1960s, particularly the Farmington, West Virginia mine tragedy of 1968, which killed many miners, was one of the variables contributing to a solid support for the act.

The act was notable for putting a greater emphasis on preventing rather than compensating for occupational accidents & illnesses. The Occupational Safety and Health Administration (OSHA) & the National Institute of Occupational Safety and Health were established as a result of the act (NIOSH). The act included requirements such as developing obligatory safety & health standards, enforcing those standards, and establishing uniform record-keeping and reporting methods.

Workers” compensation laws vary greatly from state to state, although they always have the same basic goals. Employers must pay disability benefits, medical expenses, and compensation for lost work hours in the event of a work-related injury or illness. Workers, on the other side, are generally forbidden from filing a lawsuit against their employers, safeguarding corporations from costly liability settlements. “Workmen’s compensation legislation has done much more to promote safety than all other measures combined,” argues David Colling in his book Industrial Safety: Management and Technology. “Employers found that focusing on safety was more cost-effective than compensating employees for injury or death.”

COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc on the oil & gas industry, with oil prices plummeting. In 2021, a massive imbalance between supply & demand arose as a result of a significant drop in oil and gas demand because of several limitations implemented by governments around the world. One of the most important sectors, oil, and gas, necessitates the use of safety systems & components.

Chemicals and the energy and power industries are two other major end-users of industry safety products, …

Full story available on Benzinga.com



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