Assessment of the global industrial security market 2021-2026 with profiles of ABB, Emerson Electric Co and Johnson Controls, among others
DUBLIN, March 11, 2022–(BUSINESS WIRE)–The “Industrial Security Market – Forecast 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
The global industrial security market is expected to grow at a compound annual growth rate of 5.44% to reach US$7.629 billion by 2026, from US$5.265 billion in 2019.
The main reason for the market demand over the forecast period is the robust development of end-user industries. Oil & Gas, Chemicals, and Manufacturing are key end users that are experiencing lucrative growth and are expected to grow at an exponential rate with increased operations.
The growing complexity of technology and automation in these industries, accompanied by increasing security standards by industry and government, is expected to support the growth of the market. Also, rapid industrialization in developing countries with a growing industrial sector is expected to provide opportunities for the market.
Robust growth in the end-user industry
One of the main reasons for the increase in demand for industrial security solutions is the robust growth of the end-user industry, especially the manufacturing, healthcare, and oil and gas industries. With increased industrialization in developing countries, the manufacturing sector is expected to experience robust growth. In the Asia-Pacific region, countries like India, Thailand, South Korea, Vietnam, and Cambodia have emerged as manufacturing hubs that have provided a strong scope of application for industrial security systems.
The oil and gas industry is also expected to experience robust growth with rising demand. A report released by the International Energy Agency (IEA) estimates that global oil consumption will reach 104.1 mb/d by 2026, an increase of 4.4 mb/d from 2019. Increase in consumption is expected to be supported by increased oil and gas production, expansion of existing fields and operations through new fields. Industrial safety systems are an integral part of these projects, as the industry is prone to serious hazards. The growth of projects is expected to create significant demand for the market.
Information on COVID-19
The coronavirus pandemic has had a negative impact on the industrial security market. The containment measures included a nationwide lockdown and a shutdown in various end-user industries, including the construction of new industrial units and projects. Social distancing measures included operations with lower working capacity, delaying operations and therefore demand. Additionally, the physical shutdown has led to supply chain disruption, delaying projects. IEA data shows overall industry growth has slowed, which will take time to recover. Oil demand for 2025 is expected to be lower than the non-COVID forecast of 2.5 mb/d. However, industries are expected to resume at previous capacities as economic activities resume.
The industrial security market has been heavily impacted by the COVID-19 pandemic. The effects of the COVID-19 pandemic, including measures taken by businesses and governments to contain the spread of the virus, have resulted in a significant reduction in international economic activity. The geopolitical events triggering the increased supply of cheap oil to the market occurred at the same time. COVID-19 related restrictions have caused major disruptions in industry activity.
Main topics covered
1.1. Market overview
1.2. COVID-19 scenario
1.3. Market definition
1.4. Market segmentation
2. RESEARCH METHODOLOGY
2.1. Research data
2.2. Secondary sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.4. Industry Value Chain Analysis
5. INDUSTRIAL SECURITY MARKET, BY SYSTEMS
5.2. Process Control System (PCS)
5.3. Safety Shutdown System (SSS)
5.4. Emergency Shutdown System (ESS)
5.5. Fire and Gas System (FGS)
6. INDUSTRIAL SECURITY MARKET, BY END-USER INDUSTRY
6.2. oil and gas
6.3. Health care
7. INDUSTRIAL SAFETY MARKEY, BY COMPONENT
8. INDUSTRIAL SECURITY MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. The Middle East and Africa
8.6. Asia Pacific
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Key Players and Strategic Analysis
9.2. Emerging players and lucrative market
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier Competitiveness Matrix
10. COMPANY PROFILES
10.2. Emerson Electric Co.
10.3. Johnson Controls
10.4. Yokogawa Electric Corporation
10.5. Rockwell Automation
10.6. Honeywell International
10.7. General Electric
10.9. Siemens AG
10.10. HIMA Paul Hildebrandt GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ggd09h
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220311005173/en/
Laura Wood, Senior Press Officer
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