The report forecasts the global industrial safety integrated components market to grow at a CAGR of 4.93% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global industrial safety integrated components market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of industrial safety integrated components that include installation and integration to the below-mentioned process industries.
Oil and gas
Chemical and petrochemical
Food and beverages
The need for smart industries, such as automated industries, has increased worldwide, and is likely to grow significantly during the forecast period. Manufacturing-based countries that include China and Germany have started to automate their existing factories to stay ahead of the competition. The growing concept of smart industries will accommodate automation and safety integrated components such as safety switches and relay.
According to the report, the smart grid investment worldwide was estimated to reach around $200 billion by 2015. Rapid development of smart grids has increased the growth of several technologies that include smart meters, digital relays, safety switches, and PLCs. Smart grids consist of various smart grid applications such as smart meters, SCADA systems, and IT networks that hold a sizeable market share in the smart grid market, which is growing rapidly.
Further, the report states that fluctuating prices of raw materials have become a major concern for vendors as it hampers their business plans while forecasting demand, developing and executing manufacturing plans, and managing inventory.