Market Snapshot:
Lockout Tagout (LOTO) is a security method in which the relevant lockout or tagout devices are attached to energy isolation devices in accordance with a specified procedure to ensure that the energy isolation device and the devices to be controlled can only be operated after the lockout device is removed. Lockout / Tagout standards and equipment are used to protect employees from hazardous energy sources on machines and devices during service and maintenance. With ever-growing safety regulations, ensuring the safety of workers working on electrical machines and valves is extremely important. A large number of industrial accidents today are caused by the uncontrolled release of energy or the unexpected start of machines or devices. An effective energy control program must be in place for each workstation. This program should be specific to the types of machines and equipment that are being serviced. Many accidents involving hazardous energy sources can be avoided by ensuring that proper lockout / Tagout procedures are in place along with the use of good quality lockout-tagout equipment.
Highlights from Lockout Tagout Equipment Market Study
Attributes | Details |
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Study Period | 2024-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.9% |
The key Manufacturers profiled in the report are Brady Corporation (United States), Master Lock (United States), Panduit Corp (United States), ABUS (Germany), Honeywell (United States), ESC Services (Canada), Castell (United Kingdom), ZING Green Safety Products (United States), Seton (United States), Accuform Manufacturing (United States), Globalite Safety Solutions (India) and Safetyware Sdn Bhd (Malaysia). Additionally, other players that are part of this comprehensive study are Taheri Enterprises (India), W.W. Grainger, Inc. (United States), E-Square Alliance Pvt. Ltd. (India) and Loto Master Inc. (India).
Geographic Breakdown and Segment Analysis
The Global Lockout Tagout Equipment market presents a comprehensive analysis of the Lockout Tagout Equipment market by product type (Electrical Equipment Lockouts, Valve Lockouts and Others), by end-user/application (Energy & Power Industry, Machinery Industry, Petrochemical Industry, Chemical Industry and Other Industries), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Lockout Tagout Equipment industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Lockout Tagout Equipment market
Analyst at AMA have segmented the market study of Global Lockout Tagout Equipment market by Type, Application and Region.
Influencing Trend:
A Rise in the Effective Energy Control Program in Workstations, Increasing Mature Manufacturing Technology and Lowing Cost of Raw Materials
Market Growth Drivers:
Rising Safety Procedure in Many Industries and Research Center, Growing Safety Regulations for Workers and The Rise in the Number of Industrial Accidents
Challenges:
Lack of Awareness Regarding Lockout-Tagout Equipment
Restraints:
A Dearth of Good Quality Lockout-Tagout Equipment
Opportunities:
Rising Technological Advancements in Lockout Tagout Equipment
Market Developments Activities:
In April 2024,Edinburgh Airport has welcomed the investment partnership announced by Global Infrastructure Partners and VINCI Airports. VINCI Airports will acquire 50.01% of Edinburgh Airport though the leadership team remains in place, working with VINCI Airports and Global Infrastructure Partners.
On September 5th, 2019, the master lock company showcases new grip tight™ plus circuit breaker lockout devices at the 2019 NSC Congress & expo. The Master Lock Company had unveiled its new family of Grip Tight Plus Circuit Breaker Lockout devices, that were designed to take the guesswork out of circuit breaker lockout.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Key Target Audience
Providers of Lockout Tagout Equipment, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others