Lockout Tagout Equipment Market Forecast, Trend Analysis & Competition Tracking - Global Industry insights 2015 to 2031

Lockout Tagout Equipment Market: Introduction

Lockout Tagout (LOTO) is a safety measure that protects employees and visitors from uncontrolled hazardous energy that escapes from machinery or equipment during isolation or maintenance work. LOTO devices are available in several variants such as design, size, shape, etc. These devices are usually used in machinery, electrical equipment, and piping systems to reduce the risk of injury caused by accidental startup.

Global Lockout Tagout Equipment Market Revenue Outlook:

The global lockout tagout equipment market revenue was valued at US$ 248.4 Mn in 2020 and is projected to register а САGR of 5.1% by 2031.

Nonetheless, various industry players in the global lockout tagout equipment market are now increasing their focus towards the establishment of successful collaborations, acquisitions, and joint venture activities as a means to enhance their respective customer bases. In doing so, these players are also increasing their supply capabilities to meet customer requirements on a local and global scale. This factor, paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

Worker safety is an essential factor resulting in increasing the demand for lockout tagout equipment

Increasing demand for lockout tagout equipment from several end-use sectors such as automotive, manufacturing, energy and power, etc., is expected to fuel the revenue growth for this target market. Many industrial accidents are caused by the uncontrolled release of energy or the unexpected startup of machines or equipment. Energy sources such as electrical, hydraulic, pneumatic, mechanical, chemical, thermal, and other industrial machinery and equipment sources can be hazardous to several workers during maintenance or working. To avoid such accidents in industries, lockout tagout equipment are considered essential and used on a large scale. This factor is expected to bolster the demand for LOTO devices in this target market.

Opportunities for the Global Lockout Tagout Equipment Market

Technological advancements in the safety of workers in industries have gained more attention as a part of essential factor in every manufacturing and production sector. In addition, the use of smartphones, tablets, and other devices to access procedures can significantly improve the efficiency of a LOTO program that helps workers monitor the processes easily. Technology will enable corporations to standardize lockout tagout programs with real-time verification and documentation. This factor is expected to offer potential revenue growth opportunities to key industry players operating in this target market.

Regulatory Framework and Standards

The global lockout tagout equipment market is segmented based on product type, end-use, and regions. Under product type segmentation, the electrical equipment lockouts segment is expected to account for the majority revenue share of this target market, owing to increasing demand for essential lockout/tagout equipment from several small and large scale industries. Among the end-use segment, еnеrgу & роwеr іnduѕtrу-segment is expected to accounts for the most significant revenue shares of this sector.

Market Dynamics

The Global Lockout Tagout Equipment Market is segmented into North America, Europe, APAC, Latin America, and MEA. Among regions, North America are estimated to account for the maximum number of revenue shares and are also expected to retain their respective market position in the years to come. This is owing to rapid urbanization and increasing adoption of technological developments in small and large-scale industries. This is also another factor that is expected to proliferate the demand and sales for lockout tagout equipment during the forecast period. North America is estimated to be the most lucrative market in the global lockout tagout equipment market with XX revenue share in 2020 and is expected to register a CAGR of XX% over the forecast period.

Competitive Landscape

Some of the leading manufacturers operating in lockout tagout equipment market include

• Ноnеуwеll International, Inc.
• Rockwell Automation, Inc.
• Fortune Brands Home & Security, Inc.
• Halma Plc
• Раnduіt Corp.
• Brady Corporation (Brady Worldwide, Inc)
• ABUS August Bremicker Söhne Kommanditgesellschaft
• Accuform Manufacturing Inc.
• Globalite Safety Solution
• ZING Green Safety Products
• Other Key Industry Players

Some notable developments in the market include:

• The recent trend observed in this market includes the development of Internet of Things (IoT) based Lockout/Tagout (LOTO) device for accident prevention in manufacturing industries. This is also another factor that is expected to have a positive impact on the revenue growth of this target market. The IoT-based LOTO device is 99.7 % faster than the conventional LOTO device, with an average implementation time of 349 seconds compared to 697 seconds of conventional LOTO devices.

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America

  • US

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia Pacific

• Latin America

  • Brazil

  • Mexico

  • Rest of Latin America

• Middle East & Africa

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Key Segments Covered

Lockout Tagout Equipment Market, By Product Type

• Electrical Equipment Lockouts
• Valve Lockouts
• Other Product Types

Lockout Tagout Equipment Market, By End-Use Industry

• Еnеrgу & Роwеr
• Mасhіnеrу
• Реtrосhеmісаl
• Сhеmісаl
• Other End-Use Industries