What is Lockout Tagout Equipment Market?
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.
The market study is being classified by Type (Electrical Equipment Lockouts, Valve Lockouts and Others), by Application (Energy & Power Industry, Machinery Industry, Petrochemical Industry, Chemical Industry and Other Industries) and major geographies with country level break-up.
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) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Taheri Enterprises (India), W.W. Grainger, Inc. (United States), E-Square Alliance Pvt. Ltd. (India) and Loto Master Inc. (India).
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. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Lockout Tagout Equipment market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Lockout Tagout Equipment market by Type, Application and Region.
On the basis of geography, the market of Lockout Tagout Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Safety Procedure in Many Industries and Research Center
- Growing Safety Regulations for Workers
- The Rise in the Number of Industrial Accidents
- A Rise in the Effective Energy Control Program in Workstations
- Increasing Mature Manufacturing Technology
- Lowing Cost of Raw Materials
- A Dearth of Good Quality Lockout-Tagout Equipment
- Rising Technological Advancements in Lockout Tagout Equipment
- Lack of Awareness Regarding Lockout-Tagout Equipment
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.
Key Target AudienceProviders of Lockout Tagout Equipment, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
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