The global machine safety market is garnering substantial revenues. Machine safety devices can limit the risk of accident or injury at specific hazardous points. The market growth attributes to the exploding demand for machine safety solutions across the heavy industries to safeguard workers from hazards around machinery and equipment. Besides, the spurting growth in various industries and manufacturing sectors drive the development of the market.
Moreover, improvements in global safety standards and technologies escalate market growth, positioning machine safety as a powerful tool to optimize production. According to Market Research Future (MRFR), the global machine safety market is projected to reach a valuation of approximately USD 6.48 BN. by 2023. MRFR also asserts that the market would register a 6.88% CAGR during the forecast period (2018 and 2023).
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Machine safety technologies not only keep workers safe but also reduce unscheduled downtime and repair (MTTR) to streamline lockout and tag-out procedures. As a result, safety systems are increasingly adopted by companies, driving market demand. The high adoption of machine safety systems, alongside vast technological advances and improvements in safety devices, such as safety light curtains with integrated digital indicators, defines market growth.
Additionally, the Industrial Revolution 4.0 offers substantial opportunity for market players. Besides, the ample availability of safety devices and components providing advanced features at competitive prices foster market growth. Simultaneously, stringent government regulations and policies to promote machine safety solutions influence the growth of the market.
Conversely, high initial investments required for the implementation of safety systems are the major factors projected to impede market growth. Nevertheless, well-spread awareness about the importance of machine safety and safety measures would support the growth of the market throughout the review period.
Global Machine Safety Market - Segments
The report is segmented into five dynamics;
By Component : Programmable Safety Systems, Presence-Sensing Safety Sensors, Safety Controllers/ Modules/Relays, Safety Interlock Switches, Emergency Stop Devices, And Two-Hand Safety Controls, and others.
By Implementation : Individual and Embedded Components.
By Application : Robotics, Assembly, Material Handling, Metalworking, Packaging, and others.
By Industry : Chemicals, Oil Gas, Aerospace, Food Beverages, Semiconductor Electronics, Healthcare, Automotive, and others.
By Regions : Americas, Europe, APAC, and the Rest-of-the-World.
Machine Safety Market - Regional Analysis
Europe dominates the global machine safety market. The largest market share attributes to the growing automation in various burgeoning industries. Besides, the strong presence of a number of industry players in the region drives the growth of the market. Moreover, the burgeoning manufacturing sectors and the rising RD investments foster the development of the regional market.
Implementation of legislation such as Machinery Directive 2006/45/EU and other governing machine safety requirements supports the regional market growth, ensuring machines and workers protection in various organizations. The European machine safety market is projected to retain its dominance throughout the estimated period.
North America is another lucrative market for machine safety solutions globally. The market growth attributes to the early uptake of advanced technologies and the growing demand for safety features. Additionally, well-established industries in this region create substantial market demand. The US holds the leading share in the regional market due to the massive technological upgrades brought by prominent players in the region. The North American machine safety market is expected to grow colossally during the review period.
The Asia Pacific region also holds a sizable market share in the global machine safety market. Factors such as the continuous growth in technologies and several notable industry players in the region push the market growth. China is the leading market for machine safety solutions in the region, followed by India and South Korea. Moreover, the increasing awareness about technological developments in machine safety is a key driving force driving the demand. The APAC machine safety market is anticipated to grow at an impressive CAGR during the assessment period.
Machine Safety Market - Competitive Analysis
Highly competitive, the machine safety market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaborations, expansion, and product/ technology launch.
Major Players:
Players leading the machine safety market include Honeywell (US), SICK (Germany), Rockwell (US), Schneider (France), Mitsubishi Electric (Japan), ABB (Switzerland), Keyence (Japan), Banner Engineering (US), Pilz (Germany), Pepperl + Fuchs (Germany), Phoenix Contact (Germany), Euchner (Germany), Datalogic (Italy), Omron (Japan), and IDEC Corporation (Japan), among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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