The global market for the Machine Safety is anticipated to develop at a compound annual growth rate (CAGR) of 6.4% throughout the course of the forecast, to reach ~US$ 9.4 Bn by 2031.
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Strict machine safety laws, as well as high expectations for dependable safety systems to assure asset and people protection, are key reasons driving demand for machine safety systems.
Covid-19 Impact & Market Status
Machine safety systems are being extensively employed for fire and gas monitoring because they provide a platform for improving operational efficiency and increasing production while protecting personnel. Because of the breakout of COVID-19, the use of these technologies will expand in the future, as enterprises will employ automation more broadly to maintain business continuity even during crises. Worldwide, supply chain disruptions affect the majority of sectors. The medical device and pharmaceutical sectors are attempting to maximize output in order to meet the demands of patients in diverse locations. Pharmaceuticals and food and beverage sectors produce critical items, therefore their factories cannot be closed. These are the two industries that are delivering critical commodities to people throughout the epidemic. As a result, it is expected that demand for machine safety solutions would increase in these industries.
Presence-Sensing Safety Sensors Type Segment is Likely to grow with the Majority of Share
The causes that may be ascribed to the segment's growth are related to the essential security needs for protecting personnel and manufacturing units from any conditions specified by severe machine safety rules based on national and international norms.
The Embedded Components Segment is Likely to Grow with the Majority of Share
Embedded safety component systems increase efficiency and enhance operator compliance; these systems save downtime by safely fixing issues without stopping the entire manufacturing line. Furthermore, the advancement of functional safety in equipment is expected to boost demand for integrated safety components in the future years.
The Oil & Gas Segment is Likely to Grow with the Majority of Share
The growing demand for industrial automation solutions in the oil and gas sector is likely to open up new prospects in the machine safety market. It enables the updating of existing machinery, necessitating the purchase of new machine safety devices that are compatible with the upgraded equipment.
European Market is expected to be a High Growth Rate in the near Future
Throughout the projected period, the machine safety market in Europe is predicted to have the greatest market share. Due to the numerous machine safety laws that are actively implemented throughout the European economic zone, Europe is one of the greatest markets for machine safety systems. However, Asia-Pacific is expected to have the greatest CAGR due to increased investments in the region's industrial sector.
The necessity for companies and manufacturing facilities to comply with regional regulations and norms has driven the machine safety industry.
Machine safety may be defined as the precautions taken to protect the operators' and around their safety and health, which apply to both the machine and the people operating the machinery. Emergency stop devices, security interlock switches, security controllers, and sensing sensors devices, are used to implement machine safety. Furthermore, it entails detection by the machinery and subsequent modifications to ensure that the worker is not damaged.
The machine safety industry is largely driven by factors such as the overall cost-effectiveness of the safety system as well as the requirement to protect employee safety and health. MNCs with global expansion deploy adequate safety measures in machinery and equipment throughout the plant development process, according to security requirements consistent with their headquarters. Despite government intervention, such standard adoption is expected to drive the machine safety market throughout the projected period.
Furthermore, the significant expansion of environmentally-friendly electric cars has resulted in the introduction of a new category of autos, producing a huge need for machine safety and boosting the growth of the machine safety market. Pharmaceuticals and food and beverage are sectors that make basic commodities, therefore their manufacturing facilities cannot be located adjacent to one another. These are the two industries manufacturing critical things for humans during the COIVD-19 epidemic. As a result, it is expected that demand for machine safety solutions would increase in these industries.
Despite the obvious benefits of machine safety, several obstacles limit and restrict market expansion. The requirement for massive expenditure to implement and automate machine safety measures is the key barrier limiting industry expansion. Likewise, a lack of understanding about the necessity of machine safety, along with the complexity of machine safety systems, is a key impediment to the expansion of machine safety throughout the anticipated period.
Our machine safety market competitive landscape research will include a firm's appraisal of market competition, such as an overview, business description, product portfolio, key financials, and so on. Market projection scenarios include Porter's Five Forces analysis, SWOT analysis, supply-chain analysis, and market growth strategies. SICK, Rockwell, ABB, Schneider, Pilz, Honeywell, Banner Engineering, Euchner, Pepperl + Fuchs, and Omron arev are some of the key players in the global machine safety market.
Latest Innovations in the Global Machine Safety Market: a Snapshot
- In February 2020, Rockwell Automation invented the E100 electronic motor overload relay which aids in the deterrence of motor downtime and damage.
- In May 2020, ABB declared the release of their Induction xP Plus actuator for paper and packaging makers looking for an efficient, powerful, fast-acting, and safe means of operating the caliper on paper machine cycles. Induction xP Plus provides unrivaled versatility for power density and heating zone width, ensuring effective heating up to 100 kW/meter in a highly focused region.
- IDEC Corporation expanded its product line with the addition of the SX5E-HU085B 8-port unmanaged industrial Ethernet switch in May 2021. The switch has IGMP snooping, QoS, and broadcast storm protection features, and it is designed to support the proliferation of IoT, Ethernet controller, and IIoT devices used in difficult and critical industrial and commercial areas.
The market research analysis's purpose is to give dependable research on the worldwide Machine Safety market. The study decodes complicated data and illustrates the industry's present and historical state, as well as anticipated market trends and size. The research examines all areas of the sector, including a detailed examination of significant firms such as market leaders, investors, consumers, and new entrants.
Machine Safety Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | US$ 9.4 Bn |
| Growth Rate | CAGR of 6.4 % during 2021-2031 |
| Segment Covered | Component, Industry, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG, Sick AG, Balluff GmbH, Banner Engineering Corp. |
Key Segments of the Global Machine Safety Market
Component Overview (USD Billion)
- Programmable Safety Systems (Safety PLCs
- Safety Interlock Switches
- Presence-Sensing Safety Sensors Safety
- Controllers/ Modules/Relays
- Others
Implementation Overview, (USD Billion)
- Embedded Components
- Individual Components
Industry Overview, (USD Billion)
- Oil & Gas
- Chemicals
- Automotive
- Aerospace
- Others
Regional Overview, (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
The Middle East and South Africa
Frequently Asked Questions (FAQ) :
The machine safety market is projected to reach US$ 9.4 Bn by 2031; it is expected to grow at a CAGR of 6.4 % from 2022 to 2031.
ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG, Sick AG, Balluff GmbH, Banner Engineering Corp.
The increasing number of accidents at workplace, along with the rising emphasis on proactive industrial safety is driving the growth of the machine safety market.