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Global Machine Safety Market Research Report - Segmented By Component (Safety Sensors, Safety PLCs, Safety Modules/Controllers/Relays, Safety Interlock Switches, and E-Stop Devices), Implementation (Embedded Component and Individual Component), Application (Assembly, Material Handling, Packaging, Robotics), End-User (Automotive & Transportation, Oil & Gas, Chemicals, Semiconductor & Electronics, Food & Beverages, Healthcare, Aerospace, and Others), and Region Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2022 – 2027)

Published: January, 2022
ID: 9351
Pages: 140
Formats: report pdf report excel report power bi report ppt

Machine Safety Market Size, Growth and Forecast (2022-2027)

The global machine safety market size is likely to grow from $5.14 billion in 2021 to an estimated value of $7.52 billion by 2027, registering a CAGR of 6.14% over the forecast period 2022 - 2027. The growing concern for the safety of industrial workers has increased the use of machine safety devices.

Machine Safety Market

Market Overview:

The size of the machine safety market is expected to increase significantly over the forecast years, with an increase in accidents in the industrial and manufacturing sectors. The growing importance of worker safety in the workplace is increasing the demand for safety products, which will help to avoid accidents that occur in these areas. These products are designed to monitor, control and evaluate the condition and performance and ensure the proper functioning of the machines. Several products used for this purpose are laser safety scanners, light safety curtains, locking devices, emergency stop devices and safety valves. The increasing importance and advantages of these products in the fight against industrial accidents increase the need and the requirements of these components in the machine safety market.

Recent developments in Machine Safety Indsutry:

  • In May 2018, Larsen & Toubro (L&T) announced the signing of an agreement to sell its electricity and automation service with Schneider Electric. This agreement will allow Schneider Electric to expand its portfolio and market share in India, becoming one of the central revenue-generating regions for the company.
  • March 2019: Keyence launched a new safety lock switch. The GS series safety interlock switch is designed to work just better. It has a compact and robust design, flexible and stable alignment and can be easily integrated into any security system.
  • December 2018: Boeing partnered with Siemens to implement new automation solutions aimed at developing automation standards that will make Boeing's manufacturing systems more efficient and safer.

Market Growth and Trends:

Increased government regulations and policies for workplace safety and an accident-free environment are increasing demand for products in the machine safety market, which will ensure workplace safety. The high costs associated with workplace accidents are the wages of disabled and sick workers and the costs of repairing the damaged machine and the insurance claim, which must be checked by management. For example, the Occupational Health and Safety Act (OSHA) was enacted in 1970 to combat and respond to the increasing number of accidents and injuries in the workplace. The Labor Department administers it under the direction of the Under-Secretary of Labor for occupational safety and health.

The increasing adoption and use of hazardous machinery and equipment in industries are suspected to be an opportunity in the global machine safety market. Massive machines that perform various complicated processes and operations in industries need these safety products. For example, in the chemical industries, these products are in high demand for machines such as boilers, reactors and heat exchangers. The increasing industrialization in developing countries and the implementation of several large devices in these sectors are the factors which stimulate the demand for these products, thus driving the growth of the global machine safety market.

Market Drivers and Restraints:

The global machine safety market is expected to gain momentum in the near future. The use of advanced technologies in the development of machine safety devices is the main reason that has stimulated the growth of the world market. In addition, the growing concern for the safety of industrial workers is also stimulating world market growth. Also, the increase in job opportunities stimulates the growth of the global machine safety market.

On the other hand, factors such as the operation and maintenance costs are the main reason that slows the growth of the global market for machine safety. Failure to comply with security policies in developing countries is one of the reasons that hinder the growth of the worldwide market. In addition to this, the high cost of ownership is also one of the many reasons that are slowing the growth of the global market. Huge workloads are also one of the main reasons that hinder the growth of the worldwide machine safety market.

MACHINE SAFETY MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

6.14%

Segments Covered

By Implementation, Component, Application, End User, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Rockwell (United States), Pilz (Germany), Schneider (France), SICK (Germany), Mitsubishi Electric (Japan), ABB (Switzerland), Honeywell (United States), Omron (Japan), Keyence (Japan), IDEC Corporation (Japan), Banner Engineering (United States), Pepperl + Fuchs (Germany), Euchner (Germany), Phoenix Contact (Germany), and Datalogic (Italy) and Others.

 

Machine Safety Market Segmentation Analysis:

By Implementation:

  • Embedded Component
  • Individual Component 

By Component:

  • Presence-Sensing Safety Sensors
  • Emergency Stop Devices
  • Programmable Safety Systems (Safety PLCs)
  • Safety Controller/Modules/Relays
  • Safety Interlock Switches
  • Others

Of these, the presence-sensing safety sensors, along with the programmable safety sensors, are presumed to account for the leading portion of the global machine safety business in the foreseen years.

By End-User:

  • Automotive & Transportation
  • Oil & Gas
  • Chemicals
  • Semiconductor & Electronics
  • Food & Beverages
  • Healthcare
  • Aerospace
  • Others

The Automotive and transportation segment held the dominant share in the global machine safety market in the previous years, which is likely to continue in the coming years with the increasing production of vehicles around the world.

Machine Safety Market - By Application

Among these, the Robotics segment is predicted to register the highest contribution to the world market, whereas, the assembly sector will expand with a considerable CAGR.

Geographical Segmentation Analysis:

  • North America - the United States and Canada
  • Europe - United Kingdom, Spain, Germany, Italy, and France
  • The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
  • Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
  • The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Europe machine safety market is projected to dominate the global business with the robust automobile infrastructure in the region. Emerging economies in the Asia Pacific machine safety market such as India and China are witnessing a drift towards rapid urbanization and rising consumer disposable incomes. The demand for various machine safety products like emergency stop controls, pressure sensing safety sensors, and other machine safety devices have suddenly increased. Thus, the growth of the market is also expected to increase in various end-use industries.

Key Players in the Market:

Major Key Players in the Global Machine Safety Market are

  • Rockwell (United States)
  • Pilz (Germany)
  • Schneider (France)
  • SICK (Germany)
  • Mitsubishi Electric (Japan)
  • ABB (Switzerland)
  • Honeywell (United States)
  • Omron (Japan)
  • Keyence (Japan)
  • IDEC Corporation (Japan)
  • Banner Engineering (United States)
  • Pepperl + Fuchs (Germany)
  • Euchner (Germany)
  • Phoenix Contact (Germany)
  • Datalogic (Italy)

 

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FAQ's

What can be the size of the global Machine Safety Market by 2027?

By 2027, it is predicted that the global Machine Safety market can reach a valuation of US$ 7.52 billion.

What can be the compound annual growth rate of the global Machine Safety market?

The Global Machine Safety market can expand with a CAGR of 6.14% during the forecast period.

Mention the major Key Players in the Global Machine Safety Market?

Rockwell (United States), Pilz (Germany), Schneider (France), SICK (Germany), Mitsubishi Electric (Japan), ABB (Switzerland), Honeywell (United States), Omron (Japan), Keyence (Japan), IDEC Corporation (Japan), Banner Engineering (United States) and Others.

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