Global Machine Safety Market is projected to grow at a CAGR of 7.95% during the forecast period: MRFR

Pune, India, May 2023 /press release/- Market Research Future Published a Cooked Research Report on Global Machine Safety Market Research Report.

Machine Safety Market Scenario

The machine safety market is predicted to reach USD 9033.8 million by 2032, registering a 7.95% CAGR during the forecast period of 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Strict machine safety mandates and high requirements for reliable safety systems for asset protection are some of the factors driving the growth of the machine safety market.

The rising emphasis on safety in the industrial sector and the increasing number of workplace accidents represent the primary factors driving market growth. Furthermore, a number of governments and international bodies, including the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), are introducing strict safety regulations for machinery. This has increased the need for businesses and manufacturing facilities to adhere to these safety standards and laws, which is fueling the market's expansion. For instance, the "Made in China 2025" policy promotes advanced manufacturing, which increases the emphasis on safety. Additionally, the machine safety market was accelerated by the ongoing advancement of technical safety standards, the constant boosting of personal safety awareness throughout the globe, and the ongoing involvement of the state and businesses in market promotion. However, with the rise in machine safety mandates, the demand for the machine safety market is growing.

Moreover, increased government regulations and policies for workplace safety and an accident-free environment are increasing demand for products in the machine safety market that will ensure workplace safety. The high costs associated with workplace accidents are the wages of disabled and sick workers, the costs of repairing the damaged machine, and the insurance claim, which can be controlled by the management via machine safety. Government regulations, for example, the Occupational Health and Safety Act (OSHA), were 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. Such regulations drive the demand for machine safety.

Segmental Analysis

The scope of the global Machine Safety Market has been segmented based on component, implementation, application, industry, and region.

Based on component, the global Machine Safety Market is segmented into presence-sensing safety sensors, emergency stop devices, programmable safety systems, safety controllers/modules/relays, safety interlock switches, two-hand safety controls, and others. The programmable safety system segment is anticipated to grow at the highest CAGR during the forecast period. These systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations.

Based on the implementation, the machine safety market has been segmented into individual components and embedded components. Embedded Components segment is likely to grow at the fastest CAGR during the assessment period.

Based on application, the global Machine Safety Market is segmented into assembly, material handling, metal working, packaging, robotics, and others. The robotics is anticipated to grow at the highest CAGR over the forecast period.

Based on the industry, the market has been segmented into oil & gas, chemicals, aerospace, semiconductor & electronics, food & beverages, automotive, healthcare, and others. Food & Beverages industry is likely to grow at the fastest CAGR during the projected t period.

Regional Analysis

Geographically, the global Machine Safety Market has been segmented into North America, Europe, Asia-Pacific and Rest of the World

Asia-Pacific dominated the global Machine Safety Market with a share of 37.3% of the total market in 2022. In this region China is the largest market for machine safety products by revenue, with a roughly 40% share. China is one of the largest manufacturing markets across the globe. The country is one of the leaders in producing advanced technology solutions for different sectors. The country is one of the global leaders in producing steel, automotive parts, electronics, and chemicals. These manufacturing industries invest heavily in different maintenance equipment and solutions to promote productivity and quality, thereby propelling the growth of the machine safety market.

Europe is the second largest market for machine safety systems as machine safety standards are strictly followed within the European Economic Area. The growing industrial sector in this region is the key factor influencing the demand for the machine safety market. According to trade economics, the manufacturing industry in the country increased 6% YoY in July 2021. The manufacturing industry is a critical sector in the UK as it contributes to 70% of total production. The leading manufacturing segments are basic food & beverage (11%), manufacturing and repair (6%), pharmaceutical products and preparation (6%), and rubber and plastic and non-metallic products (6%). These growing sectors are focused on manufacturing products with greater efficiency and quality to remain competitive in the market.

Key Players

Some of the prime market players profiled by MRFR that are operating in the global machine safety market are Rockwell Automation, Inc., Honeywell International, Inc., Sick AG, ABB, Schneider Electric SE, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG, Keyence Corporation, Banner Engineering Corp, Omron Corporation, Balluff Inc, Yokogawa Electric Corporation, Siemens, Datalogic, and Phoenix Contact. The players in the global Machine Safety Market are undertaking various strategic initiatives such as increased investments for business expansion, carrying out mergers and acquisitions and others in order to sustain the competition in the global machine safety market.