ID: MRFR/SEM/4775-HCR | February 2021 | Region: Global | 100 pages
The Machine Safety Market Size is expected to reach USD 6.48 Billion at a CAGR of 6.88% during the forecast period 2018-2023. Machines are widely utilized in a variety of industrial applications, including assembly, packaging, robotics, and material handling. The machine safety market refers to the security market and protection provided to both machines and the people who work with them. Machines have the potential to inflict serious injuries and damage at work; therefore, securing the machines, as well as their parts, operations, or functions, is necessary to protect workers from such injuries. For manufacturers, the impact of such incidents on the environment, personnel, and production has become critical. Companies are more likely to adopt safety measures that provide employees with security through long-term strategic projects and increase the Machine Safety Market Share.
The machine safety market has been driven by the necessity for companies and manufacturing facilities to comply with regional norms and laws. The IEC and the ISO oversee global equipment safety standards.
COVID 19 Analysis
Machine Safety Industry is widely utilized for fire and gas monitoring because they provide a platform for improving operational efficiencies and productivity while ensuring worker safety. As a result of the COVID-19 outbreak, firms will utilize automation more broadly in the future to maintain business continuity even during emergencies. Worldwide, supply chain disruptions affect the majority of sectors. The medical device and pharmaceutical businesses are working hard to maximize output in order to meet the needs of patients in different parts of the world. Pharmaceuticals and food and beverage production plants cannot be shut down since they produce important items. These are the two industries that are delivering critical commodities to people throughout the pandemic. As a result, these industries are likely to increase the demand for machine safety solutions and will increase the Machine Safety Market Demand.
The Machine Safety Market Demand is growing as a result of an increase in workplace accidents and a growing emphasis on proactive industrial safety. Assembling is a quick and continuous procedure that involves the movement of machinery and potentially dangerous equipment. As a result of the increased attention on machine safety, organizations are focusing their efforts on preventing these incidents. Machine safety measures used in these assembly lines operate as a shield, protecting the hazardous portions of a machine and preventing any harm to the human body. Increased adoption and advancements in safety devices such as safety curtains with the integration of light and digital indicators, as well as the development of Industrial Revolution 4.0, can be considered as a potential for Machine Safety Market Opportunities.
The growth of the market examined has been aided by the establishment of new factories, which has been fueled by the world's fast-rising industrialization. Machines utilize a variety of presence sensing devices, including photoelectric sensors, occupancy sensors, proximity sensors, and human sensing and motion sensors.
The Machine Safety Market Share is being hampered by the additional costs associated with machine safety technologies, as well as a small number of incidents of system failure in protecting machines and personnel. The machine safety industry must be built as a precautionary step to protect personnel, machines, and production lines in the event of an emergency. However, machine safety components, as well as installation, maintenance, and repair charges place a significant strain on the Machine Safety Market Size. Although large organizations can manage these costs, small and mid-sized businesses may find it tough. Even though the installation and maintenance of machine safety systems impose a significant economic burden, safety equipment investments were never considered in budget allocations for developing plants and production facilities until now. The aforementioned is a major stumbling block to the machine safety market's expansion and Machine Safety Industry Analysis.
Technology plays a vital role in Machine Safety Market Research. By controlling various devices, computer vision aids in the automation of production operations. The use of computer vision improves efficiency by removing the need for workers in potentially hazardous places. The usage of IoT allows for the investigation of workplace circumstances and aids in the safety and health of workers. Regulation compliance may be maintained with the help of IoT by monitoring and guaranteeing adherence to compliance rules. IoT analyses data and verifies the pattern of work performed in the plant using a machine learning algorithm. It eliminates the requirement for any worker in potentially dangerous locations to detect mistakes and warn the user of any malfunctions. This reduces processing time while ensuring plant safety. These all technological advancements provide better Machine Safety Market Opportunities.
The Machine Safety Market Analysis has been bifurcated into various segments that will help the market to achieve the highest CAGR during the Machine Safety Market Research period and provide a better Machine Safety Market Outlook. The market Segments are as follows:
Based on the Component
Based on the Implementation
Based on the Application
Based on the Industry
Based on the Region
As a key participant in automation, Europe is expected to dominate this market with the greatest market share during the projection period. The Machinery Directive 2006/45/EU governs the safety criteria for machines in Europe. With a combination of safety and health criteria, it benefits harmonization. This is a legal requirement that safeguards the safety of machines and personnel in a variety of organizations. With important manufacturers like Rockwell (US), Honeywell (US), and Banner Engineering (US) operating in the machine safety market, North America is the second-largest market. Due to technological advancements that are easily adaptable, Asia Pacific is expected to grow at the fastest rate throughout the projected period, owing to emerging economies such as China, Japan, and India.
The machine safety market is highly competitive by nature, and due to the presence of multiple major competitors, it looks to be fragmented. Agreements and partnerships, acquisition expansion, and product launch are among the key tactics identified through an examination of recent market changes. These important businesses seek to provide comprehensive safety solutions that are well-equipped with cutting-edge technology and features. Growth in the market in terms of product innovations and processes is likely to open up significant investment potential for global competitors.
Major Key Players are as follows:
The scope of this market includes components such as presence sensing sensor devices, emergency stop devices, safety interlock switches, and safety controllers/modules/relays. The research offers a complete examination of the market. It does so by providing in-depth qualitative insights, historical data, and reliable market size forecasts. The figures in the paper are based on a well-known research methodology and assumptions. As a result, the research study functions as a clearinghouse for market analysis and data on all facets of the market. The analysis also looks at the maker's competitive landscape. The research was created following a thorough investigation and examination of every area of the market through data analysis, to achieve outstanding market growth throughout the current forecast period, which will finish in 2023. The Machine Safety Market Key Players have also been thoroughly discussed.
|Market Size||USD 6.48 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Components, Implementation, Application, Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rockwell (US), Honeywell (US), SICK (Germany), ABB (Switzerland), Schneider (France), Mitsubishi Electric (Japan), Pilz (Germany), Keyence (Japan), Banner Engineering (US), Omron (Japan), and IDEC Corporation (Japan)|
|Key Market Opportunities||The increasing adoption and improvements in safety devices such as safety curtains with the integration of light and digital indicators, along with the development of Industrial Revolution 4.0.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The expected CAGR growth of the market is 6.88% during the forecast period.
The expected valuation of the market is USD 6.48 Billion during the forecast period
Europe is expected to likely dominate the market during the forecast period.