Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global machine safety market is expected to reach a market size of USD 8.91 Billion at a revenue CAGR of 5.3% during the forecast period, according to the latest analysis by Emergen Research. Increase in government funding for the establishment of new and updating of existing manufacturing units is a key factor driving the market growth. For instance, the Government of Japan announced an assistance of USD 2.2 Billion to domestic companies to set up new manufacturing units.
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Adoption of industrial automation process across different verticals such as oil and gas, automobile, and manufacturing is also expected to drive the market growth in a positive direction. Growing automobile sector is another factor contributing to the market growth as vehicles use a number of safety systems and devices such as airbags, Anti-lock Braking System (ABS), electronic stability control, accident avoidance systems, and Automatic Emergency Steering (AES) which primarily uses sensors for operation.
In addition, heavy vehicles such as trucks and bulldozers are installed with auto engine shut off system to avoid accidents. Increasing cases of illegal tapping of oil and gas, and electricity is another important factor for growth as it increases demand for presence of sensing safety sensors for remote monitoring of pipelines and electricity grids.
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 4.76 Billion |
| CAGR (2021–2028) | 5.3% |
| Revenue forecast in 2032 | USD 8.91 Billion |
| Base year for estimation | 2020 |
| Historical data | 2017–2019 |
| Forecast period | 2021–2028 |
| Quantitative units | Revenue in USD Billion and CAGR in 5.3% from 2021 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Implementation, component, end use and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | US, Canada, Mexico, Germany, UK, France, Italy, Spain, BENELUX, Switzerland, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies 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 |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global machine safety market is moderately fragmented. Some major companies operating in machine safety market are:
- 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
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Strategic Development
In February 2020, E100 electric motor overload relay was launched by Rockwell Automation to prevent motor damage and reduce downtime of operation.
In December 2019, Rockwell Automation added Matrix Technologies Inc., Automation Group, and Factory Automation Systems to the Safety System Integrator Program which connects system integrators and companies with expertise in designing safety systems.
In March 2019, Ability System 800Xa was upgraded by ABB Ltd. by innovating the DCS architecture. The new upgrade includes PM863 and PM857 safety controllers which increases the flexibility of entire safety system.
Key Highlights of Report
In May 2020, ABB Ltd. launched Induction xP Plus actuator for paper and packaging manufacturers. These actuators offer safe caliper control on paper machines calendars.
The oil and gas segment accounted for largest market share in 2020. This growth can be attributed to increasing illegal fuel taps cases. According to PEMEX, more than 4125 illegal fuel taps were found in Mexico alone between 2014 and 2018. This has led to rise in demand for safety systems for pipelines in oil and gas industries.
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For this report, Emergen Research has segmented global machine safety market based on implementation, component, end use, and region.
- Implementation Outlook (Revenue, USD Billion; 2021–2028)
- Individual Components
- Embedded Components
- Component Outlook (Revenue, USD Billion; 2021–2028)
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller/Modules/Relays
- End-Use Outlook (Revenue, USD Billion; 2021–2028)
- Oil and Gas
- Electronics and Semiconductors
- Automotive
- Food and Beverage
- Healthcare
- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- BENELUX
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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