Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Overview:
Machines are getting used in several industries for various applications right from robotics to packaging. Although the system provides advanced level of precision but sometimes the safety it provides, gets compromised. Often, along such malfunctioning, these machines cause certain fatal accidents. Such cases build up hindrances in work area. To come out of that, companies are integrating several models to assure their workers of the working conditions. The global Machine Safety Market is all set to pave a path for itself at 6.88% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) claims a probability of the crossing USD 6.48 billion valuation market for the machine safety market by the end of 2023.
Rising accidents, intention to look after workers to increase workflow, better technical advancement, high investment in safety technologies, and others are several factors with high probability to push the global machine safety market ahead.
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Key Players:
Prominent key players in the machine safety market include 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)
Other global players in this market are Pepperl + Fuchs (Germany), Phoenix Contact (Germany), Euchner (Germany), and Datalogic (Italy). The prominent players keep innovating and investing in research and development to offer cost-effective products. Additionally, merger and acquisitions among the various players are changing the market structure.
Segmentation:
The machine safety market has been segmented by MRFR into component, implementation, application, and industry for a close reading of the market. These segments are ripe with factual figures that have been received from volume-wise and value-wise analysis.
Based on the component, this machine safety market can be segmented into programmable safety systems, presence-sensing safety sensors, safety interlock switches, emergency stop devices, safety controllers/ modules/relays, and two-hand safety controls.
Based on the implementation, this machine safety market comprises individual components and embedded components.
Based on the application, the machine safety market consists assembly, robotics, material handling, packaging, metalworking, and others. Robotics and packaging segments are having substantial implementation of this technology.
Based on the industry, the machine safety market encompasses aerospace, oil & gas, chemicals, healthcare, food & beverages, automotive, semiconductor & electronics, and others. The aerospace segment took considerable steps in this regard to improve their work atmosphere. The chemical industry is having a great run as exposure to harmful chemicals can impact lives. Companies have started integrating technologies that is bound to trigger the machine safety market growth.
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Mapping the Global Market:
North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) are regions in which the global machine safety market has been segmented by MRFR for a better grasp over the entire market.
Europe takes labor rights pretty seriously. That is why the region is witnessing a constant influx of advanced technologies. Strict guidelines have ensured better safety measures inclusion across industries, which can spur the growth of the global market. The regional market has the potential to dominate the market in the coming years as well. Automation is expected to play big in this revamping. The Machinery Directive 2006/45/EU of the Europe supports a harmonization in the work ambience with a combination of safety and health requirements. Companies, across verticals, have to adhere to this directive.
North America has the second biggest market with several companies backing up the production of necessary equipment and bolstering growth of the machine safety market. The APAC market is all set to be the fastest growing region of this segment as several countries are revamping their working models to create more assuring work culture. It is also getting thrust from the international bodies for better work ambience.
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