New York, US, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Machine Safety Market Research Report, Implementation, Components, Industry, Application, and Region — Forecast till 2030”, to cross a valuation of approximately USD 8.63 Billion to thrive at a substantial CAGR of over 6.1% during the assessment timeframe from 2022 to 2030.
Machine Safety Market Overview:
A machine safety system is called a system monitoring the health of tools and machines to lower their exposure to elongate and damage their life cycle. These assist guard the devices, boost efficiency and expensive mistakes and lower waste. The machine safety systems are utilized across the oil & gas, automotive, healthcare, mining & metal sectors. The global market for machine safety systems has recorded massive growth in the last few years. The market's growth is primarily credited to the rise in the demand for presence-sensing safety devices.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 8.63 Billion |
| CAGR | 6.1% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2020 |
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Furthermore, the growth in the utilization of IoT is another prime aspect boosting the growth of the market over the coming years. moreover, the growth in the focus on industrial safety and positive safety measures runs the growth of the market for machine safety systems over the assessment timeframe. On the other hand, the lack of knowledge about machine safety impedes the market growth. In addition, the development in the technological advancement of machine safety devices is projected to catalyze the market's growth over the coming years.
Market USP Covered
Machine Safety Market Drivers
The global market for machine safety systems has registered enormous growth in recent years. The market's growth is attributed to factors such as increase in workplace accidents, increasing emphasis on proactive industrial safety, and increased attention on machine safety.
Machine Safety Market Restraints
On the other hand, the additional costs associated with machine safety technologies may impede the market's growth.
COVID-19 Impact
The global health crisis has had a massive impact on the majority of the market areas across the globe. The pandemic has almost reached almost 225 countries across the globe. The rapid spread of the disease across most regions worldwide has led to governments imposing partial or complete lockdowns to curb it. Given the travel restrictions and lockdowns imposed worldwide, the supply chain networks for most industry sectors faced severe disruptions in recent times. Considering the labor and raw materials shortage, the manufacturing processes were halted for quite some time. Like any other industry, the global market for machine safety systems has also witnessed some major challenges in recent years. These systems are broadly used for fire and gas monitoring as they offer a platform for boosting productivity and operational efficiencies while guaranteeing worker safety. As a result of the pandemic, companies will use automation more widely in the future to maintain business continuity even during emergencies. All-inclusive supply chain disruptions impact most market areas. The pharmaceutical businesses and medical devices are working hard to optimize output to fulfill patients' requirements in various global regions. Food & beverage and pharmaceutical production plants cannot be shut down as they generate essential items. These two major industry sectors offer vital goods to people throughout the pandemic. As an outcome, these industry areas are anticipated to raise the demand for machine safety solutions and boost machine safety systems demand.
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Machine Safety Market Segment Analysis
Among all the components, the presence sensing safety sensors segment is anticipated to acquire the highest revenue share across the global market for machine safety systems over the review timeframe. The segment's growth is credited mainly to the growing requirement for security requirements for production units and safeguarding workers' mishaps mandated by strict machine safety rules based on international and national standards. In addition, the factors like the growing need for safety light curtains across the packaging industry, the rise of machine revolution 4.0, and the increase in industrial accidents are also boosting the growth of the presence sensing safety sensors segment over the coming years.
Among all the end-use sectors, the food & beverage sector is anticipated to account for the highest revenue share across the global market for machine safety systems over the assessment timeframe. Food and beverage businesses utilize machine safety systems to boost production flexibility and precision. Machine safety systems help increase operational transparency in production areas and ensure regulatory compliance. The food & beverage business aims to generate consistent goods at a cheap cost.
Among all the deployment modes, the embedded component segment is anticipated to account for the highest revenue share across the global market for machine safety systems over the review timeframe. The segment is further divided into two segments: formed embedded components and embedded discrete components. The PCB editor supports components that are produced as discrete entities and then placed on an inner layer of the circuit board.
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Machine Safety Market Regional Analysis
The global market for machine safety machines is analyzed across five major regions: North America, South America, the Middle East & Africa, Europe, and the Asia Pacific.
According to the analysis reports by MRFR, the European region is anticipated to dominate the global market for machine safety systems over the assessment timeframe. The Machinery Directive 2006/45/EU rules the safety criteria for machines across the European region. With the blend of health and safety criteria, it profits harmonization. This is a legitimate need that safeguards the safety of machines and personnel in various companies.
The machine safety machines market for the North American region is anticipated to record substantial growth over the assessment timeframe. The presence of leading players such as Banner Engineering (US), Honeywell (US), and Rockwell (US) is the primary aspect causing an upsurge in the regional market's growth.
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Competitive Analysis
The list of leading players across the global market for machine safety systems includes companies such as:
- Mitsubishi Electric (Japan)
- IDEC Corporation (Japan)
- Rockwell (US)
- Omron (Japan)
- Honeywell (US)
- Banner Engineering (US)
- SICK (Germany)
- Keyence (Japan)
- ABB (Switzerland)
- Pilz (Germany)
- Schneider (France)
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