Wilmington, Delaware, United States, July 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global machine safety market was valued at US$ 5.9 Bn in 2021 and is projected to expand at a CAGR of 7.2% from 2022 to 2031. Surge in adoption of machine safeguarding solutions in end-use industries such as semiconductor & electronics, automotive, and food & beverage is fueling the machine safety market. Increase in awareness about operator safety is propelling market expansion.
Furthermore, increase in digitization of industrial processes is driving the demand for smart safety solutions in industrial units, which, in turn, is anticipated to boost market size during the forecast period.
Machine safety components are high-quality, affordable, and dependable solutions for a range of industrial safety applications. They are designed to meet required OSHA and ANSI standards.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.9 Bn | |
| Estimated Value | US$ 11.5 Bn | |
| Growth Rate - CAGR | 7.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 202 Pages | |
| Market Segmentation | By Implementation, Component, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB Ltd., Balluff GmbH, Banner Engineering Corp., Emerson Electric Co., Honeywell International Inc., Keyence Corporation, Mitsubishi Electric Corporation, Omron Corporation, Pilz GmbH & Co.KG, Rockwell Automation, Inc., Schneider Electric SE, Sick AG, Siemens AG, Yokogawa Electric Corp. | |
Key Findings of Study
Critical Advantages of Increased Production Output Booting Adoption – Most industrial corporations are aware of the criticality of machine safety, which impacts overall production output. Incorporation of fundamental principles of machine safety helps increase production capabilities and lower employee absenteeism. On the other hand, flaws in the safety measures may prompt operators and key maintenance personnel to bypass essential procedures, which significantly increases risk and decreases production quality. This has led to stringent machine safety specifications for various industrial sectors to adhere to.
Safety aspects need to be considered in the entire machine lifecycle, from initial machine design to risk evaluation, engineering, operation, and decommissioning process.
Risk of machine breakdown and faults, which could lead to an accident, must be gauged in detail. Thus, there is a need for the architecture, technology, and risk classification of a machine. Consequently, a number of widely recognized standards have been created for the functional safety of the machine while in use.
These deliberations have led several countries to adopt and implement mandatory machine safety standards. For example, the European Machinery Directive 2006/42/EC establishes standards for machine safety to adhere to for unrestricted trade and distribution of machines within the European Economic Area.
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Advantages to Attain Machine Safety Goals Spurs Adoption in Automotive Sector – Machine safety is of paramount importance in the automotive sector. Press facilities, paint finishing systems, robotic welding, and assembly lines are some examples of production processes that might require different levels of machinery safety. Machinery safety helps automotive manufacturers attain and maintain machine safety goals.
In the automotive sector, machine safety entails the usage of systems and processes to ensure that machines used in the production and assembly of vehicles are operating safely and complying with regulations. This can include the usage of emergency stop buttons, safety guards and barriers, and other safety devices to prevent accidents and injuries to workers.
Rise in Adoption of Presence Sensing Safety Sensors Boosting Market Value - In terms of component, the presence sensing safety segment is anticipated to expand at a significant pace in the next few years. Presence sensing safety sensors constitute safety ledgers, safety light curtains, laser scanners, safety mats, and safety camera systems. These devices determine dangerous conditions or actions and raise an alarm to protect workers and equipment.
Growth Drivers
- Implementation of stringent machinery safety standards across the globe is fueling the machine safety market
- Growth in adoption of machinery safety measures in the automotive industry is augmenting market growth
Regional Landscape
Asia Pacific held the leading share of the machine safety market in 2021, with the presence of large players, especially in China, India, and Japan. The region is anticipated to witness lucrative market opportunities during the forecast period. China accounted for the leading more than 30.0% market share in 2021.
Furthermore, initiatives by companies in Asia Pacific to develop novel products are anticipated to fuel market growth in the region in the next few years. China is the leading manufacturer of machine safety solutions in the region.
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Competitive Analysis
The competition landscape is considerably consolidated, with several large-scale and medium-sized vendors controlling the majority of market share. Leading companies are engaging in R&D activities and focusing on innovative strategies such as the expansion of their product portfolio to consolidate their position.
Prominent players operating in the machine safety market include ABB Ltd., Balluff GmbH, EMERSON Electric Co., Honeywell International Inc., Keyence Corporation, Omron Corporation, Mitsubishi Electric Corporation, and Banner Engineering Corp.
The global machine safety market is segmented as follows:
Global Machine Safety Market, by Component
- Presence Sensing Safety Sensors
- Safety Edges
- Laser Scanners
- Safety Light Curtains
- Safety Mats
- Safety Camera Systems
- Other Devices (Single & Multi-beam Devices)
- Safety Interlock Switches
- Electrochemical
- Hinge Pins
- Limit Switches
- Non-contact Interlock Switches
- Tongue Interlock Switches
- Trapped Key Interlock Switches
- Safety Controllers/Modules/Relays
- Programmable Safety Applications
- Emergency Stop Controls
- Push Buttons
- Rope Pull Buttons
- Two-hand Safety Controls
Global Machine Safety Market, by Application
- Assembly
- Material Handling
- Metal Working
- Packaging
- Robotics
- Others (Welding, Shielding, etc.)
Global Machine Safety Market, by End-use Industry
- Oil & Gas
- Energy & Power
- Chemical
- Food & Beverage
- Aerospace & Defense
- Automotive
- Semiconductor & Electronics
- Healthcare & Pharmaceutical
- Metals & Mining
- Others (Paper &Pulp, Water &Wastewater, etc.)
Global Machine Safety Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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