Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Philippines Machine Safety Market, By Component (Presence Sensing Safety Sensors, Emergency Stop Devices, Safety Interlock Switches, Safety Controller, Others), By Implementation (Individual, Embedded), By End User, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Philippines machine safety market is anticipated to grow at a significant CAGR for the forecast period, 2023-2027
Implementation of strict safety standards and the growing awareness about the benefits of installing safety systems in industries are the key factors driving the demand of the Philippines machine safety market.
Outbreak of COVID-19 Fuels the Market Demand
Pandemic COVID-19 adversely impacted the country's economy as production was halted in the majority of the manufacturing industries. During this period, the demand for automated machine safety systems witnessed a hike to ensure workplace safety as the government imposed social distancing and prevented public gatherings.
To ensure the production was not affected, the majority of the companies installed an automated system. The rise in the number of patients suffering from novel coronavirus influenced the demand for medicines which ultimately boosted the demand of pharmaceutical and medical devices industries.
Medical devices and pharmaceutical sectors made efforts to continue their expected production, the food & beverage industry, and the essential commodities manufacturing industries. The demand from these industries to not affect the production volume is expected to significantly contribute to the increased demand for machine safety solutions in the country.
Stringent Policies Emphasizing Worker's Safety Fuels Market Growth
Rising efforts by the leading authorities to improve the economic status of the country and the increasing number of industries and manufacturing units are boosting the country's overall development.
Presence of worker's safety laws and regulations for the safety of lives and health of workers and optimize the productivity which may suffer due to occurrence of some accidents. Machine safety systems are installed in the workplace for fire and gas monitoring and raise alarms to alert the concerned authorities to contain the spread of damage at the industrial place.
Machine safety systems integrated with automation technology can be operated from remote locations, are in high demand as they add to the convenience and raise safety standards of the enterprises.
Technological Advancements Propels the Market Growth
Digital transformation of the business and the change in how businesses operate are creating opportunities for the adoption of advanced technologies and equipment focusing on boosting the productivity of the industries.
Cloud computing, big data, Industry 4.0, artificial intelligence, Industrial Internet of Things (IIoT), machine learning are major technologies revolutionizing industrial growth. The use of IIoT in industries raises safety standards as it collects real-time information from the sensors to send the collected information to the monitoring systems.
Machine safety systems can gather the data from the wired and wireless networks to provide real-time alerts and generate possible solutions in emergencies. Industries are actively adopting the industrial internet of things as it allows for quick monitoring, analysis, and control and offers virtual management of the physical systems, resulting in improved performance and output.
Growing awareness and the cost-effective solutions provided by these advanced technologies are expected to influence the demand of the Philippines machine safety market for the next five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Philippines Machine Safety market.
- ABB Limited
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Siemens AG
- TUV Rheinland Group
- ROHM Electronics Philippines Inc.
- Rite-Hite
- Rockwell Automation Inc.
- General Electric Company
- Emerson Electric Co.
Report Scope:
Philippines Machine Safety Market, By Component:
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller
- Others
Philippines Machine Safety Market, By Implementation:
- Individual
- Embedded
Philippines Machine Safety Market, By End User:
- Electronics and Semiconductors
- Oil and Gas
- Healthcare
- Food and Beverage
- Automotive
- Others
Philippines Machine Safety Market, By Region:
- National Capital Region (NCR)
- Region IV - Southern Tagalog
- Region III - Central Luzon
- Region VII - Central Visayas
- Region I -Ilocos Region
- Others
For more information about this report visit https://www.researchandmarkets.com/r/61h7nz
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