Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Machine Safety Market Size
According to Fortune Business Insights, the global Machine Safety Market size was valued at USD 5.28 billion in 2022. The market is anticipated to grow from USD 5.43 billion in 2023 to USD 7.79 billion by 2030, exhibiting a CAGR of 5.3% over the estimated period. Machine safety systems are widely used to inform people of danger areas during a machine operation. By terminating continuous machine activities of machines through sensors and controls these modern devices offer instantaneous responses. The demand for machine safety products is driven by rapid deployment of this technology across production lines in several industries, including automotive, electronics and electrical, and oil & gas. Fortune Business Insights™ provides this information in its research report, titled “Machine Safety Market, Forecast 2023-2030”.
Industry Development:
December 2022: An Allen Bradley subsidiary’s product GuardLink 2.0, was introduced by Rockwell Automation. GuardLink makes it possible to connect 96 safety devices simultaneously across 3 channels using safety-rated control devices.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.3% |
| 2030 Value Projection | 7.79 billion |
| Base Year | 2022 |
| Machine Safety Market Size in 2022 | 5.28 billion |
| Historical Data for | 2017-2021 |
| No. of Pages | 130 |
| Segments covered | By Product Type, By Application and By Region |
COVID-19 Impact:
Reduced Investments and Funding across Industry 4.0 amid the Pandemic Hampered Market Growth
The coronavirus pandemic hampered the machine safety market growth. Increased labor availability at minimum wages during the pandemic reduced investments and funding across Industry 4.0. This restrained market expansion.
On the other hand, increasing awareness about high safety standards among industry participants in the post-pandemic is projected to fuel market expansion in the coming years.
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Drivers and Restraints:
Increase in Robot Collaborations to Propel Market Growth
An increase in robot collaborations is enhancing operation efficiency of constant production lines. Increasing safety concerns among individuals are boosting the integration of safety sensors into these machines and co-bots. Machine safety products are highly preferred at the workplace to obtain operational efficiency and human safety. All these factors are expected to boost market progress over the forecast timeframe.
However, the high maintenance and low quality of components to hamper the market growth.
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Machine Safety Market Segmentation Analysis:
Growing Demand for Sensing Safety Sensors and Switches is Driving Segment Growth
By product type, the market is divided into safety sensors & switches, safety controllers/ modules/relays, programmable safety systems, emergency stop controls, two-hand safety controls, and others (light curtains & scanners).
Increasing demand for sensing safety sensors and switches in top manufacturing units with rapid Robotic Process Automation (RPA) is driving segment growth.
The Automotive Segment to Take the Lead due to Rise in Production Lines
In terms of application, the market is bifurcated into security and detention, automotive, electronics and electrical, food and packaging, logistics & automation, life sciences, oil & gas, semiconductor, and others (processing).
The automotive industry is set to dominate the machine safety market share over the projected period. A rise in production lines and rapid integration of automated solutions are expected to fuel market expansion over the forecast timeframe.
Machine Safety Market Regional Insights:
Increase in Robotic Applications is Driving Market Growth in Asia Pacific
The market in Asia Pacific was valued at USD 1.68 billion in 2022. A rise in industrial advancement across China and India is driving market growth in the region. Increasing robotic applications and growing foreign direct investments for establishing new industrial standards are enhancing market potential in the region.
The market in Europe is expected to rise steadily over the projected period. The presence of regional market participants and rapid adoption of programmable safety systems integrated with safety sensors and switches are driving market growth in the region.
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Machine Safety Market Competitive Landscape:
Top Market Players Introduce Safety System Solutions to Maintain their Dominance
Leading companies are continuously focus on introducing safety system solutions for the people working on the production floor. These safety solutions smartly handle the equipment and the safety switches integrated at the shop floor.
Machine Safety Key Companies Analyzed In Report:
- Rockwell Automation (U.S.)
- Emerson Electric Co. (U.S)
- Schneider Electric (France)
- Honeywell International Inc. (U.S.)
- Siemens AG (Germany)
- Omron Corporation (Japan)
- Keyence Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
- General Electric (U.S.)
- Mitsubishi Electric Corporation (Japan)
- IDEC Corporation (Japan)
- ABB Ltd (Switzerland)
- Pepperl Fuchs (Germany)
- Hartell (Ingersoll Rand) (U.S.)
Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Machine Safety Key Players Market Share/Ranking, 2022
5. Global Machine Safety Market Size Estimates and Forecasts, By Segments, 2017-2030
5.1. Key Findings
5.2. By Product Type (USD)
5.2.1. Safety Sensors & Switches
5.2.2. Safety Controllers/ Modules/Relays
5.2.3. Programmable Safety Systems
5.2.4. Emergency Stop Controls
5.2.5. Two-Hand Safety Controls
5.2.6. Others (Light Curtains & Scanners)
5.3. By Application (USD)
5.3.1. Security and Detention
5.3.2. Automotive
5.3.3. Electronics and Electrical
5.3.4. Food and Packaging
5.3.5. Logistics & Automation
5.3.6. Life Sciences
5.3.7. Oil & Gas
5.3.8. Semiconductor
5.3.9. Others (Processing)
5.4. By Region (USD)
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Middle East & Africa
5.4.5. South America
Continued….
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