Status : Published | Published On : Jan, 2024 | Report Code : VRSME9043 | Industry : Semiconductor & Electronics | Available Format : | Page : 225 |
In 2023, the projected value of the Global Machine Safety Market is USD 4.3 billion. By 2030, it is expected to reach USD 6.6 billion, indicating a steady growth rate of 6.2% during the forecast period of 2025-2030. Machine safety encompasses a range of devices and safety measures designed to protect both machines and operators from potential hazards, ensuring the safety of human life and the machine's functionality. An example of such measures is the incorporation of emergency buttons that can instantly halt the machine's operation during an emergency situation.
The strict machinery and equipment safety regulations, rising accidents at workplaces in developed countries, rising emphasis on personnel and asset protection, adoption of digital technology to minimize the impact of COVID-19, and promote organization safety will directly influence the growth of the machine safety market over the forecast period 2023-2030.
The COVID-19 has led to an economic downturn and has halted industrial operation globally, leading to declining investments in the secondary domain for plant operation, including machine safety. Machine safety is used in various industries such as healthcare, oil & gas, aerospace, and automotive. Machine safety systems are actively used in fire and gas monitoring as they provide a platform to enhance operational efficiencies, increase productivity, and safeguard workers. Due to the pandemic of COVID-19, the usage of these systems will rise in the future as companies will adopt automation to ensure continuity of business operations even during crises.
Market Segmentation
Insight by Component
On the basis of component, the global machine safety market is divided into presence-sensing safety sensors, safety interlock switches, safety controllers/modules/relays, programmable safety systems (safety PLCs), emergency stop controls, two-hand safety controls, and others. Presence-sensing safety sensors are anticipated to hold the largest market share from 2023 to 2030 due to the need for security requirements to protect workers and production units from any circumstances, thus a need for strict machine safety regulations based on national and international standards. In addition, the rise of the machine revolution 4.0, the growing demand for robot-driven safety light curtains in the packaging industry, and the increase in the number of accidents in industries are driving the demand for the presence-sensing safety sensors segment in the machine safety market.
Insight by Implementation
On the basis of implementation, the global machine safety market is bifurcated into individual components and embedded components. Among these two segments, the embedded segment is expected to have a high CAGR during the projected period 2023-2030 as it improves efficiency, gives better compliance to operators, and reduces downtime by safety resolving issues without halting the whole production line. Moreover, the development of functional safety will propel the growth of the embedded safety components in the machine safety market.
Insight by Application
On the basis of application, the global machine safety market is categorized into the assembly, material handling, metalworking, packaging, and robotics. Among these categories, the robotic segment is expected to hold the largest market share as safety is important in the robotics industry. Machine safety purposes such as control, limiting, and positioning are critical to automated robotic processes. Machine safety products detect emergencies and stop robots from manufacturing and damaging products or harming the operator. Therefore, the robot application market is expected to grow at a significant rate during the forecast period.
Insight by Industry
On the basis of industry, the machine safety market is segmented into oil & gas, energy & power, chemicals, food & beverages, aerospace & defense, automotive, semiconductor & electronics, healthcare and pharmaceuticals, metals & mining, and others. The food and beverage industry is anticipated to have high CAGR as machine safety helps in achieving operational transparency of the entire production line and ensures regulatory compliance. The food and beverage giants focus on an integrated approach of safety and automation, thus creating more safe, flexible, and profitable plants.
The automotive industry will hold the largest market share in the machine safety market owing to the growing population have purchasing power demanding for automobiles and the possibility of easy loans will drive the growth of the automotive industry. The rise in usage of machine safety systems, such as safety light curtains, safety switches, emergency stop devices, and safety sensors, for assembly, presses, and material handling applications in the automotive industry will boost the advancement of the machine safety market for the automotive industry.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 4.3 Billion |
Revenue Forecast in 2030 |
U.S.D. 6.6 Billion |
Growth Rate |
6.2% |
Segments Covered in the Report |
By Component, By Implementation, By Application and By Industry |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The rapid growth in industrialization has led to the establishment of new factories are the emerging trends in the machine safety market. Several countries in the world are striving to achieve global harmonization of standards. This is particularly evident in the field of machine safety. Global machine safety standards are administered by two organizations: IEC and ISO.
Growth Drivers
The growth of the machine safety market is fueled by various factors, including the increasing occurrence of workplace accidents, a growing focus on industrial safety and proactive safety measures, and a rising emphasis on safeguarding personnel and assets. Furthermore, the implementation of government regulations and mandatory safety standards across industries to prioritize occupational health in the workplace has led to a greater recognition of the importance and utilization of machine safety equipment. As a result, the global machine safety market is expected to experience significant growth. Additionally, the expanding adoption of environmentally-friendly electric vehicles has generated a substantial demand for machine safety within the automotive industry, further driving the growth of the machine safety market.
Challenges
There is a requirement for massive capital to install and automate machine safety systems for small and mid-sized enterprises, lack of awareness regarding the need for machine safety along with the complexities of the machine safety systems, failure to access all machinery-related threats, and suspension of industrial activities due to COVID-19 pandemic led to a subsequent decline in the market are the factors hampering the growth of the global machine safety market.
Opportunities
The rising use of IoT to ensure better management and improves the performance of the industrial assets, rising acceptance of workplace safety standards, growing adoption and improvement in safety devices such as safety curtains with the integration of digital indicators, and development of industrial revolution 4.0 will provide extensive opportunities for the growth of the machine safety market during the forecasted period.
Geographic Overview
Europe is anticipated to hold the largest market share in the machine safety market during the forecast period 2021-2027 as machine safety standards are mandatory within the European Economic Area and the presence of automotive manufacturers and the rising automation in the automotive industry supports the growth of the machine safety market. European countries are focused on automating distinct and process industries to preserve high safety standards and ensure the safety of workers in these industries. North America is the second-largest market owing to the presence of prominent players such as Rockwell (US), Honeywell (US), and Banner Engineering (US), active in the machine safety market. The APAC is anticipated to have a high CAGR during the forecast period due to rapid industrialization in emerging economies such as China and India.
Competitive Insight
The industry players are innovating and investing in R&D activities to provide cost-effective products. Furthermore, mergers and acquisitions, product launches, agreements & partnerships among the industry players are changing the market structure of the global machine safety market. Thus, companies are sustaining their position in a competitive market and are providing a competitive edge.
Schneider Electric SE is a French multinational company that specializes in digital automation and energy management. It addresses homes, buildings, data centers, infrastructure and industries, by combining energy technologies, real-time automation, software, and services.
Rockwell Automation is dedicated to industrial automation and information and makes its customers more productive and the world more sustainable.
Some of the key players operating in the machine safety market are ABB, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., Siemens, Yokogawa Electric Corporation, OMRON Corporation, KEYENCE CORPORATION, Mitsubishi Electric Corporation, and SICK AG.
Recent Developments by Key Players
ABB has invested USD 35 million in new greenfield manufacturing and R&D facility is in Nottingham, U.K. This technologically advanced factory shall increase production of Furse earthing and lightning protection solutions that are used in more than 20 countries. ABB’s manufacturing capabilities in Europe shall meet demand for electrical protection systems that safeguard buildings, wind turbines, data centers and critical infrastructure.
Schneider Electric (a global player in energy management and automation) has invested Rs 200 crore in setting up one of its largest campuses globally in Bengaluru. The campus covers an area of about 630,000 square feet and features a global innovation hub, training centre, research and development (R&D) centre, skills centre, and digital hub.
The Machine Safety Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
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