IMARC Group, a leading market research company, has recently releases report titled “Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global machine safety market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Machine Safety Market?
The global machine safety market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
What is Machine Safety?
Machine safety is essential for protecting machinery, minimizing work-related injuries, and improving operational efficiency. Some commonly used machine safety devices include safety sensors and interlock switches, safety edges, laser scanners, safety light barriers, safety camera systems, protective clothing, two-hand safety control, emergency stop devices, presence sensor devices, safety controllers, relays, and modules. They are designed to eliminate mechanical hazards to personnel by safeguarding hot surfaces, moving parts, and sharp edges of machines that might lead to serious workplace injuries or accidents. They also provide enhanced productivity, reduce machine downtime and maintenance costs, and speed up operations. As a result, machine safety devices are widely adopted in the automotive, semiconductor, power generation, healthcare, and food and beverage (F&B) sectors.
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What are the growth prospects and trends in the machine safety industry?
The market is primarily driven by the rising workplace accidents and injuries across various industrial sectors, such as manufacturing, electronics, and oil and gas. In addition, rapid industrialization, the growing awareness regarding machine safety among workers, and extensive investments in the upgradation of existing machinery to eliminate safety risks are contributing to the market growth.
Moreover, the introduction of the internet of things (IoT) for integrated safety and compliance and real-time monitoring and analysis, resulting in enhanced performance, and the advent of industry 4.0 represent other major growth-inducing factors. Besides this, governments of several countries and international organizations are introducing stringent safety standards for machinery in industries and manufacturing facilities, providing a positive thrust to market growth.
Furthermore, the introduction of innovative product variants to enhance reliability, efficiency, and safety and ongoing research and development (R&D) activities and mergers and acquisitions among key players are also creating a favorable market outlook.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Implementation:
- Individual Components
- Embedded Components
Breakup by Component:
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller/Modules/Relays
- Others
Breakup by End Use Industry:
- Automotive
- Electronics and Semiconductors
- Food and Beverages
- Healthcare and Pharmaceuticals
- Metals and Mining
- Oil and Gas
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd, Banner Engineering Corp., Emerson Electric Co., Honeywell International Inc., IDEC Corporation, Keyence Corporation, Mitsubishi Electric Corporation, OMRON Corporation, Pilz GmbH & Co. KG, Rockwell Automation Inc., Schneider Electric SE, Sick AG and Siemens AG.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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