Machine Safety Market: Global Market Forecast and Emerging Opportunities (2023-2029)

Machine Safety Market is expected to reach US $ 8.22 billion by 2029, thanks to growth in the food and beverage segment. The report analyzes Machine Safety market dynamics by region, component, end-use, and implementation.
Machine Safety Market Overview:
The machine safety market was valued at US$ 5.38 Bn. in 2022, and it is expected to reach US$ 8.20 Bn. by 2029 with a CAGR of 6.21% during the forecast period.

Machines can assist in increasing workplace productivity. Their moving parts, sharp edges, and heated surfaces, on the other hand, can result in significant industrial accidents like crushed fingers or hands, amputations, blindness, or burns. Protecting workers from harm demands the use of safeguards. Any machine part, process, or function that has the potential to cause injury must be protected. The hazard should be removed or controlled when the operation of a machine may result in a contact injury to the operator or others in the area.To know about the Research Methodology :- Request Free Sample Report
Machine Safety Market Dynamics:
Surging demand for intelligent safety solutions:

The demand for smart safety solutions is growing. As they explore innovative ways to increase safety, more consumers are demanding real-time monitoring of devices. Modern manufacturing machinery must be adaptable and versatile, with a focus on lowering downtime and increasing productivity. Many modern products feature improved connectivity, such as FROFIBUS and FROFISafe, which provide real-time access to diagnostic data. End-user efficiency is improved as a result of reduced downtime, improved production quality, and more responsive operations.

As sensor technology and automation systems combine to modify the way performance and stoppages are monitored, this seamless integration emphasizes better visibility into the safety system. This represents a transition in machine safety from a reactive to a proactive approach.

High capital requirement to automate machine safety:

Machine safety systems must be built as a precautionary step to protect personnel, machines, and production lines in the event of an emergency. However, machine safety components, as well as installation, maintenance, and repair charges place a significant strain on the organization's budget. Although large organizations can manage these costs, small and mid-sized businesses may find it tough. Although the installation and maintenance of machine safety systems impose a significant economic burden, safety equipment investments were never considered in budget allocations for developing plants and production facilities until the present situation.

Surging use of Internet of Things (IoT) to ensure better machine asset management and performance:

The Internet of Things (IoT) is opening up new possibilities for integrated safety and compliance services. Data can be collected from sensors and sent to monitoring systems via the IoT. The data is sent across wireless and wired networks, allowing for real-time analysis, potential solutions, and alarms in the event of an emergency. Companies can combine their operations with safety systems and monitor them in real-time using the IoT. IoT allows for quick monitoring, analysis, and control, as well as virtual administration of physical systems, resulting in improved performance.
Machine Safety Market Segment Analysis:
Based on the Component, the machine safety market is segmented as, presence sensing safety sensors, emergency stop devices, safety interlock switches, safety controller/modules/relays, and other components. Thanks to the need for security requirements for safeguarding workers and production units from any mishaps mandated by severe machine safety rules based on national and international standards, the presence sensing safety sensor market is expected to hold the largest market share.

Also, factors such as the emergence of machine revolution 4.0, the increasing requirement for safety light curtains in the packaging sector powered by robotics, and the rise in industrial accidents are driving the demand for presence detecting safety sensors in the machine safety market.

Based on End-Use, the machine safety market is segmented as, electronics and semiconductors, oil and gas, healthcare, food and beverage, automotive, and others. Food and beverage companies are increasingly using machine safety systems to improve production precision and flexibility. Machine safety supports increasing operational transparency across production lines and guaranteeing regulatory compliance. The food and beverage business aspires to produce high-quality, consistent goods at a cheap cost.

This can be accomplished by implementing an integrated approach of automated safety control systems, such as machine safety solutions, to make food and beverage operations safer, more flexible, and lucrative. Also, as companies become more cognizant of increasingly rigorous laws, demand for machine safety systems to ensure safe and efficient operations in food and beverage manufacturing plants is increasing.

Based on Implementation, the machine safety market is segmented as, individual components, and embedded components. Embedded components are divided into two categories: embedded discrete components, which are manufactured as standard discrete components and then placed on an inner layer of the circuit board during fabrication/assembly; and formed embedded components, which are formed on the internal layers of the circuit board during fabrication/assembly. Components that are fabricated as discrete entities and subsequently placed on an inner layer of the circuit board during fabrication/assembly are supported by the PCB editor.

Detailed information about all segments is covered in the MMR’s report.
Regional Insights:
The Asia-Pacific region is expected to grow significantly throughout the forecast period, owing to the region's rapidly growing industrial sector investments. Countries in the region are driving the production of in-home products aggressively. The "Made in China 2025" program, for example, promotes modern manufacturing, resulting in a greater emphasis on safety. In terms of revenue, China is expected to be the largest market for machine safety goods in Asia-Pacific. Also, the country's machine safety market has been driven by the ongoing improvement of technical safety requirements, the constant strengthening of personal safety consciousness in the country, and the constant participation of the state and businesses in market growth.China is heavily investing in the automobile industry, with new projects being added regularly. The development of electric vehicles sparked a surge in capital investment, with the majority of it going into new machinery. Also, China's 13th five-year plan is intended to push the country's safety standards forward and raise investment in safety products. The plan emphasizes overall factory safety, intending to reduce worker accidents by using new technologies and enforcing existing regulations. To meet the safety criteria, the plan specifically emphasizes upgrading agricultural machinery and specialized equipment.

Many firms with operations in the United States have shifted sections of their manufacturing back to the United States, Mexico, or emerging markets in South and Southeast Asia as a result of the US-China trade war. The growth of the market analyzed is expected to be aided by a shift to other Asian countries.

The COVID-19 outbreak is expected to hasten this process, as South Korean and Japanese corporations seek to diversify their manufacturing and minimize their overdependence on Chinese-made goods. Also, the value of construction output linked with manufacturing plants in South and Southeast Asia decreased in 2022, reflecting the substantial disruption caused by COVID-19, which impacted machine safety market growth.

Governments and industries throughout the world are debating how to reduce their reliance on Chinese manufacturing. For example, the Japanese government was the first to take steps in this direction by announcing a US $2.2 billion support package for domestic companies wishing to shift production away from China. Thanks to such investments in developing industrial facilities, the demand for machine safety is likely to rise.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
Global Machine Safety Market Scope: Inquiry Before Buying



Machine Safety Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.38 Bn.


Forecast Period 2023 to 2029 CAGR:
6.21%
Market Size in 2029:
US $ 8.20 Bn.


 Segments Covered:
by Component
Presence sensing safety sensors
Emergency stop devices
Safety interlock switches
Safety controller/modules/relays
Other components


by End-Use
Electronics and semiconductors
Oil and gas
Healthcare
Food and beverage
Automotive
Others


by Implementation
Individual Components
Embedded Components



Machine Safety Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. ABB Ltd.
2. Emerson Electric Co.
3. General Electric Co.
4. Honeywell International Inc.
5. Schneider Electric SE
6. Rockwell Automation Inc.
7. Yokogawa Electric Corp.
8. Omron Corporation
9. Keyence Corporation
10. Mitsubishi Electric Corporation
11. Pilz GmbH & Co. KG.
12. Sick AG
13. Balluff GmbH
14. Banner Engineering Corp.
15. Siemens AG
16. Others

Frequently Asked Questions:

1. What is the forecast period considered for the Machine Safety market report?
Ans. The forecast period for the global machine safety market is 2022-2029.

2. Which key factors are expected to hinder the growth of the Machine Safety market?
Ans. The high requirement of capital for automation of machine safety is the key factor expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Machine Safety market for the next 6 years?
Ans. The global machine safety market is expected to grow at a CAGR of 6.21% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Machine Safety market?
Ans. The need for technological advancements in the field of industrial operations and production processes is the key factor expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Machine Safety market report?
Ans. ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation Inc., Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG., Sick AG, Balluff GmbH, Banner Engineering Corp., Siemens AG, and Others.