Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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.

Machine safety is an umbrella term for various devices and safeguards employed to protect machinery and its operators. Some of the most commonly used safety devices include emergency stop devices, safety sensors and interlock switches, protective clothing, safety curtain lights, presence sensor devices and safety controllers, relays and modules. They are designed to eliminate mechanical hazards to personnel by safeguarding moving parts, hot surfaces or sharp edges of machines that might cause serious workplace injuries or accidents. As a result, machine safety devices find extensive applications across various industries, including food and beverage (F&B), automotive, manufacturing, healthcare, electronics, semiconductor, power generation, and oil and gas.

Machine Safety Market Trends:
The rising emphasis on safety in the industrial sector and the increasing number of workplace accidents represent the primary factors driving the market growth. Additionally, governments of various countries and international organizations, such as the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), are introducing stringent safety standards for machinery. This has led to an increased need for industries and manufacturing facilities to comply with these safety standards and regulations, which in turn is propelling the market growth. Besides this, the growing investments in the upgradation of existing machinery to enhance production capacity and the escalating demand for industrial automation products are accelerating the adoption of machine safety. Furthermore, the leading manufacturers are developing innovative product variants to improve machine safety, efficiency and reliability. Moreover, the advent of Industry 4.0, growing awareness regarding occupational safety among workers, widespread adoption of IoT solutions, rapid industrialization, and extensive research and development (R&D) activities are some of the other factors creating a positive market outlook.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global machine safety market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on implementation, component and end use industry.

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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. What was the size of the global machine safety market in 2022?
2. What is the expected growth rate of the global machine safety market during 2023-2028?
3. What are the key factors driving the global machine safety market?
4. What has been the impact of COVID-19 on the global machine safety market?
5. What is the breakup of the global machine safety market based on the implementation?
6. What is the breakup of the global machine safety market based on the component?
7. What are the key regions in the global machine safety market?
8. Who are the key players/companies in the global machine safety market?