Machine Safety Market by Component (Presence detection Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls), offerings, Industry & Region - Forecast to 2028

Machine Safety Market by Component (Presence detection Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls), offerings, Industry & Region - Forecast to 2028

The global Machine Safety market is expected to grow from USD 5.2 billion in 2023 to USD 6.8 billion by 2028, registering a CAGR of 5.7%. The machine safety market is being propelled forward by various factors, including a greater emphasis on worker safety, a growing adoption of industrial automation, the implementation of government regulations and standards, an increasing demand for integrated safety systems, and advancements in machine safety technologies such as artificial intelligence, sensors, and software.

“System segment accounted for the largest share of Machine Safety market in 2022”

Factors driving the growth of the system of machine safety market comprise a heightened attention towards worker safety, a surge in the adoption of industrial automation, government regulations and standards, an escalating demand for integrated safety systems, technological advancements in machine safety like sensors and software, and the requirement to protect machines and equipment from possible dangers.

“Presence detection sensors accounted for the largest share of Machine Safety market in 2022”

The market for presence detection sensors is experiencing a surge in demand, driven by the need to enhance worker safety and regulate the movement of people and objects in hazardous areas. Furthermore, technological advancements have facilitated the development of more effective and dependable sensors, amplifying market growth.

“Food & Beverages industry to grow at highest CAGR in the forecast period”

The food & beverages segment is expected to witness the highest CAGR during the forecast period owing to the high demand for safety equipment and stringent safety regulations in food production. As companies become more aware of strict regulations, there is an increase in demand for machine safety systems to achieve safe and efficient operations in food and beverage manufacturing plants

“Europe to account for the largest market size in 2022”

Europe's machine safety market is expected to grow rapidly due to government regulations on workplace safety, increasing industrial automation adoption, and a need to protect machines from potential dangers. Furthermore, the demand for machine safety technologies and systems is driven by the growth of the automotive and manufacturing industries..

Break-up of the profiles of primary participants:

By Company Type – Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%

By Designation – C-level Executives – 35%, Directors – 43%, and Others – 22%

By Region – North America - 31%, Europe – 19%, Middle East and Africa- 27%, Asia Pacific – 15%, and RoW – 8%

The major players in the market are Emerson Electric Co. (US), Schneider Electric (France), Honeywell International Inc (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany)

Research Coverage:

The Machine Safety market has been segmented into offering, components, industry, and region. The Machine Safety market was studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Machine Safety market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the Machine Safety ecosystem.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall flow computer market in oil & gas and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Analysis of key drivers (Focus of industrial sector on personal and asset protection, enforcement of stringent machinery and equipment safety regulation, adoption of automation to improve efficiency and productivity), restraints (Huge capital requirement to install and automate machine safety system, complexities associated with machine safety system) opportunities (Increasing awareness about workplace safety standards in emerging economies, Rising use of IIoT to ensure improved performance and extend life span of industrial asset), challenges (Difficulties in designing machine safety products due to ongoing technological advancement, failure to assess and anticipate all potential risks associated with machinery setup).

Product Development/Innovation: Detailed insights on, research & development activities, and new product launches in the machine safety market

Market Development: Comprehensive information about lucrative markets – the report analyses the machine safety market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the machine safety market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Schneider Electric (France), Honeywell International Inc (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US) among others in the machine safety market.