Machine Safety Market Forecasts to 2030 – Global Analysis By Type (Mechanical, Electrical, Hydraulic, Pneumatic and Software-based), Component, Application, End User and By Geography

Machine Safety Market Forecasts to 2030 – Global Analysis By Type (Mechanical, Electrical, Hydraulic, Pneumatic and Software-based), Component, Application, End User and By Geography

According to Stratistics MRC, the Global Machine Safety Market is accounted for $5.63 billion in 2024 and is expected to reach $8.74 billion by 2030 growing at a CAGR of 7.8% during the forecast period. Machine safety refers to the practices, protocols, and technologies implemented to minimize the risk of injury or harm to individuals operating or interacting with machinery. It encompasses a range of measures, including the use of protective guards, emergency stop mechanisms, safety sensors, and employee training programs. The goal of machine safety is to create a secure working environment where the potential hazards associated with machinery are identified, assessed, and effectively managed to prevent accidents and ensure the well-being of workers and bystanders.

According to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company’s growth and 86% of respondents considered that AI will help improve productivity.

Market Dynamics:

Driver:

Rising incidence of workplace accidents

Companies facing the consequences of accidents, including legal liabilities, financial losses, and damage to reputation, are compelled to invest in robust safety solutions. This drives demand for machine safety technologies such as safety sensors, interlocks, and protective guards to mitigate risks and ensure compliance with regulatory standards. Ultimately, the imperative to prevent accidents propels the adoption of comprehensive machine safety solutions across industries. Therefore, the rising incidence of workplace accidents acts as a catalyst for the growth of the machine safety market.

Restraint:

Lack of skilled workforce

With a shortage of professionals proficient in designing, integrating, and servicing machine safety systems, businesses face difficulties in adopting and optimizing these technologies. Moreover, the absence of skilled personnel may result in suboptimal safety practices and compromised safety standards, potentially leading to accidents and liabilities. As a result, the lack of a skilled workforce in machine safety poses a significant challenge to market growth as it hampers the effective implementation and maintenance of safety solutions.

Opportunity:

Growing adoption of industry 4.0 and automation

As industries integrate advanced technologies such as IoT, robotics, and AI, there's a heightened need to ensure the safety of both workers and machinery in dynamic and interconnected environments. This drives the demand for sophisticated machine safety solutions that can seamlessly integrate with automated systems while maintaining high levels of safety and productivity. Consequently, the growing adoption of Industry 4.0 and automation fosters the expansion of the machine safety market by necessitating enhanced safety measures to mitigate new risks.

Threat:

Compatibility issues

Compatibility issues in machine safety arise when safety components or systems from different manufacturers are incompatible or difficult to integrate seamlessly. This hampers market growth by complicating the implementation process, increasing costs, and potentially compromising safety standards. Incompatibility issues can lead to delays in deployment, operational inefficiencies, and increased risks of accidents or malfunctions. Moreover, it can deter potential customers from investing in machine safety solutions, limiting market expansion.

Covid-19 Impact

The covid-19 pandemic initially slowed the machine safety market due to disruptions in manufacturing and construction sectors. However, as industries resumed operations, there was an increased focus on workplace safety, driving demand for machine safety solutions to adhere to social distancing guidelines and protect workers. Additionally, the pandemic accelerated the adoption of automation and robotics, further boosting the market as companies sought to enhance safety and productivity in the post-pandemic landscape.

The software-based segment is expected to be the largest during the forecast period

The software-based segment is estimated to have a lucrative growth. Software-based machine safety involves utilizing digital systems to enhance safety measures in industrial settings. Through algorithms, sensors, and real-time monitoring, software can detect potential hazards and mitigate risks, such as collisions or equipment malfunctions. This technology allows for dynamic adjustments to operating parameters, ensuring safer working environments for operators and reducing the likelihood of accidents. By integrating software solutions, industries can optimize safety protocols and adhere to stringent regulatory standards more effectively.

The material handling segment is expected to have the highest CAGR during the forecast period

The material handling segment is anticipated to witness the highest CAGR growth during the forecast period. In material handling safety applications, machine safety focuses on safeguarding workers and equipment during the movement, storage, and transportation of materials. This involves implementing protective measures such as barriers, sensors, and emergency stop systems to prevent accidents like collisions, falls, and entanglements. By integrating these safety features, industries can ensure compliance with regulations, minimize downtime due to accidents, and create safer working environments for personnel involved in material handling operations.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to rapid industrialization, increasing automation, and stringent government regulations. Countries like China, Japan, South Korea, and India are major contributors to market expansion, driven by investments in manufacturing and infrastructure projects. Additionally, collaborations between regional and international players are facilitating the development and deployment of innovative machine safety solutions tailored to the diverse industrial landscape of the Asia-Pacific region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, driven by stringent regulatory standards and the increasing adoption of automation technologies across various industries. Factors such as the emphasis on worker safety, the rise in industrial accidents, and the need for enhanced productivity are driving market expansion. Additionally, the growing awareness and investments in workplace safety further propel market growth in North America.

Key players in the market

Some of the key players profiled in the Machine Safety Market include ABB Group, Rockwell Automation, Siemens AG, Honeywell International Inc., Omron Corporation, Pilz GmbH & Co. KG, Schneider Electric SE, SICK AG, Banner Engineering Corp., Phoenix Contact GmbH & Co. KG, Keyence Corporation, Euchner GmbH + Co. KG, Troax Group AB, Datalogic S.p.A., Leuze electronic GmbH + Co. KG, IDEC Corporation, Emerson Electric Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation and HIMA Group.

Key Developments:

In April 2023, Siemens and Microsoft have leveraged the collaborative power of generative artificial intelligence (AI) to assist industrial companies in driving innovation and efficiency throughout the product design, engineering, manufacturing, and operational lifecycle.

In April 2023, Emerson exhibited advanced, discrete automation solutions, from the factory floor to the cloud, at Hannover Messe. AVENTICS Series Advanced Valve (AV) system with Advanced Electronic System (AES) is the first pneumatic valve system with an integrated Open Platform Communications Unified Architecture (OPC UA). The AES helps interoperability challenges and accesses data more easily, while the digital twin integration improves production efficiency and reduces costs.

Types Covered:
• Mechanical
• Electrical
• Hydraulic
• Pneumatic
• Software-based

Components Covered:
• Safety Sensors
• Safety Controllers
• Safety Interlocks
• Safety Modules
• Safety Relays
• Safety Light Curtains
• Emergency Stop Devices
• Two-Hand Control Devices
• Other Components

Applications Covered:
• Assembly Line
• Material Handling
• Robotics
• Welding
• Packaging
• Power Press
• Injection Molding
• Other Applications

End Users Covered:
• Manufacturing
• Automotive
• Food & Beverages
• Chemicals
• Healthcare
• Construction
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements