Machine Safety - Global Market Outlook (2021-2028)

Machine Safety - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Machine Safety Market is accounted for $5.93 billion in 2021 and is expected to reach $11.53 billion by 2028 growing at a CAGR of 9.94% during the forecast period. Machine safety refers to the use of safeguards that are applicable to the machine operators as well as the machinery. For instance, the use of interlocks that can stop the motor if a human being is too close to it. The growing concern for the safety of the workers in the industry has increased the use of machine safety devices.

Market Dynamics:

Driver:

Rise in Workplace Accidents

There is an increase in workplace accidents and the increasing importance of active industrial safety is one of the major factors driving the market growth. Assembling is a quick and continuous procedure that involves the movement of machinery and potentially dangerous equipment. As a result of the increased attention on it, organizations are focusing their efforts on preventing these incidents. Machine protection methods used in these assembly lines operate as a shield, protecting the hazardous portions of a machine and preventing any harm to the human body. Increased adoption and advancements in safety devices such as safety curtains with the integration of light and digital indicators, as well as the development of Industrial Revolution 4.0, can be considered as a potential for Market.

Restraint:

High Cost

The Market is being restricted by the additional costs associated with machine safety technologies. Also, machine safety components, as well as installation, maintenance, and repair charges place a significant strain on the Market Size. Besides, small and mid-sized businesses may find it tough. This factor is a major stumbling block to the market's expansion.

Opportunity:

Growing Use of IIot To Confirm Better Management And Enhanced Performance of Machine Assets

IIoT is offering new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors and send the collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real-time. IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement.

Threat:

Complexities of Machine Safety Systems

The lack of awareness regarding the importance of machine safety, coupled and complexities of the machine safety are one of the major threats to the market. The safety devices solve some problems for machine builders and users but also add complexity to the task of deciding what level of safety is required, according to machine builders and system integrators.

Presense sensing safety sensors segment is expected to be the largest during the forecast period

Due to the necessity for security requirements for guarding workers and production units against any accidents mandated by the strict machine safety regulations based on the national and international standards. Additionally, the factors such as the rise in machine revolution 4.0, the growing need for safety light curtains in the packaging industry powered by robotics, and growing incidents of accidents in industries are driving the demand for the segment.

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

The growth can be attributed to the increasing population with purchasing power worldwide and the feasibility of easy loans. The increasing implementation of machine safety systems, such as safety switches, safety light curtains, safety sensors, and emergency stop devices for presses, assembly, and material handling applications is motivating the growth of the market for the automotive industry.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, due to the growing investments in the industrial sector in the province. The “Made in China” policy boosts progressive manufacturing, to an improved focus on safety. Additionally, rise in investments in the industrial sector owing to the fast industrialization and urbanization in the province. Additionally, the slow enhancement of technical safety standards, the uninterrupted setting up of personal safety consciousness, and the steady participation of the state and enterprises in market promotion have accelerated the growth of the market in the area.

Region with highest CAGR:

Europe is projected to have the highest CAGR. As Machinery Directive 2006/45/EU is the legislation governing machine safety requirements in Europe. It benefits harmonization with a combination of safety and health requirements. This is a mandatory directive, which ensures the protection of machines and workers in various organizations. This regulatory standard can increase the demand for machine safety systems in the European province.

Key players in the market:

Some of the key players profiled in the Machine Safety Market include ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG, Sick AG, Balluff GmbH, Banner Engineering Corp., IDEC corporation.

Key developments:

In March 2019: ABB announced that it had upgrades the Ability System 800Xa; it innovated the entire DCS architecture and introduced technologies that shorten timescales for project execution, and enhanced the scalability of the system. In terms of safety, the new system includes support for 2 new safety controllers—PM863 and PM857. Also in combination with new Select I/O safety single-channel modules, it expanded the present capabilities and increased flexibility.

In February 2020: Rockwell Automation launched E100 electronic motor overload relay was launched, which helps prevent motor damage and downtime. The new Allen-Bradley E100 Electronic Motor Overload Relay can help industrial companies better protect their motors and avoid unplanned downtime.

In May 2021: IDEC Corporation announced that had added the SX5E-HU085B 8-port unmanaged industrial Ethernet switch to its product portfolio. The switch supports QoS, IGMP snooping, and broadcast storm protection functionalities and is aligned with the expansion of Ethernet, IoT, and IIoT devices used in critical and challenging commercial and industrial locations.

Systems Covered:
Assembly
Material Handling
Metal Working
Packaging
Robotics

Implementations Covered:
Individual components
Embedded components

Components Covered:
Emergency Stop Devices
Presence-Sensing Safety Sensors
Programmable Safety Systems (Safety PLCs)
Safety Controllers/ Modules/Relays
Safety Interlock Switches
Two-Hand Safety Controls

Sales Channels Covered:
Direct Channel
Indirect Channel

End Users Covered:
Aerospace & Defense
Automotive & Transporatation
Chemicals
Energy & Power
Food & Beverages
Healthcare and Pharmaceuticals
Metals & Mining
Oil & Gas
Semiconductor & Electronics
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 2020, 2021, 2022, 2025 and 2028
- 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

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances