The global machine safety market was valued at USD 4.92 billion in 2020 and is expected to reach USD 7.85 billion by 2028, expanding at a CAGR of 20.5% during the forecast period 2021-2028. Machine safety can be described as the precautions taken to safeguard the safety and health of the workers, which apply to both the machine and human. Machine safety is applied in a variety of ways, including sensing sensor devices, emergency stop devices, security interlock switches, and security controllers. It also entails identification by the machinery itself, as well as subsequent modifications to ensure that the worker is not injured. Machine safety is used in a variety of sectors, including healthcare, oil & gas, aircraft, and automobiles. Machine safety systems are also widely utilised for fire and gas monitoring since they provide a platform for increasing operational efficiency and productivity while simultaneously protecting personnel. Following the COVID-19 pandemic, firms began to deploy automation on a broad scale to keep the business going even during emergencies.
Market Trends, Drivers, Restraints, and Opportunities:
- The requirement to safeguard workers’ safety and health is estimated to drive the market growth.
- The significant expansion of environmentally-friendly electric cars is expected to create a support for the machine safety market growth.
- Large amount of capital to implement and automate machine safety measures can restrain the market growth.
- Increasing usage of IoT to assure more precise control and improved performance of industrial assets, as well as the growing adoption of workplace safety requirements, can present several new opportunities for the machine safety market.
Scope of the report:
The report on the global machine safety market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Machine Safety Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Components (Presence-sensing Safety Sensors, Safety Controllers/ Modules/Relays, Programmable Safety Systems (Safety PLCs), Safety Interlock Switches, others), Implementation (Individual Components and Embedded Components), End-users (Oil & Gas, Chemicals, Aerospace, Automotive, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Rockwell Automation, Inc., OMRON Corporation, Schneider Electric, Emerson Electric Co., Banner Engineering Corp, ifm electronic India Pvt. Ltd., Eaton, KEYENCE CORPORATION, Honeywell International Inc., and SICK AG.
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Global Machine Safety Market Segment Insights:
Presence-sensing safety sensors segment is expected to grow at a substantial rate
Based on the components, the market can be segmented into presence-sensing safety sensors, safety controllers/ modules/relays, programmable safety systems (safety PLCs), safety interlock switches, and others. The presence-sensing safety sensors segment is expected to grow at the substantial rate during the forecast period. Rising security requirements for safeguarding personnel and manufacturing units from any conditions specified by severe machine safety laws based on domestic and international norms is estimated to drive the market segment.
Embedded component segment is anticipated to grow at a rapid rate
On the basis of implementation, the global machine safety market can be divided into Individual components and embedded components. The embedded components segment is expected to grow at the substantial rate in the projected timeline. Embedded component systems increase efficiency and enhance operator compliance. They save downtime by safely fixing issues without shutting down the entire manufacturing line. The growth of functional safety in equipment is expected to enhance demand for embedded safety components.
Oil & gas segment dominates the global market
In terms of end-users, the market can be classified as oil & gas, chemicals, aerospace, automotive, others. The oil & gas segment is expected to expand a substantial CAGR during the forecast period. The machine safety market is expected to benefit from the growing demand for industrial automation products in the oil & gas industry. It allows current machinery to be modified, resulting in a requirement for new machine safety measures that can keep up with the upgraded equipment.
Europe expected to hold significant market share
Based on regions, the global machine safety market can be fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is expected to hold a significant market share in the projected timeline. Machine safety requirements are strictly adhered to European Economic Area. The market in Asia Pacific is estimated to expand at a sustainable CAGR during the forecast period due to increased investments in the region's industrial sector.
Segments
Segments Covered in the Report:
By Components
- Presence-sensing Safety Sensors
- Safety Controllers/ Modules/Relays
- Programmable Safety Systems (Safety PLCs)
- Safety Interlock Switches
- Others
By Implementation
- Individual Components
- Embedded Components
By End-users
- Oil & Gas
- Chemicals
- Aerospace
- Automotive
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Rockwell Automation, Inc.
- OMRON Corporation
- Schneider Electric
- Emerson Electric Co.
- Banner Engineering Corp
- ifm electronic India Pvt. Ltd.
- Eaton
- KEYENCE CORPORATION
- Honeywell International Inc.
- SICK AG
Competitive Landscape
Key players in the global machine safety market includes Rockwell Automation, Inc., OMRON Corporation, Schneider Electric, Emerson Electric Co., Banner Engineering Corp, ifm electronic India Pvt. Ltd., Eaton, KEYENCE CORPORATION, Honeywell International Inc., and SICK AG.
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