Global Machine Safety Market - Overview
The global Machine Safety Market is garnering substantial
revenues. Machine safety devices can limit the risk of accident or injury at
specific hazardous points. The market growth attributes to the exploding demand
for machine safety solutions across the heavy industries to safeguard workers
from hazards around machinery and equipment. Besides, the spurting growth in
various industries and manufacturing sectors drive the development of the
market.
Moreover, improvements in global safety standards
and technologies escalate market growth, positioning machine safety as a
powerful tool to optimize production. According to Market Research Future
(MRFR), the global machine safety market is projected to reach a valuation of
approximately USD 6.48 BN. by 2023. MRFR also asserts that the market would
register a 6.88% CAGR during the forecast period (2018 and 2023).
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Machine safety technologies not only keep workers
safe but also reduce unscheduled downtime and repair (MTTR) to streamline
lockout and tag-out procedures. As a result, safety systems are increasingly
adopted by companies, driving market demand. The high adoption of machine
safety systems, alongside vast technological advances and improvements in
safety devices, such as safety light curtains with integrated digital
indicators, defines market growth.
Additionally, the Industrial Revolution 4.0 offers
substantial opportunity for market players. Besides, the ample availability of
safety devices and components providing advanced features at competitive prices
foster market growth. Simultaneously, stringent government regulations and
policies to promote machine safety solutions influence the growth of the
market.
Conversely, high initial investments required for
the implementation of safety systems are the major factors projected to impede
market growth. Nevertheless, well-spread awareness about the importance of
machine safety and safety measures would support the growth of the market
throughout the review period.
Global Machine Safety Market - Segments
The report is segmented into five dynamics;
By Component :
Programmable Safety Systems, Presence-Sensing Safety Sensors, Safety
Controllers/ Modules/Relays, Safety Interlock Switches, Emergency Stop Devices,
And Two-Hand Safety Controls, and others.
By Implementation :
Individual and Embedded Components.
By Application :
Robotics, Assembly, Material Handling, Metalworking, Packaging, and others.
By Industry :
Chemicals, Oil & Gas, Aerospace, Food & Beverages, Semiconductor &
Electronics, Healthcare, Automotive, and others.
By Regions : Americas, Europe, APAC, and the
Rest-of-the-World.
Machine Safety Market - Regional Analysis
Europe dominates the global machine safety market.
The largest market share attributes to the growing automation in various
burgeoning industries. Besides, the
strong presence of a number of industry players in the region drives the growth
of the market. Moreover, the burgeoning manufacturing sectors and the rising
R&D investments foster the development of the regional market.
Implementation of legislation such as Machinery
Directive 2006/45/EU and other governing machine safety requirements supports
the regional market growth, ensuring machines and workers protection in various
organizations. The European machine safety market is projected to retain its
dominance throughout the estimated period.
North America is another lucrative market for
machine safety solutions globally. The market growth attributes to the early
uptake of advanced technologies and the growing demand for safety features.
Additionally, well-established industries in this region create substantial
market demand. The US holds the leading share in the regional market due to the
massive technological upgrades brought by prominent players in the region. The
North American machine safety market is expected to grow colossally during the
review period.
The Asia Pacific region also holds a sizable market
share in the global machine safety market. Factors such as the continuous
growth in technologies and several notable industry players in the region push
the market growth. China is the leading market for machine safety solutions in
the region, followed by India and South Korea.
Moreover, the increasing awareness about technological developments in
machine safety is a key driving force driving the demand. The APAC machine safety
market is anticipated to grow at an impressive CAGR during the assessment
period.
Machine Safety Market - Competitive
Analysis
Highly competitive, the machine safety market
appears fragmented due to the presence of several well-established players. To
gain a larger competitive share, industry players incorporate strategic
initiatives such as mergers & acquisitions, collaborations, expansion, and
product/ technology launch.
Major Players:
Players leading the machine safety market include
Honeywell (US), SICK (Germany), Rockwell (US), Schneider (France), Mitsubishi
Electric (Japan), ABB (Switzerland), Keyence (Japan), Banner Engineering (US),
Pilz (Germany), Pepperl + Fuchs (Germany), Phoenix Contact (Germany), Euchner
(Germany), Datalogic (Italy), Omron (Japan), and IDEC Corporation (Japan),
among others.
Industry/ Innovation/Related News
August 20, 2020 ---- RS Components, a trading brand
of Electrocomponents plc. (the UK), introduced comprehensive machine safety
range from a German technology leader - Pilz GmbH & Co. KG. RS would be
stocking a new, comprehensive range of critical machine safety devices from
Pilz, including the compact, easy-to-install, and versatile PNOZsigma safety
relays and the PSEN opII4H light curtains for enhanced worker protection.
Pilz provides total solutions for safety and
automation technology. RS Components supplies electronic components,
electrical, automation & control, test & measurement equipment,
engineering tools, and consumables via e-commerce in 32 countries.
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