Global Machine
Safety Market Insight
Nearly many months since the world declared a
national lockdown over the novel coronavirus pandemic, Market Research Future
found in its new study on the global Machine Safety Market 2020 that it would regain
its footing with new scores. The market would be achieving USD 6.48 billion
valuations by the year 2023 and stagger at 6.88% CAGR. The years of growth
could be observed from the year 2018 to 2023.
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Top Impacting Factors
The investors are pouring money into popular
technology stocks in machine safety, contributing to a booming rally that is
leading major indexes higher of the market, even as economic uncertainty
related to the coronavirus in lingering globally. Besides such a situation, the
global market of machine safety is rising owing to rising accidents at
workplaces. Due to this, the market is creating opportunities for industrial
companies.
MRFR also identifies that due to fatal injuries to
the employees working near machines, industries are focussing on implementing a
machine safety course. With the execution of machine safety equipment,
industries are focusing on delivering security to employees as well as
maintaining machinery safety. Therefore, the rising accidents at workplaces in
developed countries are accepted to motivate the development of the machine
safety market in the forecasted period.
To an extent, factors such as rising government
policy on industries for delivering workplace occupational health to the workers
are ensuring the improved significance and deployment of machine safety
equipment at workplaces. These factors are ensuing in the escalating
significance of workplace occupational health for the employees. Subsequently,
these regulations are boosting the growth of the global machine safety market.
Despite these, some more factors, such as the
invasion of additional cost has entitled to be a restrainer in the growth
course of the global machine safety market in the forecast 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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