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. The Machine Safety Market Demand is growing as a result of an increase in workplace accidents and a growing emphasis on proactive industrial safety. Assembling is a quick and continuous procedure that involves the movement of machinery and potentially dangerous equipment.
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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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