The latest report by IMARC, titled “Global Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global machine safety market reached a value of US$ 5.2 Billion in 2022. Machine safety refers to a system specially designed to perform control functions and maintain the safety of the machinery and individuals exposed to its installation, adjustment, operation, and maintenance. It helps increase efficiency, machine guarding, and reduce waste and costly mistakes. Some of the most commonly used safety devices include safety sensors, emergency stop devices, protective clothing, safety curtain lights, presence sensor devices and safety controllers, relays and modules. In recent years, machine safety has gained traction on account of its extensive employment in various industry verticals, such as automotive, food and beverage (F&B), manufacturing, healthcare, semiconductor, electronics, oil and gas, and power generation.
Global Machine Safety Market Trends:
One of the primary factors driving the market is the rising focus on industrial safety and proactive safety measures. Other than this, the increasing number of accidents in the workplace is positively influencing the market growth. Besides this, extensive investments in developing existing machinery to improve production capacity and the augmenting demand for industrial automation products are constantly accelerating the adoption of machine safety. Furthermore, key players are focusing on introducing innovative product variants to enhance machine safety, reliability, and efficiency. Moreover, governments of numerous nations and international organizations, such as the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), are introducing safety measures for machinery. Other major growth-inducing factors include the introduction of Industry 4.0, rising awareness about occupational safety among workers, rapid industrialization, extensive adoption of IoT solutions, and extensive research and development (R&D) activities. Looking forward, IMARC Group expects the market value to reach US$ 7.5 Billion by 2028, expanding at a CAGR of 6.2% during the forecast period (2023-2028).
- Based on the implementation, the market has been bifurcated into individual and embedded components.
- On the basis of the component, the market has been divided into presence sensing safety sensors, emergency stop devices, safety interlock switches, safety controller/modules/relays, and others.
- Based on the end use industry, the market has been segmented into automotive, electronics and semiconductors, food and beverages (F&B), healthcare and pharmaceuticals, metals and mining, oil and gas, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Banner Engineering Corp., Emerson Electric Co., Honeywell International Inc., IDEC Corporation, Keyence Corporation, Mitsubishi Electric Corporation, OMRON Corporation, Pilz GmbH & Co. KG, Rockwell Automation Inc., Schneider Electric SE, Sick AG, and Siemens AG.
|Base Year of the Analysis
||Implementation, Component, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd, Banner Engineering Corp., Emerson Electric Co., Honeywell International Inc., IDEC Corporation, Keyence Corporation, Mitsubishi Electric Corporation, OMRON Corporation, Pilz GmbH & Co. KG, Rockwell Automation Inc., Schneider Electric SE, Sick AG and Siemens AG.
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