Machine Safety Market: Size, Share, Statistics, and Industry Growth Analysis Report Unveiled
Posted by Tom C on January 10th, 2024
The latest industry report on the Machine Safety Market offers an extensive analysis, providing insights into size, share, statistics, and growth patterns. This comprehensive examination dives deep into the market's trajectory, unveiling key factors influencing the landscape of machine safety.
The global machine safety market size in terms of revenue was estimated to be worth USD 5.2 billion in 2023 and is poised to reach USD 6.8 billion by 2028, growing at a CAGR of 5.7% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
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Insights into Key Market Dynamics:
Increasing demand for modular end effectors by various industris
The industrial sector has long been known for its potential hazards and risks to personnel and assets. With increasing accidents and fatalities caused by machine-related incidents, businesses have started focusing on personnel and asset protection. This trend is driven by several other factors, including the need to comply with government regulations and avoid legal liabilities and the desire to improve workplace safety and productivity.
Opportunity: Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets
IIoT can provide real-time data on the performance and condition of industrial assets, enabling predictive maintenance and reducing downtime. It helps companies manage their assets better, improve performance, and extend their lifespan. IIoT can also help improve workplace safety by providing real-time data on the condition of machines and equipment.
Challenge: Difficulties in designing machine safety products due to ongoing technological advancements
While technological advancements in machines can bring many benefits, they also pose challenges to machine safety. As machines become more advanced, they often become more complex, making it more challenging to ensure they are operating safely. Many modern machines rely on complex systems and software to operate, making integrating safety features into the machine design harder.
The machine safety market is experiencing rapid growth as the companies in this market strive to provide safety solutions for machinery and equipment to prevent accidents and injuries at workplaces. A variety of machine safety systems, such as safety controllers/modules/relays, programmable safety systems, safety interlock switches, and emergency stop controls, play a crucial role in protecting personnel and preventing accidents at industrial plants.
The machine safety market is set to experience significant growth in the food and beverage industry, with the highest CAGR projected in this sector. This growth can be attributed to several factors, including the rising demand for packaged and processed foods, the growing focus on ensuring worker safety in the food industry, and the strict safety regulations and standards imposed by regulatory agencies. Given the high-risk nature of the food and beverage industry, ensuring worker safety is crucial in this sector. To mitigate potential hazards associated with operating machinery and equipment, food manufacturers are increasingly adopting machine safety solutions.
The machine safety companies have implemented various organic and inorganic growth strategies, such as product launches, collaborations, partnerships, and acquisitions, to strengthen their offerings in the market. The major players in the market are Schneider Electric (France), Honeywell International Inc (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), and General Electric (US).
