Machine Safety Market Growth, Trends, Scope

Posted by Tom C on July 2nd, 2024

The global Machine safety market size is expected to grow from USD 5.4 billion in 2024 to USD 7.0 billion by 2029, registering a CAGR of 5.4%.

The machine safety market is thriving due to heightened workplace safety awareness, stringent regulatory compliance, and widespread integration of automation technologies across global industries, fostering substantial growth.

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Driver: Adoption of automation to improve efficiency and productivity
Industrial automation has significantly increased in recent years to achieve cost savings, quality control, etc. Industrial automation, which includes the deployment of advanced technologies such as robotics, artificial intelligence, and machine learning, also helps companies increase plant efficiency and productivity by automating repetitive tasks and reducing errors. Automated systems can work faster and more accurately than human operators, which helps reduce production time and cost and increase output.

Opportunity: Increasing awareness about workplace safety standards in emerging economies
Developed countries, such as the US, the UK, France, Australia, Japan, and the Netherlands, have adopted workplace safety standards formulated by local and international regulatory bodies. Governments of these countries have implemented stringent laws for industries violating human and equipment safety norms. However, emerging economies are still lagging in terms of the adoption of machine safety systems. It is imperative to note that the manufacturing sector in countries such as South Korea, India, and China has expanded over the past few years due to labor’s cheap and easy availability.

Challenge: Failure to assess and anticipate all potential risks associated with machinery setup
Establishing comprehensive machine guarding involves conducting a risk assessment that incorporates insights from various stakeholders, including guard designers, machine operators, maintenance personnel, supervisors, engineers, safety professionals, machine guarding experts, and representatives from the original equipment manufacturer (OEM). It is challenging for a designer to independently anticipate all potential hazards associated with equipment setup, operation, inspection, and maintenance. In situations where workers need access to areas within machine guards, meticulous planning and execution become essential.