Global Machine Safety Market Projected to touch CAGR 7.3% during 2018-2027

Posted by Arslan on January 17th, 2019

In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Machine Safety Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.

Increasing accidents at workplaces are turning out to be the major threats for the industrial reputation of companies. Due to fatal injuries to the employees working near machines, industries are focussing on implementing machine safety measures. With the implementation of machine safety equipment, industries are focusing on delivering security to the employees as well as maintaining the safety of the machinery. Hence, increasing accidents at workplaces in developed countries are expected to drive the growth of the machine safety market over the forecast period.

Increasing government regulations on industries for delivering workplace occupational health to the workers is resulting in the increased importance and deployment of machine safety equipment at workplaces. These factors are resulting in the increasing importance of workplace occupational health for the employees, consequently these regulations are boosting the growth of the global machine safety market.

Emerging economies in APEJ such as India and China are witnessing a drift towards rapid urbanisation and rising consumer disposable incomes. Owing to this, the demand for machine safety products such as emergency stop controls, pressure sensing safety sensors, and other machine safety devices have suddenly increased and thus the growth of the market is also expected to increase in various end use industries.

With nearly 20% market share, automotive segment is projected to remain dominant throughout the forecast period. In terms of value, the automotive segment is projected to be the most attractive one in the global machine safety market during the forecast period. In 2017, the automotive segment is estimated to be valued at more than US$ 600 Mn, and is expected to witness steady growth in terms of revenue throughout the forecast period.