COVID-19 Impact on the Machine Safety Market
Posted by Tom C on November 24th, 2020
The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. Key factors driving the demand for machine safety systems include strict machine safety mandates, and high requirements for reliable safety systems to ensure personnel and asset protection.
COVID-19 impact on the machine safety market
Machine safety systems are aggressively being used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity while safeguarding workers. Due to the outbreak of COVID-19, the adoption of these systems will increase in the future as companies will adopt automation at large to ensure continuity of business operations even during crises. Most of the industries are affected by supply chain disruptions worldwide. Medical devices and pharmaceuticals industries are striving to yield maximum output to cater to the needs of patients in various regions. Pharmaceuticals and food & beverage are the industries that manufacture essential goods and their manufacturing facilities cannot be shut. During this pandemic, these are the 2 industries providing essential items to people. Thus, it is expected that these industries will generate more demand for machine safety solutions.
Download PDF Brochure:
The presense sensing safety sensors component is projected to to hold largest market share of machine safety market from 2020 to 2025.
The presense sensing safety sensor market is expect to hold the largest market share owing to the need for security requirements for protecting workers and production units from any accidents mandated by the strict machine safety regulations based on the national and international standards. Moreover the factors such as the rise in machine revolution 4.0, increasing need for safety light curtains in the packaging industry powered by robotics, and rising incidents of accidents in industries are driving the demand for presence sensing safety sensors of machine safety market.
The machine safety market for food & beverages industry is projected to grow at the highest CAGR during the forecast period.
The machine safety systems are widely adopted by food and beverage giants to increase production precision and flexibility. Machine safety helps in achieving greater operational transparency across production lines and in ensuring compliance with regulations. The food & beverages industry strives to achieve high quality and consistent production at a low price. This can be achieved by making food & beverages plants more safe, flexible, and profitable by choosing an integrated approach of automated safety control systems such as machine safety solutions. Further, as companies are becoming more aware of regulations, which are becoming more stringent, there is an upsurge in demand for machine safety systems to achieve safe and efficient operations in food & beverage manufacturing plants.
The machine safety market in Europe is projected to hold the largest market share of machine safety during the forecast period.
Europe is the largest markets for machine safety systems as machine safety standards are strictly followed within the European Economic Area (comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operation of machinery that do not meet the regulatory requirements. The machine safety requirements are stringent in the European region, which are driving the growth of the market.
Key Market Players
The machine safety players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, partnerships and, business expansions, to strengthen their offerings in the market. The major players are ABB Ltd. (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), General Electric Co. (US), Yokogawa Electric Corp. (Japan), Omron Corporation (Japan), Keyence Corporation (Japan), Mitsubishi Electric Corporation (Japan), Pilz GmbH & Co. KG (Germany), Sick AG (Germany), Balluff GmbH (Germany), and Banner Engineering Corp. (US) were the major players in the machine safety market.
Like it? Share it!
About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 407
More by this author