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. Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years. In addition, the establishment of standards such as IEC 61508 and IEC 61511 has led to increased adoption of machine safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the machine safety life cycle.
Market for embedded components to grow at higher CAGR during forecasted period Embedded safety component systems increase efficiency and provide better flexibility to operators; these systems reduce downtime by safely resolving issues, without stopping the entire production line.In addition, the evolution of functional safety in machinery is expected to boost the demand for embedded safety components in the coming years.
Organizations have started adopting embedded safety solutions to achieve better production performance and advanced safety. These factors owing to the higher growth of embedded components as compared to individual components during forecasted period.
Market for safety PLCs to grow at highest CAGR during forecast period“ The major factors driving the machine safety market growth are stringent safety regulations, high demand for safety systems in the oil & gas industry, and rising need for reliable safety systems for personnel and asset protection.The growth of this market can be attributed to the widespread adoption of programmable safety systems in end-user industries.
Programmable safety systems or safety PLCs are considered as the backbone of machine safety systems. These systems can be easily used in close conjunction with other systems.
APAC is projected to grow at a higher CAGR during the forecast period. APAC is expected to be the fastest-growing market for machine safety.APAC is considered as one of the fastest-growing economies.
Countries in this region focus on large-scale industrial manufacturing and, thus, has a vast number of manufacturing plants of almost all major companies across the world.Countries such as China, India, Japan, South Korea, Australia, and Indonesia are rapidly expanding their manufacturing output.
China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC.Various multinational companies have set up their manufacturing plants in APAC and are adopting higher safety standards leading to increased demand for safety systems.
However, due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for machine safety. The company has been temporarily stalling new projects.
Profile break-up of primary participants for the report is given below: • By Company Type – Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25% • By Designation – C-level Executives = 75%, Managers = 25%, • By Region – North America = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
The study includes an in-depth competitive analysis of these key players in the machine safety market, with their company profiles, recent developments, and key market strategies. ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), 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) are among the major players in the machine safety market.
The global machine safety market is segmented into implementation, component, application, industry, and region.The market based on implementation is segmented into individual and embedded component.
Based on the components, the machine safety market has been split into presense sensing safety sensors, safety interlock switches, safety controllers/modules/safety relays, programmable safety systems, emergency stop controls, and two-hand safety controls.The applications that are included in the study are assembly, material handling, metal working, packaging, robotics, and others (welding and shielding of heavy machinery).
The machine safety market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report: • Illustrative segmentation, analysis, and forecast of the market based on type, component, system, industry, and region have been conducted to give an overall view of the machine safety market. • A value chain analysis has been performed to provide in-depth insights into the machine safety market. • The key drivers, restraints, opportunities, and challenges pertaining to the machine safety market have been detailed in this report. • Detailed information regarding the COVID-19 impact on the machine safety market has been provided in the report. • The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues
Our reports have been used by over 10K customers, including:
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this U.S. Precision Parts Market Report
The U.S. precision parts market by revenue is expected to grow at a CAGR of over 12% during the period 2021–2026.
The U.S. market is likely to grow due to the increasing prominence of electric vehicles...
The manufacturing execution system market was valued at US$ 11870.6 million in 2020 and is projected to reach US$ 26090.7 million by 2028; it is expected to grow at a CAGR of 10.9% from 2021 to 2028. At present, enterprises worldwide are giving equal importance to manufacturing execution system projects as enterprise resource planning...
The global aluminum parts gravity die casting market was valued at USD 5,351 in 2020 million and is projected to reach USD 7,413 million by 2026, registering a CAGR of about 4.82% during the forecast period (2021 - 2026). During the outbreak of coronavirus during 2020, the whole supply chain of automotive industry was impacted very...
The ultrasonic sensors market was valued at USD 1040.12 million in 2020 and is expected to reach a value of USD 2383.19 million by 2026, at a CAGR of 15.68%, during the forecast period (2020-2025). The ultrasonic sensor is an emerging technology with significant growth potential. Ultrasonic sensors rely on non-intrusive detection of target...
The urban air mobility market is projected to grow from USD 2.6 billion in 2020 to USD 9.1 billion by 2030, at a CAGR of 13.5% from 2020 to 2030. The increasing demand for enhanced efficiency, human safety, and investment activities are expected to drive the market. However, the limited reliability of eVTOLs during transportation and the inability...
The global MNS market size is projected to grow from USD 8.0 billion in 2020 to USD 27.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. MNS solutions offer the ability to designate different groups so companies can reach the right people with the right message quickly. Organizations can create...
The drive by wire market is projected to reach USD 31.9 billion by 2025 from an estimated USD 24.0 billion in 2020 at a CAGR of 5.9% during the forecast period. The primary reason for the growth is driven by the increasing number of mandates from governments to control vehicle emissions, vehicle weight reduction and the demand for premium...
The global hydraulics market size is expected to grow from USD 37.4 billion in 2020 to USD 42.1 billion by 2025, at a CAGR of 2.4%. The growth of this market is mainly driven by growing construction activities drive significant demand for hydraulic equipment, increasing demand for material handling equipment, rising demand for advanced agriculture...
The global smart space market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The increasing green building initiatives and environmental concerns to drive market growth. • By component, the service segment to register the highest...
Automotive Material Trends - Global Sector Overview and Forecast to 2030 (Q1 2021 Update)
For some time, the automotive industry has been under pressure to change the way it designs and builds vehicles, due to factors such as the increasing impact of passenger and pedestrian safety requirements...
Greenhouse Gas Emissions
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.