IMARC Group latest research study “Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global machine safety market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
Machine safety is essential for protecting machinery, minimizing work-related injuries, and improving operational efficiency. Some commonly used machine safety devices include safety sensors and interlock switches, safety edges, laser scanners, safety light barriers, safety camera systems, protective clothing, two-hand safety control, emergency stop devices, presence sensor devices, safety controllers, relays, and modules. They are designed to eliminate mechanical hazards to personnel by safeguarding hot surfaces, moving parts, and sharp edges of machines that might lead to serious workplace injuries or accidents. They also provide enhanced productivity, reduce machine downtime and maintenance costs, and speed up operations. As a result, machine safety devices are widely adopted in the automotive, semiconductor, power generation, healthcare, and food and beverage (F&B) sectors.
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Machine Safety Market Trends and Drivers:
The market is primarily driven by the rising workplace accidents and injuries across various industrial sectors, such as manufacturing, electronics, and oil and gas. In addition, rapid industrialization, the growing awareness regarding machine safety among workers, and extensive investments in the upgradation of existing machinery to eliminate safety risks are contributing to the market growth.
Moreover, the introduction of the internet of things (IoT) for integrated safety and compliance and real-time monitoring and analysis, resulting in enhanced performance, and the advent of industry 4.0 represent other major growth-inducing factors. Besides this, governments of several countries and international organizations are introducing stringent safety standards for machinery in industries and manufacturing facilities, providing a positive thrust to market growth.
Furthermore, the introduction of innovative product variants to enhance reliability, efficiency, and safety and ongoing research and development (R&D) activities and mergers and acquisitions among key players are also creating a favorable market outlook.
Machine Safety Market Report Scope |
|
Report Coverage |
Details |
Market size value in 2022 |
US$ 5.2 Billion |
Market forecast in 2028 |
US$ 7.5 Billion |
Growth Rate |
CAGR of 6.2% from 2023 to 2028 |
Base year for estimation |
2022 |
Historical data |
2017-2022 |
Forecast period |
2023-2028 |
Global Machine Safety Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Machine Safety Companies:
ABB Ltd (NSE: ABB)
Banner Engineering Corp.
Emerson Electric Co. (NYSE: EMR)
Honeywell International Inc. (NASDAQ: HON)
IDEC Corporation
Keyence Corporation
Mitsubishi Electric Corporation
OMRON Corporation
Pilz GmbH & Co. KG
Rockwell Automation Inc.
Schneider Electric SE
Sick AG
Siemens AG.
The report has segmented the market on the basis of region, implementation, component and end use industry.
Breakup by Implementation:
- Individual Components
- Embedded Components
Breakup by Component:
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller/Modules/Relays
- Others
Breakup by End Use Industry:
- Automotive
- Electronics and Semiconductors
- Food and Beverages
- Healthcare and Pharmaceuticals
- Metals and Mining
- Oil and Gas
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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