Machine Safety Market to Expand at a CAGR of 7.2% during Forecast Period | Transparency Market Research, Inc.

WILMINGTON, DE / ACCESSWIRE / January 12, 2023 / Transparency Market Research Inc. - The global machine safety market was valued at US$ 5.9 Bn in 2021 and is estimated to reach US$ 11.5 Bn by 2031, expanding at a CAGR of 7.2% during the forecast period from 2022 to 2031. Demand for machine safety solutions is rising across end-use sectors, including aerospace & military, electronics & semiconductor, automotive, food & beverage, chemical, and healthcare & pharmaceutical. Additionally, growing consumer awareness about operator safety is expected to drive market development.

Companies are implementing comprehensive strategies for machine safety with the help of smart devices in an effort to increase overall equipment effectiveness (OEE). These businesses have less downtime and injury rates that are less than half those of standard performers.

The global industry is anticipated to be driven by rise in awareness about workplace safety in developing countries. Growing digital transformation in industrial automation is expected to drive the usage of smart safety solutions in factories. This is expected to increase machine safety market size during the forecast period.

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Key Findings of Market Report

• Implementation of machinery safety measures is crucial in the automotive industry, as using machinery could expose workers to a multitude of hazards. Efficient manufacturing and machinery safety are essential in the automobile industry. Production operations that need to follow safety measures at several stages include assembly lines, robotic welding, press facilities, and paint finishing systems. Automotive manufacturers can reach and uphold machine safety objectives with the use of machinery safety measures.
• As per market forecast, the presence sensing safety sensors segment is anticipated to grow at a rapid pace during the forecast period. These sensors identify dangerous situations or behaviors and initiate an effort to safeguard personnel and machinery. Increase in deployment of presence detecting safety sensors is anticipated to bolster industry growth.
• Based on implementation, the embedded components segment held a sizable market share in 2021. The trend is anticipated to continue during the forecast period. Embedded component systems boost machine productivity, while improving operator safety. Low installation cost is another benefit of embedded component systems. Embedded components guarantee a safer working environment for machine operators. Therefore, fewer components and less cabling reduce chances for system failure, which is expected to drive market demand.

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Global Machine Safety Market: Growth Opportunities

• Mandatory machine safety regulations are being adopted and strictly implemented in a number of countries. New functional safety criteria are intended to motivate designers to focus more on the functionalities needed to completely remove every risk while also considering the performance necessary for each function. Thus, implementation of machine safety regulations is projected to augment the global market in the next few years.
• Robots are frequently utilized in the automotive industry for painting, welding, and assembling. These robots are fitted with sensors and other safety measures in order to avoid mishaps and casualties. Automating machine safety reduces the likelihood of injuries and accidents, while also protecting employees and ensuring that equipment are running properly and safely.

Global Machine Safety Market: Regional Landscape

• Asia Pacific dominated the global machine safety market in 2021. The trend is expected to continue during the forecast period. The machine safety industry in the region is expected to experience robust growth in the next few years. Establishment of leading companies, particularly in India, Japan, and China, can be attributed to increasing emphasis on machine safety in Asia Pacific. Furthermore, rise in R&D efforts in the industrial, automotive, and healthcare sectors are likely to fuel market demand in Asia Pacific.

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Global Machine Safety Market: Key Players

• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• Honeywell International Inc.
• Schneider Electric SE
• Yokogawa Electric Corp.
• Emerson Electric Co.

Global Machine Safety Market: Segmentation

Implementation

• Individual Components
• Embedded Components

Component

• Presence Sensing Safety Sensors
• Safety Interlock Switches
• Controllers/Modules/Relays
• Programmable Safety Applications
• Emergency Stop Controls
• Two-hand Safety Controls

Application

• Assembly
• Material Handling
• Metal Working
• Packaging
• Robotics
• Others

End-use Industry

• Oil & Gas
• Energy & Power
• Chemical
• Food & Beverage
• Aerospace & Defense
• Automotive
• Electronics & Semiconductor
• Healthcare & Pharmaceutical
• Metals & Mining
• Others

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