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Machine Safety Market Size And Forecast
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Machine Safety Market size was valued at USD 5.55 Billion in 2024 and is projected to reach USD 8.46 Billion by 2031, growing at a CAGR of 5.97% during the forecast period 2024-2031.
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- A machine safety system is basically used to ensure the safety of the operators as well as to track the equipment functionality.
- Some of the advantages provide by the machine safety include minimal waste with higher productivity. Thus, the installation of these systems either independently or embedded into the equipment is necessary.
- The commonly used safety systems include programmable safety systems, presence detection sensors, emergency stop controls, and safety interlock switches.
- Moreover, growing workplace safety is increasing the demand for the installation of machine safety in are primarily used various industries including metals and mining, oil and gas, automotive, healthcare and pharmaceutical, aerospace and defense, and others.
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Global Machine Safety Market Dynamics
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The key market dynamics that are shaping the global machine safety market include:
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Key Market Drivers
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- Effective implementation of stringent machinery safety regulations and standards: Implementation of Industry 4.0 technology is aiding in integrating digital technologies in the industrial processes from the safety perspective. Thus, surging the demand for machine safety in the industrial sector. Furthermore, the rising demand to avoid accidents in the workplace when handling machinery is likely to spur sales in the market. Thereby, compelling the industries to implement stringent worker safety regulations.
- Demand for energy-efficiency with higher productivity in the industrial sector: Rising environmental concerns is stirring the industries to adopt machine safety systems in their industrial processes to save energy. Likewise, the incorporation of eco-friendly technologies is likely to improve operation efficiency and productivity with broader sustainability goals.
- Rising need for machine safety systems in automotive industry: The automotive industry is the primary consumer of machine safety solutions. Machine safety systems are integrated into operative and automated machineries for better productivity and lower risks to the workers. Thus, growing demand for machine safety in the automotive industry is projected to shoot up the sales in the coming years.
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Key Opportunities
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- Introduction of industrial Internet of Things (IIoT): According to Market Research, increasing use of cloud with the amalgamation of the industrial Internet of Things is projected to surge the demand for high-end industrial safety systems. Therefore, the ongoing trend of the inclusion of IIoT in industrial processes is likely to create lucrative opportunities for machine safety in the coming years. Moreover, the ease and accuracy in the collection of data generated by safety and compliance systems and services on a real-time basis with potential solutions considerably pilot a substantial increase in sales.
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Key Challenges
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- Huge installation and maintenance cost: High installation and maintenance costs of machine system systems is likely to be an economic burden for the organizations. It is a considerable factor restraining the market growth.
- Lack of skilled professionals for handling machine safety systems: Lack of knowledge and awareness about machine safety solutions among small and medium enterprises is likely to have a huge impact on market growth. Similarly, a lack of understanding of the security policies and measures is projected to further hinder its application. However, holding up training programs is projected to help overcome the limitation in the coming years.
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Global Machine Safety Market Regional Analysis
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Asia Pacific
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- Growing industrialization is favoring the implementation of Industry 4.0 technologies in the industrial processes attributing in the growth of the market in the region. The machine safety market is thus estimated to generate maximum revenue from Asia Pacific.
- The rising number of automotive, manufacturing, chemical, and electronics industries in countries like India, Japan, and China is pushing the need for safety solutions and regulations for employee safety.
- Furthermore, environmental concerns in industry-prone countries are on the way to increasing the application of safety solutions for better energy-saving with higher productivity. This is one of the major factors favoring the machine safety market growth in the region.
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Europe
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- As per Market Research analysts, Europe is projected to dominate the market during the forecast period. The growth is attributed to the implementation of stringent machinery safety rules and standards in the industrial sector. Also, the growing demand for machinery and operator safety in the upcoming manufacturing, automotive, and other industries in the region opens new doors of opportunities for the market.
- Also, the flourishing automotive industry in Germany is estimated to further improve the sales of machine safety systems.
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North America
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- According to the analysts, U.S. alone is found to hold maximum share in the North America machine safety market.
- Flourishing industrialization coupled with the implementation of Industry 4.0 technologies is anticipated to eventually drive the sales of the market.
- Increasing demand for safety sensors in the expanding electronics industry is responsible for the growth in the market
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Global Machine Safety Market: Segmentation Analysis
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The Global Market is Segmented on the basis of Component, Implementation, Industry, and Geography.
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Machine Safety Market, By Component
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- Presence-Sensing Safety Sensors
- Safety Controllers/ Modules/Relays
- Programmable Safety Systems (Safety PLCs)
- Safety Interlock Switches
- Others
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Based on Component, the market is segmented into Presence-Sensing Safety Sensors, Safety Controllers/ Modules/Relays, Safety Interlock Switches, Programmable Safety Systems (Safety PLCs), and Others. The Presence-Sensing Safety Sensors category is witnessing the fastest growth over the projected period. The elements ascribed to the segment’s rise are associated with the necessary security needs for defending employees and production units from any circumstances mandated by rigorous machine safety rules based on national and international norms.
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Machine Safety Market, By Implementation
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- Individual Components
- Embedded Components
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Based on Implementation, the market is segmented into Individual Components and Embedded Components. The Embedded Components segment will bloom throughout the projected period. Embedded safety component systems increase efficiency and improve operator compliance; these systems save downtime by safely fixing issues without stopping the entire manufacturing line. Furthermore, the advancement of functional safety in equipment will boost the demand for integrated safety components in the coming years.
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Machine Safety Market, By Industry
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- Oil & Gas
- Chemicals
- Aerospace
- Automotive
- Others
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Based on Industry, the market is segmented into Oil and Gas, Chemicals, Aerospace, Automotive, and Others. The Oil & Gas segment will grow faster during the forecast period. The demand for industrial automated products in the oil and gas industry is increasing. And it is set to open up new opportunities in the Machine Safety Market. It allows for upgrading existing machinery, resulting in a demand for new machine safety devices that can work with the upgraded equipment.
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Key Players
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The “Global Machine Safety Market” study report will provide valuable insight with an emphasis on the global market including some of the major players are insight with an emphasis on the global market. Some of the key players leading the market include Sick AG, Pilz GmbH & Co.KG, Pepperl+Fuchs, Banner Engineering, EUCHNER, ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Mitsubushi Electric Corporation, KEYENCE CORPORATION, B&R Automation.
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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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Key Developments
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- In March 2021, Symboticware, a leading Industrial IoT/AI company, entered into a collaboration agreement with Schneider Electric to offer the latest machine safety Integration systems.
- In April 2022, an advanced digital cockpit named “Inca Jay” was introduced by Mitsubishi Electric Corporation. This technology aligns with advanced driver assistance systems (ADAS), cabin safety, and enhanced user experience (UX), thereby shaping the trend of connectivity and IoT in automotive. Third third-generation Snapdragon Cockpit Platform is used to power the Inca Jay cockpit. Snapdragon Cockpit platform primarily uses “INTEGRITY” developed by Green Hills Software to offer real-time data for better performance, safety, and security.
- In May 2022, Emerson developed TopWorx DX PST with HART& in order to offer real-time valve data with effective diagnostic information. The continuous integration of DX PST with the control valves and control tools offers the operators with the much-needed accurate data.
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Report Scope
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| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD |
2021-2031 _x000D_ |
| BASE YEAR |
2024 _x000D_ |
| FORECAST PERIOD |
2024-2031 _x000D_ |
| HISTORICAL PERIOD |
2021-2023 _x000D_ |
| UNIT |
Value (USD Billion) _x000D_ |
| KEY COMPANIES PROFILED |
Sick, Pilz, Rockwell Automation, ABB, Honeywell International, Schneider Electric, Pepperl+Fuchs, Banner Engineering, EUCHNER, and OMRON. _x000D_ |
| SEGMENTS COVERED |
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