Machine Safety Market to Grow with a CAGR of 6.19% through 2028
Rising number of industrial accidents and work-related injuries and stringent
safety regulations are likely to drive the market in the forecast period.
According to TechSci Research report, “Machine Safety Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Machine Safety Market stood at USD 5.08 billion in 2022
and is anticipated to grow with a CAGR of 6.19% in the forecast period. One of the primary drivers propelling the Machine Safety market is the
ever-increasing emphasis on workplace safety across industries. As
organizations worldwide prioritize the well-being of their employees, there is
a growing recognition of the importance of robust safety measures, particularly
in industrial settings where machinery and equipment pose inherent risks. Employers
and regulatory bodies are committed to reducing workplace accidents and
fatalities, many of which are attributed to machine-related incidents. This
commitment is driving the adoption of advanced machine safety solutions that
encompass a wide range of components, including safety sensors, interlocks,
emergency stop systems, and safety controllers. Stricter enforcement of
occupational safety and health regulations, such as OSHA in the United States
and the EU Machinery Directive in Europe, is compelling organizations to invest
in comprehensive machine safety measures. Failure to comply with these regulations
can result in fines, litigation, and reputational damage, providing a strong
incentive for businesses to prioritize safety. Additionally, a heightened focus
on corporate social responsibility and employee well-being is motivating
organizations to invest in machine safety technologies to create safer working
environments. This cultural shift further drives the demand for machine safety
solutions and fuels the growth of the Machine Safety market.
The rapid
advancements in automation and robotics technologies constitute another
significant driver of the Machine Safety market. Industries are increasingly
embracing automation to enhance operational efficiency, productivity, and
precision in manufacturing and production processes. However, the integration
of automated machinery and robots into industrial environments introduces new
safety challenges. The need to ensure safe human-robot interaction and protect
workers from potential hazards necessitates the implementation of advanced
machine safety measures. Collaborative robots (cobots) and autonomous systems
are becoming more prevalent in various industries, including manufacturing,
logistics, and healthcare. These technologies require sophisticated safety
solutions, such as safety-rated sensors, protective barriers, and safety
software, to enable safe coexistence with human workers. The demand for machine
safety is closely tied to the growth of automation and robotics because these
technologies are transforming traditional industrial practices. As industries
continue to adopt automation and robotics to remain competitive, the Machine
Safety market experiences a corresponding surge in demand for innovative safety
solutions that address the unique safety challenges posed by these
technological advancements.
In conclusion, the
Machine Safety market is driven by the increasing emphasis on workplace safety
and the rapid advancements in automation and robotics technologies. These
drivers collectively underscore the importance of comprehensive machine safety
measures in safeguarding workers, mitigating operational risks, and promoting
safe human-machine interactions in an evolving industrial landscape.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on
"Global Machine Safety Market.”
The Global Machine Safety Market is segmented into component, implementation,
industry vertical and region.
Based on component, The Safety sensors segment had the largest market
share in 2022 & expected to maintain it in the forecast period. Safety
sensors serve as fundamental components in ensuring the safe operation of
machinery and equipment in industrial settings. They are designed to detect
potentially dangerous conditions, such as the presence of operators in
hazardous zones, machine malfunctions, or unexpected movements. By providing
real-time information on these conditions, safety sensors play a pivotal role
in preventing accidents and injuries. Safety sensors find applications across a
wide range of industries and machinery types. They are used in manufacturing,
robotics, automotive, pharmaceuticals, logistics, and more. This versatility
makes safety sensors a core element of machine safety across various sectors,
driving their dominance in the market. Occupational safety and health
regulations, established by governments and industry bodies, mandate the use of
safety sensors and other safety measures to protect workers from
machine-related hazards. Non-compliance can result in legal consequences,
fines, and reputational damage for organizations. Consequently, businesses
prioritize the integration of safety sensors to ensure compliance with safety
standards. With the rise of collaborative robots (cobots) and autonomous
systems, safety sensors are essential for enabling safe human-machine
collaboration. These sensors can detect the presence of human operators in
proximity to machines and trigger safety mechanisms, such as emergency stops,
to prevent accidents. As industries increasingly adopt cobots and autonomous
systems, the demand for safety sensors continues to grow.
Based on Implementation, The Embedded segment had the largest market
share in 2022 and is projected to experience rapid growth during the forecast
period. Embedded systems are designed to be an integral part of machinery and
equipment. They are incorporated directly into the hardware and software of
these systems, providing seamless integration. This embedded nature ensures
that safety functions are an inherent part of the machine's operation, making
it an efficient and reliable means of ensuring safety. Embedded systems offer
real-time monitoring and control capabilities, allowing them to respond
instantly to safety-critical situations. They can detect anomalies, unsafe
conditions, or operator errors and trigger safety mechanisms, such as emergency
stops or protective barriers, with minimal delay. This swift response is
essential for preventing accidents and minimizing their impact. Embedded
systems can be customized to meet the specific safety requirements of different
machines and industries. Manufacturers and system integrators can tailor these
systems to address unique safety challenges, adapt to various environments, and
accommodate diverse machinery types. This flexibility ensures that safety
measures are optimized for each application, contributing to their dominance in
the market. Embedded systems are known for their high reliability and
stability. They are purpose-built to withstand harsh industrial conditions,
including temperature variations, electromagnetic interference, and mechanical
vibrations. This robustness ensures that safety functions continue to operate
effectively, even in challenging environments.
Major companies operating in the Global Machine Safety Market
are:
- ABB Ltd.
- Emerson
Electric Co.
- Schneider
Electric SE
- Siemens
AG
- Rockwell
Automation, Inc
- Honeywell
International Inc.
- Omron
Corporation
- Keyence
Corporation
- Yokogawa
Electric Corp.
- Mitsubishi
Electric Corporation
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“The Global Machine Safety market is expected to rise in the upcoming
years and register a significant CAGR during the forecast period. The
International Labour Organization (ILO) estimates that there are over 2.78
million fatal occupational accidents every year. This number is even higher
when non-fatal accidents are included. The rising number of industrial
accidents and work-related injuries is driving the demand for machine safety
solutions. Governments around the world are implementing stringent safety
regulations to protect workers from accidents. These regulations are driving
the demand for machine safety solutions. Additionally, Automation is being
adopted in a wide range of industries, such as manufacturing, automotive, and
food and beverage. This is increasing the demand for machine safety solutions
to protect workers from accidents. Therefore, the market
of Machine Safety is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Machine Safety Market By Component
(Safety Sensors, Safety Interlock Switches, Safety Controller, Others), By
Implementation (Individual, Embedded), By Industry Vertical (Oil and Gas,
Healthcare, Automotive, Metals and Mining, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Machine Safety Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Machine Safety Market.
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