Machine Safety Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Strong Future Growth Anticipated
The machine safety market is projected to continue its strong growth, reaching $8.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to integration of machine safety systems with industrial iot (iiot) platforms, demand for machine learning and ai-powered safety solutions, expansion of robotics and collaborative robot (cobot) applications, focus on human-machine collaboration and safe interaction, research and development in next-generation safety devices and systems.
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Growth Driver Of The Machine Safety Market
The strict machine safety mandates is expected to propel the growth of the machine safety market during the forecast period. Due to the increasing workplace accidents and poor public safety management, many government and international organizations are introducing strict machine safety mandates for machinery at the workplace. These safety mandates aim to enable safer use of machinery and improved safety management.
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Major Players And Market Trends
Key players in the machine safety market include ABB Group, Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., Rockwell Automation Inc., Siemens AG.
Technological advancement is the key market trend gaining popularity in the machine safety market. Major companies operating in the machine safety market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation machine safety solutions technologies into their products and related services, such as ultrasound, infrared, magnetic, radio technology, laser scanners, safety controllers, encoders and interlock switches, and others to communicate potential mechanical issues and control injuries caused by machines.
Segments:
1) By Implementation: Individual Components, Embedded Components
2) By Component: Presense Sensing Safety Sensors, Safety Interlock Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls
3) By System: Assembly, Material Handling, Metal Working, Packaging, Robotics, Other Systems
4) By Industry: Oil And Gas, Energy And Power, Chemicals, Food And Beverages, Aerospace And Defense, Automotive, Semiconductor And Electronics, Healthcare And Pharmaceuticals, Metals And Mining, Other Industries
Geographical Insights: Western Europe Leading The Market
Western Europe was the largest region in the machine safety market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine safety market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Machine Safety Market Definition
Machine safety refers to the sensor, devices, or switches used to control workplace accidents and improve production efficiency. The objective of machine safety is to protect workers from the hazards of machinery and the hazardous effect related to it. Machine safety controllers monitor safety and non-safety input devices providing safe stop and start functions for machines with motion.
Machine Safety Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Machine Safety Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on machine safety market size, machine safety market drivers and trends, machine safety market major players, machine safety competitors' revenues, machine safety market positioning, and machine safety market growth across geographies. The machine safety market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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