Global Machine Safety Market Insights Forecasts to 2032
- The Machine Safety Market Size was valued at USD 5.63 Billion in 2022.
- The Market is Growing at a CAGR of 5.65% from 2022 to 2032
- The Worldwide Machine Safety Market is expected to reach USD 9.75 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global Machine Safety Market Size is expected to reach USD 9.75 billion by 2032, at a CAGR of 5.65% during the forecast period 2022 to 2032.
A machine safety system assesses the overall condition of machinery and equipment over time to reduce their vulnerability to failure and increase their service life. These are useful in machine protection, boosting productivity, and reducing inefficiency and costly errors. Such systems have applications in a variety of industries, including oil and gas, automotive, mining and metals, healthcare, and others. The machine safety market is growing due to increased demand for presence-sensing safety devices, rising adoption of IoT, and a greater concentration on industrial safety and forward-thinking security precautions. Further, advances in technology in the fabrication of machine safety devices are anticipated to provide advantageous prospects for the growth of the global machine safety market. With the aim of minimizing industrial accidents, businesses are implementing safety-certified procedures along their manufacturing lines. Industry participants frequently incorporate industrial safety products, which include emergency shutdown systems along with safety controller components, to reduce the likelihood of an interruption or accident occurring.
Global Machine Safety Market Report Coverage
|Market Size in 2022:||USD 5.63 Billion|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||5.65%|
|022 – 2032 Value Projection:||USD 9.75 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||105|
|Segments covered:||By Implementation, By Component, By End-Use and By Region.|
|Companies Covered:||ABB Ltd., Emerson Electric Co., General Electric, Honeywell International Inc., Schneider Electric, IDEC Corporation, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co., Sick AG, Balluff GmbH, Banner Engineering Corp.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Manufacturing industries are emphasizing accumulating cutting-edge technology to boost worker efficiency in the context of Industry 4.0. To safeguard against unanticipated events such as incidents and malfunctions, advanced machinery must be constantly tracked. As a result, machine safety systems are required in any sector of the economy. Another factor driving the increased demand for machinery safety systems is global industrialization. An additional driver influencing the market's growth is the expanding automobile industry, as transportation uses a variety of safety devices and systems, including airbags, computerized stability control, and accident avoidance systems that operate primarily through sensors.
In contrast to this, the growing adoption of IIOT to ensure better management and enhanced efficiency of industrial assets, along with the rising acceptance of workplace security measures in developing countries, will present an extensive range of new opportunities that will increase the expansion of the machine safety market throughout the anticipated period.
The market for machine safety is expanding due to the widespread use of technological advances for decreasing the effects of COVID-19 and boost organizational safety. The increased focus on their assets and worker safety is additionally assisting the market to expand. In addition, the development of new factories has facilitated the market's expansion and has been fueled by the world's accelerating industrialization.
Meanwhile, insufficient comprehension regarding the significance of machine safety is anticipated to create significant challenges to the growth of the machine safety market. Furthermore, increased competition and a lack of awareness among small-scale manufacturers are major factors impeding market share growth. Furthermore, the costs of machine safety components, along with their setup, upkeep, and repair, place an enormous demand on the corporate budget. While major corporations can cope with such expenses, small and medium-sized companies might have difficulty.
By Implementation Insights
The individual components segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global machine safety market is segmented into system individual components and embedded components. Among these, the individual components segment is dominating the market with the largest revenue share over the forecast period. After identifying potential hazards through a risk assessment, specific safety components are installed. Due to their compatibility, individual components are simple for connecting and configuring. Furthermore, because installing individual components is simple, the company demand aftermarket deployment of individual safety components, leading to increased adoption of individual components when compared to embedded components.
By Component Insights
The programmable safety systems segment accounted for the largest market share over the forecast period.
On the basis of product, the global machine safety market is segmented presense sensing safety sensors, safety interlock switches, safety controllers, programmable safety systems, emergency stop controls, two-hand safety controls, and others. Among these, the programmable safety systems segment accounted for the largest market share over the forecast period. This segment's growth can be contributed to the widely used acceptance of capable programming safety systems in industries with end-users. The foundation of machine safety systems is programmable safety systems, also known as safety PLCs. Programmable safety systems are argument solutions that are extremely dependable and offer a fail-safe and fault-tolerant operation. They are an essential component of safety instrumented systems.
By End-Use Insights
The oil & gas, energy & power segment accounted the largest revenue share of more than 55% over the forecast period.
On the basis of end-use, the global machine safety market is segmented into oil & gas, energy & power, chemicals, food & beverages, aerospace & defense, automotive, semiconductor & electronics, healthcare & pharmaceuticals, metals & mining, and others. Among these, oil & gas, energy & power are dominating the market with the largest revenue share of 55% over the forecast period. The demand for energy on a global scale is rising promptly. This demand the energy and power industries optimize better use of available resources while decreasing breakdowns of assets and enhancing operational efficiency. Additionally, it is predicted that the potential for machine safety will start to emerge from the growing demand for industrial automation products in the oil and gas sector. It allows for the upgrading of existing machinery, resulting in an increased need for additional safety equipment that is compatible with the improved machinery. As a result, the demand for safety systems in the oil and gas, energy, and power industries has increased.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 45% market share over the forecast period. The widespread utilization of automated machines, greater acceptance of international machine safety standards, and the resultant impact of large-scale companies on safety system adoption are some of the factors contributing to the market's growth in the region. The market for machine safety in the Asia Pacific is expanding as a result of increasing demand from developing nations like China, Japan, India, and South Korea. The production output and energy consumption of Japan, a smaller country in terms of land area, are enormous. Japan has strict safety regulations that are centered on protecting the well-being of employees across a multitude of industries.
The Asia-Pacific region's highest market for machine safety products in terms of sales is anticipated to be China. Region-wide efforts are being made to encourage the production of goods for the home. China is making significant investments in the automotive sector and commencing new projects. Capital investment was significantly boosted by the development of electric vehicles, with the majority of the additional funds going toward new machinery. The upgrade of specialized equipment and agricultural machinery is a key component of the program's safety requirements.
North America, on the contrary, is expected to grow the fastest during the forecast period. This is due to the prominence of major business enterprises in the area, as well as strict government safety standards.
List of Key Market Players
- ABB Ltd.
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- Schneider Electric
- IDEC Corporation
- Rockwell Automation, Inc.
- Siemens AG
- Yokogawa Electric Corp.
- Omron Corporation
- Keyence Corporation
- Mitsubishi Electric Corporation
- Pilz GmbH & Co.
- Sick AG
- Balluff GmbH
- Banner Engineering Corp.
Key Market Developments
- On August 2022, Honeywell International Inc. announced the release of the Morley Max fire detection and alarm system, which aids in occupant and building safety. The intelligent fire alarm control panel is a powerful, compact, performance-driven device that provides installers and end users with a technically advanced range of simple functions to install, commission, and maintain.
- On August 2022, Aeva, a leader in next-generation sensing and perception systems, and SICK AG announced a multi-year strategic collaboration to bring Aeva's FMCW 4D LiDAR to a variety of industrial sensing applications, beginning with Aeries II. Aeva's FMCW 4D LiDAR technology outperforms other sensing technologies such as cameras and legacy 3D LiDAR sensors in terms of perception. Because Aeva's technology is immune to retroreflector blooming and ghosting, automated machines using Aeva's 4D LiDAR will have clear perception when highly reflective objects such as safety vests, cones, and tape are in the sensor's field of view.
- On October 2021, Honeywell has introduced a new line of ergonomic and lightweight headpieces that combine face and respiratory protection for use in hazardous work environments such as oil and gas, chemical production, and manufacturing. Honeywell North® Primair 900 (PA900) Series Headgear provides ANSI-certified and NIOSH-approved eye, face, head, and respiratory safety for a variety of applications.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Machine Safety Market based on the below-mentioned segments:
Machine Safety Market, Implementation Analysis
- Individual Components
- Embedded Components
Machine Safety Market, Component Analysis
- Presense Sensing Safety Sensors
- Safety Interlock Switches
- Safety Controllers
- Programmable Safety Systems
- Emergency Stop Controls
- Two-hand Safety Controls
Machine Safety Market, End-Use Analysis
- Oil & Gas
- Energy & Power
- Food & Beverages
- Aerospace & Defense
- Semiconductor & Electronics
- Healthcare & Pharmaceuticals
- Metals & Mining
Machine Safety Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
Frequently Asked Questions (FAQ)
1. What is the market size of the Machine Safety market?The Global Machine Safety Market is expected to grow from USD 5.63 billion in 2022 to USD 9.75 billion by 2032, at a CAGR of 5.65% during the forecast period 2022-2032.
2. Which are the key companies in the market?ABB Ltd., Emerson Electric Co., General Electric, Honeywell International Inc., Schneider Electric, IDEC Corporation, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co., Sick AG, Balluff GmbH, Banner Engineering Corp.
3. Which segment dominated the Machine Safety market share?The oil & gas, energy & power segment in end-use type dominated the Machine Safety market in 2022 and accounted for a revenue share of over 55%.
4. What are the elements driving the growth of the Machine Safety market?The increasing significance of the workforce and asset protection, along with stringent machinery and equipment safety regulations, are key factors driving the machine safety market's growth.
5. Which region is dominating the Machine Safety market?Asia Pacific is dominating the Machine Safety market with more than 45% market share.
6. Which segment holds the largest market share of the Machine Safety market?The individual components segment based on implementation type holds the maximum market share of the Machine Safety market.
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