A detailed study published by Future Market Insights (FMI) reveals critical trends and opportunities that are driving growth in the Machine safety Market. The report emphasizes the emphasis on important micro and macroeconomic indicators Drive sales across different segments in terms of components and industry. It also reveals competitive trends and profiles of leading players in the world market.
DUBAI, United Arab Emirates, November 24, 2021 / PRNewswire / – According to a comprehensive study by FMI, the global market for machine safety will top US $ 5.1 billion in 2021. The proliferation of industrial Internet of Things (IIoT) products is driving the demand for machine safety components in materials processing, electronics, packaging, pharmaceuticals and other industries. Driven by this, the market is expected to outperform US $ 9.4 billion by the end of 2031.
Historically, the demand for machine safety grew between 2016 and 2020 with a CAGR of 4.8%. A paradigm shift in functional safety from mechanical interlocking switches to modern programmable logic controllers (PLC) and the rapid development in Industry 4.0 are the most important factors driving the market. Because of this, market demand is expected to increase 6.4% CAGR in the forecast period 2021-2031.
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There has been a significant increase in the frequency of occupational accidents around the world. To counteract this, governments of several countries are implementing a number of safety rules and regulations to improve occupational safety. For example, the US government has enforced several occupational safety standards through the Occupational Safety and Health Administration (OSHA). Such initiatives are expected to boost machine safety sales by 5.2% between 2020 and 2021.
Based on the components, the segment of presence sensor safety sensors should develop into the most popular machine safety system. Factors driving the segment’s growth are the increasing focus on improving work safety and focusing on improving work safety.
“The major manufacturers are focusing on research and development (R&D) activities to develop innovative machine safety solutions that are integrated with advanced safety sensors to meet the increasing demand for industrial automation. This is expected to fuel growth in the years to come. “ says an FMI analyst.
Key to take away Machine safety market survey
- The US is expected to have the largest share of sales in the North America Market with sales growth of almost 7.8% CAGR over the evaluation period.
- Rapid growth is forecast for the UK market Europeexpanding at a CAGR of 7.2% between 2021 and 2031.
- the China It is estimated that the market accounts for more than 40% of the value share in East asiawhich climbs to an impressive 8.9% CAGR by 2031.
- Sales machine safety in South Korea and Japan are expected to increase by around 6.2% CAGR and 7.5% CAGR, respectively, in the forecast period.
- On an industry basis, the automotive sector is expected to be the most rewarding segment, accounting for over 22% of sales in 2021.
- The increasing demand in the packaging sector for safety light curtains powered by robotics is driving sales of safety sensors with presence detection.
- The rapid expansion of the automotive industry and the increasing introduction of novel IoT-based technologies to accelerate vehicle production are expected to boost demand for machine safety in the automotive segment.
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- High costs for machine safety components, as well as installation, maintenance and repair are a major factor stunting the growth of the market.
According to FMI, ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE and Siemens AG are the leading providers of machine safety solutions and services. These players are expected to represent more than 40% of total sales in the market.
Leading companies focus on strategies such as new product development and strategic partnerships with other vendors to expand their product and service portfolios. For example,
- In October 2021, OMRON Corporation, a Japanese electronics company, announced the introduction of a new inspection system, the VT-S10 series. The system uses imaging and artificial intelligence (AI) technology to automate high-precision processes for printed circuit board (PCB) subassemblies. The introduced product will help the company to expand its portfolio in the area of machine safety.
- In June 2019, Schneider Electric, a French multinational, announced the launch of a smart factory in the United States to demonstrate how its EcoStruxure architecture and associated range of products can reduce costs for its customers and increase operational efficiency.
Some of the key players in the market profiled by FMI are:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International Inc.
- Schneider Electric SE
- Rockwell Automation, Inc.
- Siemens AG
- Yokogawa Electric Corp.
- Omron Corporation
- Keyence Corporation
- Mitsubishi Electric Corporation
- Pilz GmbH & Co. KG
- Krank AG
- Balluff GmbH
- Banner Engineering Corp.
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More valuable insights on Machine safety market
FMI’s latest report offers in-depth analysis of the global Machine Safety Market, offering credible insights into the key factors that will drive the market through 2021 and beyond. The study also revealed growth forecasts for the Machine Safety Market with detailed segmentation:
- Safety sensors with presence detection
- Safety interlock switch
- Hinge pin
- Trapped key
- Programmable security systems
- Security modules
- Emergency stop controls
- food and drinks
- Material processing
- Electronics & Semiconductors
- North America
- Latin America
- East asia
- South asia & Pacific
- middle East and Africa (MEA)
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Key issues addressed in the report
- The report offers an insight into the demand outlook of the Machine Safety Market for the forecast period 2021-2031
- The market study also underlines the forecast sales growth for the machine safety market between 2021 and 2031
- The Machine Safety Market Survey identifies key growth drivers, restraints, and other forces affecting the prevailing trends, as well as assessing the current market size and forecast, as well as technological advances in the industry
- Market share analysis for machine safety, covering important companies in the industry and covering strategies such as mergers and acquisitions, joint ventures, cooperations or partnerships and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving customers in over 150 countries. FMI is headquartered in Dubaiand has delivery centers in the UK, USA and India. The latest market research reports and industry analysis from FMI help companies overcome challenges and make critical decisions with confidence and clarity in the midst of breakneck competition. Our bespoke and syndicated market research reports provide actionable insights that drive sustainable growth. A team of knowledgeable analysts at FMI continuously track new trends and events in a variety of industries to ensure our clients prepare for the changing needs of their consumers.
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