Machine Safety
PUBLISHED: 2024 ID: SMRC26304
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Machine Safety

Machine Safety Market Forecasts to 2030 - Global Analysis By Type (Mechanical, Electrical, Hydraulic, Pneumatic and Software-based), Component, Application, End User and By Geography

4.5 (26 reviews)
4.5 (26 reviews)
Published: 2024 ID: SMRC26304

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Machine Safety Market is accounted for $5.63 billion in 2024 and is expected to reach $8.74 billion by 2030 growing at a CAGR of 7.8% during the forecast period. Machine safety refers to the practices, protocols, and technologies implemented to minimize the risk of injury or harm to individuals operating or interacting with machinery. It encompasses a range of measures, including the use of protective guards, emergency stop mechanisms, safety sensors, and employee training programs. The goal of machine safety is to create a secure working environment where the potential hazards associated with machinery are identified, assessed, and effectively managed to prevent accidents and ensure the well-being of workers and bystanders.

According to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company’s growth and 86% of respondents considered that AI will help improve productivity.

Market Dynamics: 

Driver: 

Rising incidence of workplace accidents

Companies facing the consequences of accidents, including legal liabilities, financial losses, and damage to reputation, are compelled to invest in robust safety solutions. This drives demand for machine safety technologies such as safety sensors, interlocks, and protective guards to mitigate risks and ensure compliance with regulatory standards. Ultimately, the imperative to prevent accidents propels the adoption of comprehensive machine safety solutions across industries. Therefore, the rising incidence of workplace accidents acts as a catalyst for the growth of the machine safety market.

Restraint:

Lack of skilled workforce

With a shortage of professionals proficient in designing, integrating, and servicing machine safety systems, businesses face difficulties in adopting and optimizing these technologies. Moreover, the absence of skilled personnel may result in suboptimal safety practices and compromised safety standards, potentially leading to accidents and liabilities. As a result, the lack of a skilled workforce in machine safety poses a significant challenge to market growth as it hampers the effective implementation and maintenance of safety solutions.

Opportunity:

Growing adoption of industry 4.0 and automation

As industries integrate advanced technologies such as IoT, robotics, and AI, there's a heightened need to ensure the safety of both workers and machinery in dynamic and interconnected environments. This drives the demand for sophisticated machine safety solutions that can seamlessly integrate with automated systems while maintaining high levels of safety and productivity. Consequently, the growing adoption of Industry 4.0 and automation fosters the expansion of the machine safety market by necessitating enhanced safety measures to mitigate new risks.

Threat:

Compatibility issues

Compatibility issues in machine safety arise when safety components or systems from different manufacturers are incompatible or difficult to integrate seamlessly. This hampers market growth by complicating the implementation process, increasing costs, and potentially compromising safety standards. Incompatibility issues can lead to delays in deployment, operational inefficiencies, and increased risks of accidents or malfunctions. Moreover, it can deter potential customers from investing in machine safety solutions, limiting market expansion.

Covid-19 Impact

The covid-19 pandemic initially slowed the machine safety market due to disruptions in manufacturing and construction sectors. However, as industries resumed operations, there was an increased focus on workplace safety, driving demand for machine safety solutions to adhere to social distancing guidelines and protect workers. Additionally, the pandemic accelerated the adoption of automation and robotics, further boosting the market as companies sought to enhance safety and productivity in the post-pandemic landscape.

The software-based segment is expected to be the largest during the forecast period

The software-based segment is estimated to have a lucrative growth. Software-based machine safety involves utilizing digital systems to enhance safety measures in industrial settings. Through algorithms, sensors, and real-time monitoring, software can detect potential hazards and mitigate risks, such as collisions or equipment malfunctions. This technology allows for dynamic adjustments to operating parameters, ensuring safer working environments for operators and reducing the likelihood of accidents. By integrating software solutions, industries can optimize safety protocols and adhere to stringent regulatory standards more effectively. 

The material handling segment is expected to have the highest CAGR during the forecast period

The material handling segment is anticipated to witness the highest CAGR growth during the forecast period. In material handling safety applications, machine safety focuses on safeguarding workers and equipment during the movement, storage, and transportation of materials. This involves implementing protective measures such as barriers, sensors, and emergency stop systems to prevent accidents like collisions, falls, and entanglements. By integrating these safety features, industries can ensure compliance with regulations, minimize downtime due to accidents, and create safer working environments for personnel involved in material handling operations.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to rapid industrialization, increasing automation, and stringent government regulations. Countries like China, Japan, South Korea, and India are major contributors to market expansion, driven by investments in manufacturing and infrastructure projects. Additionally, collaborations between regional and international players are facilitating the development and deployment of innovative machine safety solutions tailored to the diverse industrial landscape of the Asia-Pacific region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, driven by stringent regulatory standards and the increasing adoption of automation technologies across various industries. Factors such as the emphasis on worker safety, the rise in industrial accidents, and the need for enhanced productivity are driving market expansion. Additionally, the growing awareness and investments in workplace safety further propel market growth in North America.

Key players in the market

Some of the key players profiled in the Machine Safety Market include ABB Group, Rockwell Automation, Siemens AG, Honeywell International Inc., Omron Corporation, Pilz GmbH & Co. KG, Schneider Electric SE, SICK AG, Banner Engineering Corp., Phoenix Contact GmbH & Co. KG, Keyence Corporation, Euchner GmbH + Co. KG, Troax Group AB, Datalogic S.p.A., Leuze electronic GmbH + Co. KG, IDEC Corporation, Emerson Electric Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation and HIMA Group.

Key Developments:

In April 2023, Siemens and Microsoft have leveraged the collaborative power of generative artificial intelligence (AI) to assist industrial companies in driving innovation and efficiency throughout the product design, engineering, manufacturing, and operational lifecycle.

In April 2023, Emerson exhibited advanced, discrete automation solutions, from the factory floor to the cloud, at Hannover Messe. AVENTICS Series Advanced Valve (AV) system with Advanced Electronic System (AES) is the first pneumatic valve system with an integrated Open Platform Communications Unified Architecture (OPC UA). The AES helps interoperability challenges and accesses data more easily, while the digital twin integration improves production efficiency and reduces costs.

Types Covered:
• Mechanical
• Electrical
• Hydraulic
• Pneumatic
• Software-based

Components Covered:
• Safety Sensors
• Safety Controllers
• Safety Interlocks
• Safety Modules
• Safety Relays
• Safety Light Curtains
• Emergency Stop Devices
• Two-Hand Control Devices
• Other Components

Applications Covered:
• Assembly Line
• Material Handling
• Robotics
• Welding
• Packaging
• Power Press
• Injection Molding 
• Other Applications

End Users Covered:
• Manufacturing
• Automotive
• Food & Beverages
• Chemicals
• Healthcare
• Construction
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary   
     
2 Preface    
 2.1 Abstract   
 2.2 Stake Holders  
 2.3 Research Scope  
 2.4 Research Methodology 
  2.4.1 Data Mining 
  2.4.2 Data Analysis 
  2.4.3 Data Validation 
  2.4.4 Research Approach 
 2.5 Research Sources  
  2.5.1 Primary Research Sources
  2.5.2 Secondary Research Sources
  2.5.3 Assumptions 
     
3 Market Trend Analysis  
 3.1 Introduction  
 3.2 Drivers   
 3.3 Restraints  
 3.4 Opportunities  
 3.5 Threats   
 3.6 Application Analysis 
 3.7 End User Analysis  
 3.8 Emerging Markets  
 3.9 Impact of Covid-19  
     
4 Porters Five Force Analysis  
 4.1 Bargaining power of suppliers 
 4.2 Bargaining power of buyers 
 4.3 Threat of substitutes 
 4.4 Threat of new entrants 
 4.5 Competitive rivalry  
     
5 Global Machine Safety Market, By Type 
 5.1 Introduction  
 5.2 Mechanical  
 5.3 Electrical   
 5.4 Hydraulic   
 5.5 Pneumatic  
 5.6 Software-based  
     
6 Global Machine Safety Market, By Component
 6.1 Introduction  
 6.2 Safety Sensors  
 6.3 Safety Controllers  
 6.4 Safety Interlocks  
 6.5 Safety Modules  
 6.6 Safety Relays  
 6.7 Safety Light Curtains 
 6.8 Emergency Stop Devices 
 6.9 Two-Hand Control Devices 
 6.10 Other Components  
     
7 Global Machine Safety Market, By Application
 7.1 Introduction  
 7.2 Assembly Line  
 7.3 Material Handling  
 7.4 Robotics   
 7.5 Welding   
 7.6 Packaging  
 7.7 Power Press  
 7.8 Injection Molding   
 7.9 Other Applications  
     
8 Global Machine Safety Market, By End User
 8.1 Introduction  
 8.2 Manufacturing  
 8.3 Automotive  
 8.4 Food & Beverages  
 8.5 Chemicals  
 8.6 Healthcare  
 8.7 Construction  
 8.8 Other End Users  
     
9 Global Machine Safety Market, By Geography
 9.1 Introduction  
 9.2 North America  
  9.2.1 US  
  9.2.2 Canada  
  9.2.3 Mexico  
 9.3 Europe   
  9.3.1 Germany  
  9.3.2 UK  
  9.3.3 Italy  
  9.3.4 France  
  9.3.5 Spain  
  9.3.6 Rest of Europe 
 9.4 Asia Pacific  
  9.4.1 Japan  
  9.4.2 China  
  9.4.3 India  
  9.4.4 Australia  
  9.4.5 New Zealand 
  9.4.6 South Korea 
  9.4.7 Rest of Asia Pacific 
 9.5 South America  
  9.5.1 Argentina 
  9.5.2 Brazil  
  9.5.3 Chile  
  9.5.4 Rest of South America
 9.6 Middle East & Africa 
  9.6.1 Saudi Arabia 
  9.6.2 UAE  
  9.6.3 Qatar  
  9.6.4 South Africa 
  9.6.5 Rest of Middle East & Africa
     
10 Key Developments   
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
 10.2 Acquisitions & Mergers 
 10.3 New Product Launch 
 10.4 Expansions  
 10.5 Other Key Strategies 
     
11 Company Profiling   
 11.1 ABB Group  
 11.2 Rockwell Automation 
 11.3 Siemens AG  
 11.4 Honeywell International Inc. 
 11.5 Omron Corporation  
 11.6 Pilz GmbH & Co. KG  
 11.7 Schneider Electric SE 
 11.8 SICK AG   
 11.9 Banner Engineering Corp. 
 11.10 Phoenix Contact GmbH & Co. KG
 11.11 Keyence Corporation 
 11.12 Euchner GmbH + Co. KG 
 11.13 Troax Group AB  
 11.14 Datalogic S.p.A.  
 11.15 Leuze electronic GmbH + Co. KG
 11.16 IDEC Corporation  
 11.17 Emerson Electric Corporation  
 11.18 Mitsubishi Electric Corporation
 11.19 Yokogawa Electric Corporation 
 11.20 HIMA Group  
     
List of Tables    
1 Global Machine Safety Market Outlook, By Region (2022-2030) ($MN)
2 Global Machine Safety Market Outlook, By Type (2022-2030) ($MN)
3 Global Machine Safety Market Outlook, By Mechanical (2022-2030) ($MN)
4 Global Machine Safety Market Outlook, By Electrical (2022-2030) ($MN)
5 Global Machine Safety Market Outlook, By Hydraulic (2022-2030) ($MN)
6 Global Machine Safety Market Outlook, By Pneumatic (2022-2030) ($MN)
7 Global Machine Safety Market Outlook, By Software-based (2022-2030) ($MN)
8 Global Machine Safety Market Outlook, By Component (2022-2030) ($MN)
9 Global Machine Safety Market Outlook, By Safety Sensors (2022-2030) ($MN)
10 Global Machine Safety Market Outlook, By Safety Controllers (2022-2030) ($MN)
11 Global Machine Safety Market Outlook, By Safety Interlocks (2022-2030) ($MN)
12 Global Machine Safety Market Outlook, By Safety Modules (2022-2030) ($MN)
13 Global Machine Safety Market Outlook, By Safety Relays (2022-2030) ($MN)
14 Global Machine Safety Market Outlook, By Safety Light Curtains (2022-2030) ($MN)
15 Global Machine Safety Market Outlook, By Emergency Stop Devices (2022-2030) ($MN)
16 Global Machine Safety Market Outlook, By Two-Hand Control Devices (2022-2030) ($MN)
17 Global Machine Safety Market Outlook, By Other Components (2022-2030) ($MN)
18 Global Machine Safety Market Outlook, By Application (2022-2030) ($MN)
19 Global Machine Safety Market Outlook, By Assembly Line (2022-2030) ($MN)
20 Global Machine Safety Market Outlook, By Material Handling (2022-2030) ($MN)
21 Global Machine Safety Market Outlook, By Robotics (2022-2030) ($MN)
22 Global Machine Safety Market Outlook, By Welding (2022-2030) ($MN)
23 Global Machine Safety Market Outlook, By Packaging (2022-2030) ($MN)
24 Global Machine Safety Market Outlook, By Power Press (2022-2030) ($MN)
25 Global Machine Safety Market Outlook, By Injection Molding (2022-2030) ($MN)
26 Global Machine Safety Market Outlook, By Other Applications (2022-2030) ($MN)
27 Global Machine Safety Market Outlook, By End User (2022-2030) ($MN)
28 Global Machine Safety Market Outlook, By Manufacturing (2022-2030) ($MN)
29 Global Machine Safety Market Outlook, By Automotive (2022-2030) ($MN)
30 Global Machine Safety Market Outlook, By Food & Beverages (2022-2030) ($MN)
31 Global Machine Safety Market Outlook, By Chemicals (2022-2030) ($MN)
32 Global Machine Safety Market Outlook, By Healthcare (2022-2030) ($MN)
33 Global Machine Safety Market Outlook, By Construction (2022-2030) ($MN)
34 Global Machine Safety Market Outlook, By Other End Users (2022-2030) ($MN)
     
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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