Machine Safety - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Machine Safety market is accounted for $4.47 billion in 2018 and is expected to reach $8.94 billion by 2027 growing at a CAGR of 8.0% during the forecast period. Some of the key factors propelling the market growth are rise in number of industrial accidents and increasing demand for presence-sensing safety devices. However additional costs associated with machine safety systems is the restraining factor for the growth of the market.
Machine safety refers to the use of safeguards that are applicable to the machine operators as well as the machinery. For instance, the use of interlocks that can stop the motor if a human being is too close to it. The growing concern for the safety of the workers in the industry has increased the use of machine safety devices.
By end user, the automotive segment is expected to grow at a significant market share during the forecast period due to the increasing population with purchasing power worldwide and the feasibility of easy loans. The rising adoption of machine safety systems, such as safety light curtains, safety switches, emergency stop devices, and safety sensors, for assembly, presses, material handling applications is driving the growth of the market for the automotive industry.
On the basis of geography, Europe is anticipated to hold considerable market share during the forecast period due to the presence of automotive manufacturers and increasing automation in the automotive industry in Europe. These factors support the growth of the machine safety market in this region.
Some of the key players in Machine Safety Market include ABB, Banner Engineering, Datalogic, Honeywell, IDEC, Keyence, Mitsubishi Electric, Omron, Phoenix Contact, Pilz, Rockwell, and Schneider.
• Emergency Stop Devices
• Presence-Sensing Safety Sensors
• Programmable Safety Systems (Safety PLCs)
• Safety Controllers/ Modules/Relays
• Safety Interlock Switches
• Two-Hand Safety Controls
• Embedded Components
• Individual Components
• Material Handling
• Metal Working
End Users Covered:
• Chemical and Petrochemical
• Energy and Utilities
• Food & Beverages
• Oil & Gas
• Semiconductor & Electronics
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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