What Factors Propelled The Growth Of The Machine Safety Market In The Past?
The machine safety market has seen considerable growth due to a variety of factors.
• In recent years, the machine safety market has seen robust growth. Its size is expected to expand from $5.76 billion in 2024 to $6.26 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 8.7%.
The significant growth seen in the previous period can be credited to factors such as increasing cognizance of occupational risks and incidents, expansion in industrial automation and manufacturing activities, the necessity to avoid accidents and assure worker safety, focus on employee health and well-being in workspaces, and rigorous implementation of safety regulations in various industries.
What Is The Projected Growth And Market Size For The Machine Safety Sector?
The machine safety market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated strong expansion of the machine safety market in the coming years is expected to propel its value to $8.76 billion by 2029, with an estimated compound annual growth rate (CAGR) of 8.8%.
The projected growth can be credited to factors such as the incorporation of machine safety setups into industrial Internet of Things (IIoT) platforms, a surge in demand for artificial intelligence (AI) and machine learning enhanced safety systems, advancements in robotics and collaborative robot (cobot) applications, emphasis on human-machine cooperation and secure interaction, as well as research and development into future safety equipment and systems. Key market trends during this period will likely encompass predictive safety analysis using machine learning, usage of emergency stop gears and alarms, safety programmable logic controllers (plcs) and adaptable safety systems, real-time tracking and documentation of safety events, and safety interlock switches along with lockout/tagout systems.
What Are The Core Factors Supporting Growth In The Machine Safety Market?
The anticipated growth of the machine safety market is largely attributed to stringent machine safety provisions set to be enforced during the forecast period. A surge in workplace accidents and substandard public safety management have led to numerous government and international bodies implementing rigid safety requirements for workplace machinery. These guidelines seek to enhance machinery usage safety and bolster superior safety administration. For example, in July 2024, The ADAS & Autonomous Vehicle International, a news outlet based in Germany, released a report outlining the New Vehicle General Safety Regulation (GSR2), or Regulation (EU) 2019/2144. This regulation updates the performance standards for motor vehicles within the European Union, mandating the integration of various advanced driver assistance systems (ADAS), incorporating features like Intelligent Speed Assist (ISA), Autonomous Emergency Braking (AEB), Driver Drowsiness and Attention Warning (DDAW), and Emergency Lane-Keeping Systems (ELKS). Hence, the imposition of these strict machine safety norms fuels the machine safety market's expansion.
What Are The Major Segments Within The Global Machine Safety Market?
The machine safety market covered in this report is segmented –
1) By Implementation: Individual Components, Embedded Components
2) By Component: Presence 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
Subsegments:
1) By Individual Components: Safety Sensors, Safety Relays And Controllers, Emergency Stop Devices, Safety Switches And Interlocks
2) By Embedded Components: Integrated Safety Systems, Safety-Integrated Controllers, Embedded Safety Software, Functional Safety Modules
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Which Trends Are Expected To Transform The Machine Safety Market?
Major players in the machine safety market are launching machine safety websites to enhance access to safety resources, deliver comprehensive training materials, simplify compliance documentation, and enable real-time interaction among manufacturers. These are online platforms designed to equip users with resources, information, and tools pertaining to machine safety practices and compliance. The machine safety websites offer bespoke machine guarding solutions, specifically engineered to accommodate the distinct requirements of each client and their machinery, moving away from generic solutions. For example, Machine & Process Safety Assessment Group, a company based in the US, unveiled mpsasafety.com, a machine safety website, in March 2022. MPSA delivers precise machine stop-time analysis, which is critical for the effective deployment of safety systems like light curtains. MPSA boasts a specialized engineering team equipped to design new safety solutions or re-engineer existing systems, which comes in handy when original blueprints are not available.
Who Are the Key Players in the Machine Safety Market?
Major companies operating in the machine safety market include:
• ABB Group
• Schneider Electric SE
• Honeywell International Inc.
• Emerson Electric Co.
• Rockwell Automation Inc.
• Siemens AG
• Mitsubishi Electric Corporation
• Keyence Corporation
• OMRON Corporation
• SICK AG
• B&R Industrial Automation GmbH
• Pilz GmbH & Co. KG
• IDEC Corporation
• ISE Controls Pvt. Ltd.
• Banner Engineering Corp.
• Fortress Interlocks Ltd.
• Pepperl+Fuchs GmbH
• STI GmbH
• Hans Turck GmbH & Co. KG
• Yokogawa Electric Corporation
• Leuze electronic GmbH + Co. KG
• Balluff GmbH
• Datalogic S.p.A.
• Euchner-USA Inc.
• Schmersal Group
• Wieland Electric GmbH
What Is The Most Dominant Region In The Machine Safety Market?
Western Europe was the largest region in the machine safety market share in 2024. 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.
