Machine safety refers to the measures that are put in place to ensure the safety of machines and equipment during their operation. The increasing focus on workplace safety and the need for compliance with stringent regulations has led to the growth of the global machine safety market. The global machine safety market is expected to grow at a CAGR of 5.5% during the forecast period of 2024 to 2032. The growth of the machine safety market can be attributed to several factors. Firstly, the increasing focus on workplace safety and the need to comply with regulations has led to the adoption of machine safety solutions. The rise in workplace accidents has also led to the need for machine safety solutions. Secondly, the increasing automation of industries has led to the need for machine safety solutions. As industries become more automated, the risk of accidents also increases, and machine safety solutions become essential. Lastly, the increasing adoption of Industry 4.0 technologies such as the Industrial Internet of Things (IIoT) and cloud computing has led to the growth of the machine safety market.
Increasing Demand for Safety Solutions in the Manufacturing Sector
One of the key drivers of the machine safety market is the increasing demand for safety solutions in the manufacturing sector. The manufacturing sector is one of the largest consumers of machine safety solutions, and the demand for these solutions is expected to grow with the increasing automation of the sector. The growing adoption of collaborative robots or cobots in the manufacturing sector is also expected to drive the demand for machine safety solutions.According to the International Labour Organization (ILO), there were 2.78 million fatal occupational accidents in 2017. This highlights the importance of workplace safety and the need for compliance with regulations.
Increasing Adoption of Safety Light Curtains
Another driver of the machine safety market is the increasing adoption of safety light curtains. Safety light curtains are used to detect the presence of an object in a hazardous area and prevent the machine from operating if there is a risk of injury. The demand for safety light curtains is expected to grow with the increasing adoption of automation and the need to ensure workplace safety.Safety light curtains are becoming increasingly popular in the machine safety market as they offer an effective and non-intrusive way of protecting workers from dangerous machinery.
Growing Adoption of Safety Sensors
The third driver of the machine safety market is the increasing adoption of safety sensors. Safety sensors are used to detect the presence of a person or an object in the path of a machine and prevent the machine from operating if there is a risk of injury. The growing adoption of safety sensors in industries such as automotive, food and beverage, and pharmaceuticals is expected to drive the demand for machine safety solutions.Safety sensors are an integral part of machine safety solutions, as they are used to detect the presence of a person or object and prevent the machine from operating if there is a risk of injury.
Lack of Awareness Level Restraining the Market Growth
One of the major restraints of the machine safety market is the high cost of implementation. Machine safety solutions require a significant investment, and this can be a barrier to adoption for small and medium-sized enterprises (SMEs). The lack of awareness about the benefits of machine safety solutions is also a barrier to adoption.
Safety Sensors is Expected to be The Fastest Growing Market
The component segment of the machine safety market can be further segmented into safety sensors, safety controllers/modules/relays, safety interlock switches, safety light curtains, and others. Among these, the safety sensors segment is expected to grow at the highest CAGR during the forecast period of 2024 to 2032. This growth can be attributed to the increasing adoption of safety sensors in the automotive and pharmaceutical industries. Safety sensors are used to detect the presence of a person or an object in the path of a machine and prevent the machine from operating if there is a risk of injury. With the increasing focus on workplace safety and the need to comply with regulations, the demand for safety sensors is expected to grow significantly.The safety interlock switches segment is also expected to grow significantly due to their increasing adoption in the packaging and material handling industries. Safety interlock switches are used to ensure that a machine can only be operated when certain conditions are met, such as when a guard is closed or a door is locked. The demand for safety interlock switches is expected to grow with the increasing automation of industries.
Embedded Segment to be the Fastest Growing Market Among the Implementation Segment
The implementation segment of the machine safety market can be further segmented into individual and embedded. The individual segment includes standalone safety products that can be used with any machine, while the embedded segment includes safety products that are integrated into the machine itself. The embedded segment is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of automation and the need for integrated safety solutions.Embedded safety products offer several advantages over individual safety products. For instance, embedded safety products are more reliable and can provide faster response times in case of an emergency. Additionally, embedded safety products can be designed to be more intuitive and easier to use, reducing the risk of operator error.
Packaging Segment to Dominate the Revenue Contribution in Application Market
The application segment of the machine safety market can be further segmented into robotics, packaging, material handling, metalworking, and others. Among these, the packaging segment is expected to be the largest consumer of machine safety solutions, followed by the material handling and robotics segments. The demand for machine safety solutions in the packaging segment can be attributed to the increasing adoption of automation in the sector. As the packaging industry becomes more automated, the risk of accidents also increases, making machine safety solutions essential.The material handling segment is also expected to drive the demand for machine safety solutions due to the increasing adoption of automated material handling systems. Automated material handling systems can pose significant risks to workers, and machine safety solutions are essential to ensure their safety.
North America to be the Global Leader
North America is expected to hold the largest share of the global Machine Safety Market during the forecast period. The region has a well-established manufacturing industry and stringent government regulations for worker safety, which has resulted in the high adoption of machine safety solutions. Additionally, the region has a high concentration of major machine safety solution providers, such as Rockwell Automation, ABB, Honeywell, and Schneider Electric, which has also contributed to the growth of the market.Europe is expected to be the second-largest market for machine safety solutions during the forecast period. The region has a well-established industrial sector, and the implementation of strict worker safety regulations has resulted in the high adoption of machine safety solutions. The automotive and pharmaceutical industries are the major contributors to the growth of the machine safety market in Europe. The region is also home to major machine safety solution providers, such as Siemens, Pilz, and Sick, which has contributed to the growth of the market.The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The region has witnessed significant industrial growth in recent years, and the adoption of automation technologies in industries such as automotive, food and beverage, and pharmaceuticals has increased the need for machine safety solutions. Additionally, the growing emphasis on worker safety regulations in countries such as China and India has also contributed to the growth of the market in the region. Furthermore, the region has a large number of small and medium-sized enterprises (SMEs) that are increasingly adopting machine safety solutions to comply with regulatory requirements.
Market Competition to Intensify During the Forecast Period
The global machine safety market is highly competitive with the presence of a large number of global and regional players. The market is dominated by a few key players such as ABB Ltd., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., and Siemens AG, among others.The leading players in the market are focusing on product innovation and development to enhance their market share. In addition, strategic partnerships, collaborations, and mergers and acquisitions are also some of the key strategies adopted by the players to strengthen their market position. For instance, in April 2021, SICK AG, a leading player in the machine safety market, launched a new safety laser scanner, nanoScan3, which can help to ensure the safe operation of autonomous mobile robots (AMRs) and other machines.Moreover, players are also focusing on strengthening their distribution network and expanding their market presence by establishing partnerships with local players in emerging markets. For instance, in September 2019, Pilz GmbH & Co. KG, a leading player in the machine safety market, partnered with Intech Automazione S.r.l., a distributor of industrial automation products, to expand its market presence in Italy.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Machine Safety market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Implementation
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
