Global Machine Safety Market Report to 2031: Increasing Demand for Safety Solutions in the Manufacturing Sector Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Machine Safety Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

The global machine safety market is expected to grow at a CAGR of 5.5% during the forecast period of 2023 to 2031.

Companies Mentioned

• ABB Ltd.
• Honeywell International Inc.
• Schneider Electric SE
• Rockwell Automation Inc.
• Siemens AG

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.

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.

Historical & Forecast Period

This study report represents an analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.

Market Segmentation

Component

• Safety Sensors
• Safety Interlock Switches
• Electromechanical
• Hinged Pin
• Limit
• Non-Contact
• Tongue
• Trapped Key
• Safety Controller
• Other

Implementation

• Individual
• Embedded

Industry Vertical

• Oil & Gas
• Healthcare
• Automotive
• Metals & Mining
• Others

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of the Machine Safety market?
• What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Machine Safety market?
• Which is the largest regional market for the Machine Safety market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving the Machine Safety market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Machine Safety market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/wt5vfa

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