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2021
Machine Safety Market

Machine Safety Market by Component (Safety Sensors, Safety Interlock Switches, Safety Controller, and Others) Implementation (Individual and Embedded), and Industry Vertical (Oil & Gas, Healthcare, Metals & Mining, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

A13060
Pages: 301
Aug 2021 | 1871 Views
Author(s) : Divyanshi Tewari
Tables: 117
Charts: 94
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global machine safety market size was valued at $4.83 billion in 2020, and is projected to reach $8.63 billion by 2030, registering a CAGR of 6.1% from 2021 to 2030. 

The emergence of COVID 19 has limited the growth of machine safety market in 2020 and is estimated to witness limited growth till the end of 2021 due to implementation partial and complete lockdown among countries to restrict the pandemic.

Machine safety system monitors health of equipment or machines to reduce its exposure to damage and lengthen its lifecycle. These help in machine guarding, increasing efficiency, and decreasing waste and costly mistakes. These systems are used in oil & gas, automotive, mining & metal, healthcare, and more sectors. 

Machine-Safety-Market

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Surge in demand for presence-sensing safety devices, rise in use of IoT, and increase in emphasis on industrial safety and proactive safety measures drive the machine safety market growth. However, lack of awareness about the importance of machine safety is expected to pose major threats for the market growth. Furthermore, technological advancement in development of machine safety devices are expected to offer lucrative opportunities for the growth of the global machine safety market growth.

According to machine safety market trends, increase in competition and low awareness among small scale manufactures are the key factors hamper the growth of the market share. Rise in awareness for need of machine safety system and surge in need of safety are the factors promote lucrative machine safety market opportunity.

Segmentation

The machine safety market share is segmented on the basis of component, implementation, and industry vertical. By component, the market is divided into safety sensors, safety interlock switches, safety controller, and others.  By implementation, the market is bifurcated into individual and embedded. By industry vertical, the market is analyzed across oil & gas, healthcare, metals & mining, automotive, and others. Region-wise, the machine safety market analysis is studied across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.

The key players profiled in the machine safety industry include Schneider Electric SE, ABB Ltd, Honeywell International Inc., Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric Corporation, Sick AG, Siemens AG, Keyence Corporation, and Omron Corporation. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.

COVID-19 Banner:

The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.

Machine Safety Market
By Component

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Safety Controllers segment is projected as one of the most lucrative segments.

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The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. This creates uncertainty in the stock market, decreases business confidence, slows supply chain, and increases panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the machine safety market forecast in 2020.

According to the machine safety market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.

Machine Safety Market
By Implementation

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Individual segment is projected as one of the most lucrative segments.

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The emergence of COVID-19 has declined the growth of the machine safety market outlook in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.

Top Impacting Factors

Notable factors positively affecting the machine safety market growth include surge in demand for presence-sensing safety devices, rise in use of IoT, and increase in emphasis on industrial safety and proactive safety measures. However, lack of awareness about the importance of machine safety is expected to pose major threats for the machine safety market growth. Furthermore, technological advancement in development of machine safety devices is projected to offer lucrative opportunities for the market growth in the coming years.

Machine Safety Market
By Industry Vertical

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Oil and Gas segment is projected as one of the most lucrative segments.

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Surge in demand for presence-sensing safety devices

The most important safety devices used for press brake safety in machines is presence sensing devices. Presence sensing is a technology used for sensing the people, item, and product, in a particular area, machine, and more for machine safeguarding. There are different presence sensing devices used in machines such as photoelectric sensor, occupancy sensor, proximity sensor, and human sensing & motion sensor for sensing. 

Increase in emphasis on industrial safety and proactive safety measures 

Machines improves production efficiency in the workplace. However their moving parts, sharp edges, and hot surfaces can also cause serious injuries to the workers or area. Safety and security of the workers and machines is the topic of concern with the increase in number of accidents in companies, factories, and others. These factors majorly hamper the growth of the machine security market size.

Machine Safety Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 8.0% during 2020-2030

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Key Benefits For Stakeholders

  • This study comprises analytical depiction of the machine safety market size along with the current trends and future estimations to depict imminent investment pockets.
  • The overall machine safety market analysis is determined to understand the profitable trends to gain a stronger foothold. 
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The present machine safety market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency. 
  • Porter’s five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
  • The report includes the industry trends and the machine security market share of key vendors.

Key Market Segments

By Component

  • Safety Sensors 
  • Safety Interlock Switches 
  • Safety Controller 
  • Others 

By Implementation

  • Individual 
  • Embedded

By Industry Vertical

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

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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The machine safety market is competitive, owing to strong presence of existing vendors. Machine safety vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.

The machine safety market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly during the forecast period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the machine safety market.

The surge in demand for presence-sensing safety devices, rise in use of IoT, and increase in emphasis on industrial safety and proactive safety measures drive the market growth. Lack of awareness about the importance of machine safety is the biggest limitation for the market growth.

Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper the growth of the market. Increase in awareness for need of machine safety and rise in concern for safety are the factors opportunistic for the market growth.

 

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