Comprehensive Machine Safety Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Machine Safety Global Market Report 2023, the machine safety market is expected to show significant growth in the forecast period.
Key insights from the machine safety market forecast include:
- Market Size
The global machine safety market is projected to increase from $4.91 billion (2022) to $5.26 billion (2023), with a 7.3% CAGR. By 2027, it’s anticipated to reach $7.27 billion, growing at an 8.4% CAGR.
- Major Driver
Stringent machine safety regulations are expected to drive the machine safety market. For example, in August 2020, The Bureau of Indian Standards (BIS) implemented 32 ISO standards to enhance machinery safety and reduce technical trade barriers while ensuring worker and environmental protection. Consequently, strict machine safety mandates promote the machine safety market.
View More On The Machine Safety Market Report 2023 – https://www.thebusinessresearchcompany.com/report/machine-safety-global-market-report
- Key Trend
Technological advancements are a prominent trend in the machine safety market. Leading companies aim to strengthen their market position by integrating next-generation technologies like ultrasound, infrared, magnetic, radio technology, laser scanners, safety controllers, encoders, and interlock switches. For example, OMRON Corporation introduced the VT-S10 Series in August 2021, employing AI and image technology for precise PCB sub-assembly automation, demonstrating this trend.
- Major Players
Major players in the machine safety market are ABB Ltd., Schneider Electric SE, Honeywell International Inc., Emerson Electric Co, Rockwell Automation Inc., Mitsubishi Electric Corporation, Sick AG, Siemens AG, Keyence Corporation, Omron Corporation, Banner Engineering Corp, General Electric Co, IDEC Corporation, Pilz GmbH & Co KG and Balluff GmbH.
- Top Market Segments
The global machine safety market is segmented –
1) By Implementation: Individual Components, Embedded Components
2) By Component: Presense 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
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The Machine Safety Global Market Report 2023 provides an in-depth analysis on the machine safety market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the machine safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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