Insights Into The Machine Safety Market’s Growth Potential 2024-2033
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The machine safety market has exhibited robust growth in recent years, with a rise from $5.33 billion in 2023 to a projected $5.81 billion in 2024, indicating a noteworthy compound annual growth rate (CAGR) of 9.0%. This surge in the historic period is attributed to heightened awareness of occupational hazards, the expansion of industrial automation, a pressing need for accident prevention, and a dedicated focus on employee welfare and health in workplaces.
Anticipating Future Surge: Projections for 2028 The momentum is expected to continue, with the machine safety market poised for strong growth in the coming years. By 2028, it is projected to reach $8.08 billion, showcasing a compound annual growth rate (CAGR) of 8.6%. Key drivers in the forecast period include the integration of machine safety systems with Industrial IoT (IIoT) platforms, the demand for machine learning and AI-powered safety solutions, the expansion of robotics and collaborative robot (cobot) applications, and a strong focus on human-machine collaboration and safe interaction.
Rising Demand For Machine Safety Solutions Amid Stringent Safety Mandates
Impact of Stringent Safety Mandates One of the driving factors in the forecast period is the increasing demand for machine safety solutions due to stringent safety mandates. Governments and international organizations are increasingly introducing strict mandates to enhance workplace safety, driven by the alarming rise in workplace accidents. For instance, the Bureau of Indian Standards (BIS) implemented 32 ISO standards for machinery safety in August 2021. These standards aim to enable safer machinery use and improve safety management, reflecting a global trend towards more rigorous safety regulations.
Industry Leaders Taking the Lead Major players spearheading the growth in the machine safety market include ABB Group, Schneider Electric SE, Honeywell International Inc., and others. These industry leaders play a pivotal role in meeting the rising demand for advanced machine safety solutions and ensuring compliance with evolving safety standards.
Revolutionizing Machine Safety Through The Rise Of Technological Advancements
Technological Advancement as a Key Trend Technological advancement stands out as a crucial trend in the machine safety market. Leading companies in the market are actively focused on incorporating next-generation technologies into their solutions. Technologies such as ultrasound, infrared, magnetic, radio technology, laser scanners, safety controllers, encoders, and interlock switches are being utilized to communicate potential mechanical issues and control injuries caused by machines.
Innovative Solutions Leading the Way In August 2021, OMRON Corporation introduced the VT-S10 Series, an inspection system leveraging artificial intelligence and image technology to automate high-precision processes for PCB sub-assemblies. This highlights the industry’s commitment to adopting advanced technologies to enhance safety measures.
Strategic Acquisition for Enhanced Offerings In June 2022, Clarion Safety Systems acquired Machine Safety Specialists, aiming to expand their risk compliance and assessment offerings. This strategic move underscores the importance of collaboration and expertise in the machine safety sector to provide clients with comprehensive consulting and training services.
Navigating the Segments: Understanding the Machine Safety Market
Segmentation Overview The machine safety market is segmented based on implementation, components, systems, and industries.
- Implementation:
- Individual Components
- Embedded Components
- Components:
- Presence Sensing Safety Sensors
- Safety Interlock Switches
- Safety Controllers/Modules/Relays
- Programmable Safety Systems
- Emergency Stop Controls
- Two-Hand Safety Controls
- Systems:
- Assembly
- Material Handling
- Metal Working
- Packaging
- Robotics
- Other Systems
- Industries:
- 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
Regional Dynamics: Western Europe Leads, Asia-Pacific Accelerates
Geographical Landscape In 2023, Western Europe emerged as the largest region in the machine safety market, showcasing the region’s proactive approach to safety. Looking ahead, Asia-Pacific is expected to be the fastest-growing region in the forecast period, emphasizing the global nature of the machine safety market and its responsiveness to regional safety needs.
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The Machine Safety Global Market Report 2024 provides an overview of the machine safety market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The machine safety market forecast analyzes machine safety market size, machine safety market share, leading competitor and their market positions.
The Table Of Content For The Machine Safety Market Include:
1. Machine Safety Market Executive Summary
2. Machine Safety Market Segments
3. Machine Safety Market Size And Machine Safety Market Growth Rate
4. Key Machine Safety Market Trends
5. Major Machine Safety Market Drivers
……
25. Key Mergers And Acquisitions In The Machine Safety Market
26. Top Machine Safety Companies
27. Machine Safety Market Opportunities And Strategies
28. Machine Safety Market, Conclusions And Recommendations
29. Appendix
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