IMARC Group, a leading market research company, has recently releases report titled “Machine Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global machine safety market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Machine Safety
Machine safety refers to the measures and protocols put in place to prevent accidents and injuries that can occur during the operation of machinery and equipment. It encompasses various strategies and technologies that protect workers and machines. It involves a thorough analysis of potential hazards associated with a specific machine or process. It facilitates inspections and maintenance of machinery to ensure safety features remain effective. It reduces the risk of accidents, minimizing injuries and fatalities in the workplace. It is widely used in manufacturing industries.
How Big Is the Machine Safety Market?
The global machine safety market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
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What are the growth prospects and trends in the machine safety industry?
The increasing cases of accidents at workplaces represent one of the primary factors favoring the market growth. Additionally, the rising awareness of the high cost of workplace accidents, including medical expenses and lost productivity, is encouraging businesses to invest in comprehensive safety solutions. Along with this, the rise of automation and Industry 4.0 is promoting the development of more sophisticated safety sensors that can use several parameters, such as proximity, speed, and force, to assess potential hazards accurately. Apart from this, the increasing complexity of machinery and the rising need for tailored safety solutions are propelling the market growth.
Manufacturers are seeking customizable safety systems that can adapt to their unique production processes, which is catalyzing the demand for more versatile and adaptable safety solutions. Furthermore, the continuous rise of edge computing and edge safety controllers is positively influencing the market. These systems enable faster response times by processing safety-related data closer to the source, reducing latency and enhancing overall safety performance. Moreover, ongoing advancements in machine safety technology are strengthening the growth of the market.
Besides this, the governing authorities and industry bodies are continuously updating and enforcing safety guidelines to protect workers and reduce workplace accidents, which is bolstering the market growth. In addition, the rising emphasis on human-centric design is promoting the adoption of safety technologies that enhance the overall user experience while maintaining safety standards, further fueling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Implementation:
- Individual Components
- Embedded Components
Breakup by Component:
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller/Modules/Relays
- Others
Breakup by End Use Industry:
- Automotive
- Electronics and Semiconductors
- Food and Beverages
- Healthcare and Pharmaceuticals
- Metals and Mining
- Oil and Gas
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd
- Banner Engineering Corp.
- Emerson Electric Co.
- Honeywell International Inc.
- IDEC Corporation
- Keyence Corporation
- Mitsubishi Electric Corporation
- OMRON Corporation
- Pilz GmbH Co. KG
- Rockwell Automation Inc.
- Schneider Electric SE
- Sick AG
- Siemens AG
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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