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Machine Safety Market Size, Share, Growth Drivers, Demand Forecast, Key Players, Opportunities, Key Players and Impact of COVID

Jan 13, 2022 6:56 PM ET

Machine Safety Market Size, Share, Growth Drivers, Demand Forecast, Key Players, Opportunities, Key Players and Impact of COVID

Market Highlights

Machines are getting used in several industries for various applications right from robotics to packaging. Although the system provides advanced level of precision but sometimes the safety it provides, gets compromised. Often, along such malfunctioning, these machines cause certain fatal accidents. Such cases build up hindrances in work area. To come out of that, companies are integrating several models to assure their workers of the working conditions. The global machine safety market is all set to pave a path for itself at 6.88?GR during the forecast period (2018-2023). Market Research Future (MRFR) claims a probability of the crossing USD 6.48 billion valuation market for the machine safety market by the end of 2023.

Rising accidents, intention to look after workers to increase workflow, better technical advancement, high investment in safety technologies, and others are several factors with high probability to push the global machine safety market ahead.

The implementation of machine safety systems in these assembly lines act as a shield, covering the hazardous areas of a machine which is used to prevent any damage to the human body. The increasing adoption and improvements in safety devices such as safety curtains with the integration of light and digital indicators, along with the development of Industrial Revolution 4.0 can be seen as a potential growth opportunity of this market. However, the added cost associated with machine safety technology, and few instances of system failure in protecting machines and workers, is hampering the growth of the market.

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The machine safety market has been segmented by MRFR into component, implementation, application, and industry for a close reading of the market. These segments are ripe with factual figures that have been received from volume-wise and value-wise analysis.

Based on the component, this machine safety market can be segmented into programmable safety systems, presence-sensing safety sensors, safety interlock switches, emergency stop devices, safety controllers/ modules/relays, and two-hand safety controls.

Based on the implementation, this machine safety market comprises individual components and embedded components.

Based on the application, the machine safety market consists assembly, robotics, material handling, packaging, metalworking, and others. Robotics and packaging segments are having substantial implementation of this technology.

Based on the industry, the machine safety market encompasses aerospace, oil & gas, chemicals, healthcare, food & beverages, automotive, semiconductor & electronics, and others. The aerospace segment took considerable steps in this regard to improve their work atmosphere. The chemical industry is having a great run as exposure to harmful chemicals can impact lives. Companies have started integrating technologies that is bound to trigger the machine safety market growth.

Regional Analysis:

The regional analysis of machine safety market has been done for North America, Europe, Asia Pacific and rest of the world. Europe is predicted to dominate this market during the forecast period with the highest market share as it is a leading player in automation. Machinery Directive 2006/45/EU is the legislation governing the machine safety requirements in Europe. It benefits harmonization with a combination of safety and health requirements. This is a mandatory directive, which ensures the protection of machines and workers in various organizations. North America is the second largest market with the presence of prominent players like Rockwell (US), Honeywell (US), and Banner Engineering (US), active in the machine safety market. Asia Pacific is also predicted to grow at the highest rate during the forecast period owing to the developing economies like China, Japan, and India owing to advances in technology that are easily adaptable.

Competitive Dashboard:

Several companies are investing remarkably to get their positions cemented in the global machine safety market. They are implementing various strategies to initiate better growth plan and impact their own profit. Their efforts are also boring fruit for the market as a whole. These companies are ABB (Switzerland), Rockwell (US), Honeywell (US), Schneider (France), SICK (Germany), Omron (Japan), Keyence (Japan), Mitsubishi Electric (Japan), Banner Engineering (US), Pilz (Germany), IDEC Corporation (Japan), Phoenix Contact (Germany), Pepperl + Fuchs (Germany), Euchner (Germany), and Datalogic (Italy). MRFR recorded their names in the recent report to have latest trends analyzed.

In July 2019, researchers from the U.S. Naval Research Laboratory developed powerful lasers from nano-particles that are safe for eyes.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.