Machine Safety Market Analysis By 2024 - Pilz, Schneider Electric, ABB, KEYENCE CORPORATION, SICK, Rockwell Automation, Honeywell, Banner Engineering, Phoenix Contact, Pepperl+Fuchs GmbH and Datalogic
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Increasing governmental regulations and policies for labor safety and accident-free environment are increasing the demand for the products in machine safety market, which will ensure workplace safety. The high costs associated with workplace accidents are wages to disabled & sick workers and damaged machine repair cost & insurance claim that needs to be controlled by the management. For instance, the Occupational Safety and Health Act (OSHA) was enacted in 1970 to address and respond to the growing number of accidents and injuries in workplaces. It is administered by the Department of Labor in the guidance of Assistant Secretary of Labor for Occupational Safety and Health.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Schneider Electric
3. Mitsubishi Electric Corporation
5. OMRON Group
6. KEYENCE CORPORATION
8. IDEC USA
9. Rockwell Automation
11. Banner Engineering
12. Phoenix Contact
13. Pepperl+Fuchs GmbH
14. EUCHNER GmbH + Co. KG
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The growing demand for Presence Sensing Devices (PSD) for the safety of machines is increasing the need and requirement of these products in machine safety market. These devices are designed to stop the machine strokes automatically by interrupting the sensing field. It includes several safety products such as safety light curtains, safety laser scanners, hand detection safety sensor, safety mats, and safety edge profiles. These devices are grouped into three types of technologies, invisible infrared, laser beam, and camera-based. Presence sensing systems are required to fulfill some requirements as per the OSHA guidelines as they are not permitted on full rotations of clutches and must be kept away from the reach of physical barriers, ensuring a safe distance from the point of operation & sensing area.
Embedded safety modules are expected to account for the majority share in the machine safety market. These products are embedded inside a machine to provide safety precautions and lock the machines in case of failures. Individual type of safety products needs to be purchased separately and this incurs separate additional costs to the company. The disadvantage of embedded systems is that these products need to be changed during failures, which requires the opening of machine parts and systems. This process is very expensive and complicated. Moreover, the machine working has to be paused till the time of repair of the safety products to avoid further failures and accidents.
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The applications of these products in the chemical industry are growing rapidly, driving the machine safety market. Workers in this sector have to deal with hazardous and dangerous chemicals or machines, which are used to process these materials. These industries consist of several large size boilers, pressure systems, heat generators, and mixers that require safety valves and locks to stop the working of these machines during the time of failure. The needs & requirements of the components in the machine safety market, which are mostly embedded components are increasing rapidly with the expansion in the chemical sector, propelling the machine safety market growth.
The key players operating in the machine safety market are Pilz, Schneider, Mitsubishi Electric, ABB, Omron, Keyence, Sick, IDEC Corporation, Rockwell, Honeywell, Banner Engineering, Phoenix Contact, Pepperl + Fuchs, Euchner, and Datalogic. These players are differentiating their offerings by developing new innovative components that would provide high reliability and performance in ensuring the safety of the workers and the machinery. The companies are also focusing on the machine developers to offer them embedded safety products, which would increase their demand in the machine safety market. The higher availability of the products in the machine safety market will also decide the revenue and growth of the companies.
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