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Machine Safety Market to Showcase Continued Growth in the Coming Years | Key Players are Pilz, Schneider, Mitsubishi Electric, ABB, Omron, Keyence, Sick, IDEC Corporation, Rockwell, Honeywell, Phoenix Contact, Euchner, and Datalogic
Machine Safety Market
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.
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The rising adoption & implementation of hazardous machines and equipment in the industries is projected to be an opportunity in the machine safety market. The large machines that carry out several complex processes and operations in the industries require these safety products. For instance, in chemical industries, these products are in high demand for machines such as boilers, reactors, and heat exchanger. The growing industrialization in the developing countries and the implementation of several large machines in these sectors are the factors that drive the demand for these products, thus fueling the machine safety market growth.
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 industry, which are mostly embedded components are increasing rapidly with the expansion in the chemical sector, propelling the machine safety industry growth.
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The Europe machine safety market accounted for the majority of the customer base among other regions. The high availability of the manufacturing industries and the adoption of large size machines in these industries are increasing the demand for this equipment in the region. Growing industrialization in the region is the major factor driving the requirements of these components for the safety of the workforce in these sectors. Developed countries in the region are generating a large customer base for these products by adopting several newly developed machinery.
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.
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