Machine Safety Market Worth $10.3 billion by 2032 | ABB Ltd., Emerson Electric, Honeywell International Inc., Mitsubishi Electric, Schneider Electric

The machine safety market was valued at $5.5 billion in 2022, and is estimated to reach $10.3 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032. The market's growth is driven by the increasing focus on workplace safety regulations, rising workplace accidents, and growing awareness among employers and employees about the importance of machine safety.

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The growth of the machine safety market share is majorly driven by surge in adoption of Industrial Internet of Things (IIoT) for improved management and performance of industrial assets as well as increase in emphasis on workplace safety standards in emerging economies. In addition, IoT technology provides real-time analysis, alerts, and potential solutions in case of emergencies, enabling rapid monitoring, analysis, and control, along with virtual management of physical systems, resulting in enhanced performance. By integrating safety systems with IoT, companies can monitor their processes in real-time and improve their performance, which contributes toward the machine safety market growth.

The automotive segment to rule the roost by 2032:

By industry vertical, the automotive segment held the highest market share in 2022, accounting for nearly one-third of the global machine safety market revenue, and is projected to rule the roost by 2032. This is due to the increasing demand for safety solutions in the growing automotive industry worldwide. Large companies have started collaborating with local manufacturers to deliver personalized safety solutions that cater to their specific requirements. On the other hand, the oil and gas segment is projected to manifest the highest CAGR of 9.4% from 2023 to 2032. This exceptional growth can be attributed to the fact that the oil and gas industry operates in demanding and hazardous environments, where safety is of paramount importance. Consequently, there is a rising need for advanced machine safety solutions to ensure the protection of workers and equipment. As the industry places a strong emphasis on safety, the demand for cutting-edge safety technologies continues to increase. This favorable market condition drives the significant growth of the oil and gas segment in the machine safety market.

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North America garnered the major share in 2032:

By region, North America contributed to the highest share in 2022, garnering more than one-third of the global machine safety market revenue, and is expected to maintain its dominance by 2032. The machine safety market in North America is poised to grow at a significant pace in the upcoming years due to an increased emphasis on workplace safety regulations, which has resulted in a surge in demand for safety equipment across multiple industries. Furthermore, key players in the country are adopting various strategies to strengthen their foothold in the competitive market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.5% from 2023 to 2032. This impressive growth can be attributed to several factors, including the increasing adoption of safety technologies and the presence of large manufacturing industries in countries like China, Japan, and India.

Leading Market Players:

• OMRON Corporation
• Emerson Electric Co.
• KEYENCE CORPORATION
• SICK AG
• Schneider Electric SE
• Siemens AG
• B&R Automation
• ABB Ltd.
• Rockwell Automation Inc.
• Mitsubishi Electric Corporation
• Honeywell International Inc.

Source: https://www.alliedmarketresearch.com/press-release/machine-safety-market.html

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