With 5.7% CAGR, Machine Safety Market Growth to Surpass USD 6.8 billion

The global Machine Safety market is expected to grow from USD 5.2 billion in 2023 to USD 6.8 billion by 2028, registering a CAGR of 5.7%. The machine safety market is driven by increasing focus on worker safety, automation, stringent safety regulations, technological advancements, growing awareness about safety, increasing demand for safety-certified products, and cost savings.

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The system segment accounted for the largest market share of the machine safety market in 2022. The growth of the systems of machine safety market can be attributed to several factors, such as the rising demand for advanced safety systems, stringent government regulations, the increasing level of industrial automation, and growing awareness about worker safety. Technological advancements, the rising demand for safety-certified products, and cost savings through the prevention of accidents and reduced downtime also contribute to the market's growth.

The market for presence detection sensor to hold largest market share in machine safety market. Several factors are propelling the growth of the presence detection sensor market, such as the escalating use of automation in manufacturing, the rising requirement for trustworthy and cutting-edge safety sensors, and the increasing demand for safety solutions in developing countries. Besides, the introduction of Industry 4.0 and the Industrial Internet of Things (IIoT) has created more sophisticated and linked safety sensors that can heighten productivity and lower downtime. Consequently, the presence detection sensor market is anticipated to thrive as more enterprises prioritize deploying machine safety solutions.

Process Industries to hold largest market share in machine safety market. Machine safety is crucial for process industries wherein materials, chemicals, other products are manufactured at large scale. Process industries include oil and gas, chemical, food & beverage, pharmaceuticals, and several other industries, where machinery and equipment are used to process and handle material in hazardous and high-temperature or high-pressure environments. Implementing appropriate safety measures is vital for process industries to protect workers from potential injuries and exposure ti hazardous materials, prevent equipment failure and damage, and maintain product quality.

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Asia Pacific is expected to grow at highest CAGR during forecast period. The machine safety market in Asia Pacific is expected to witness the most significant growth during the forecast period due to increasing industrialization in emerging economies such as China and India. These countries have already adopted machine safety systems in various industrial processes, mainly in oil & gas and power generation. The adoption of automation solutions by manufacturing firms in this region is increasing in line with rapid industrialization, fueling the need for machine safety systems.

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This release was published on openPR.