Press release
Global Machine Safety Market Poised for Robust Growth, forecasted to Reach US$ 11.5 Bn by 2031
The Global Machine Safety Market is experiencing significant growth, valued at US$ 5.9 billion in 2021 and projected to reach US$ 11.5 billion by the end of 2031, according to the latest analysis. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.2% from 2022 to 2031. The driving factors behind this growth include the increasing demand for machine safeguarding solutions across various industries such as automotive, semiconductor & electronics, chemical, food & beverage, aerospace & defense, and healthcare & pharmaceutical.Request Your Sample Copy Now: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=57021&utm_source=Openpr&utm_campaign=Amit
Key Market Drivers:
Demand for Machine Safeguarding Solutions: The surge in demand for machine safeguarding solutions is fueled by the automotive, semiconductor, electronics, chemical, food & beverage, aerospace & defense, and healthcare & pharmaceutical industries. The emphasis on operator safety is also contributing to the expansion of the global machine safety market.
Holistic Approaches and Smart Devices Adoption: Companies are adopting holistic approaches to machine safety, incorporating smart devices to enhance overall equipment effectiveness (OEE). This approach results in lower downtime and a reduction in the injury rate, positioning them as industry leaders.
Stringent Machinery Safety Standards: The implementation of stringent machinery safety standards and regulations globally is promoting the incorporation of fundamental principles and elements of machine safety, ensuring higher production capabilities and lower employee absence rates.
Growth in Adoption of Machinery Safety Measures in Automotive Sector: The automotive sector, in particular, is witnessing a rise in the adoption of machinery safety measures to achieve cost-effective production and maintain machine safety goals. This is crucial for various processes in automotive manufacturing, including press facilities, robotic welding, paint finishing systems, and assembly lines.
Regional Outlook:
Asia Pacific Leading the Way: Asia Pacific held the largest value share of the global machine safety market in 2021, with China being the largest market in the region. The presence of well-established players, coupled with increased research and development activities in automotive, manufacturing, and healthcare industries, is driving the growth in Asia Pacific.
North America and Europe: North America and Europe accounted for a vital share of the global market in 2021. The growth in manufacturing, automotive, and mining sectors is propelling the demand for machine safety in these regions.
Key Players:
Top players in the machine safety market include ABB Ltd., Omron Corporation, Balluff GmbH, Banner Engineering Corp., Emerson Electric Co., Sick AG, Honeywell International Inc., Rockwell Automation, Inc., Keyence Corporation, Yokogawa Electric Corp., Mitsubishi Electric Corporation, Pilz GmbH & Co.KG, Schneider Electric SE, and Siemens AG.
Key Developments:
• In September 2021, Omron Automation Americas launched the D41D, a high-coded non-contact door switch for safeguarding machine tools and robotic cells, adhering to stringent safety requirements.
• In October 2020, Rockwell Automation, Inc. introduced two new safety switches, the 440G-MZ and the 440G-EZ, enhancing their existing safety switch portfolio.
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About Transparency Market Research
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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