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Machine Safety Market Size, Share, Trends And Forecast 2024-2033
Machine Safety Market Size
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According to The Business Research Company's, The machine safety market size has grown strongly in recent years. It will grow from $5.33 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increased awareness of occupational hazards and accidents, growth in industrial automation and manufacturing activities, need for preventing accidents and ensuring worker safety, focus on employee welfare and health in workplaces, stringent enforcement of safety regulations in industries.
The machine safety market size is expected to see strong growth in the next few years. It will grow to $8.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to integration of machine safety systems with industrial iot (iiot) platforms, demand for machine learning and ai-powered safety solutions, expansion of robotics and collaborative robot (cobot) applications, focus on human-machine collaboration and safe interaction, research and development in next-generation safety devices and systems. Major trends in the forecast period include machine learning for predictive safety analysis, emergency stop devices and alarms, safety plcs and programmable safety systems, real-time monitoring and reporting of safety incidents, safety interlock switches and lockout/tagout systems.
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Market Drivers and Trends:
The strict machine safety mandates is expected to propel the growth of the machine safety market during the forecast period. Due to the increasing workplace accidents and poor public safety management, many government and international organizations are introducing strict machine safety mandates for machinery at the workplace. These safety mandates aim to enable safer use of machinery and improved safety management. For instance, in August 2021, The Bureau of Indian Standards (BIS), has implemented 32 ISO standards as per (Indian Standard (Type - A) for Electrical Machine: 16504 (Part 1): 2017 / IEC 60204 -1: 2008) on machinery safety, owing to GPQI's (Global Project Quality Infrastructure (GPQI) assistance. GPQI has been assisting the Indian sector in adopting foreign standards in partnership with the VDMA. Das Komitee Safety of Machinery (MED 40) wurde von der BIS gegründet. The Committee will be assisted in the adoption of thirty-two ISO standards. Making safe machines a standard in India, which was put together in cooperation with VDMA, experts point out the necessity of machinery rules in India. GPQI creates a shared knowledge of the difficulties encountered by the German equipment sector in India through a number of expert exchanges. The EU Machinery Safety Directive is presented by German specialists to the Indian DHI as a model foundation for creating its own standards. These standards aid in the reduction of technical trade barriers while also protecting workers and the environment. Therefore, the strict machine safety mandates drive the market for machine safety .
Technological advancement is the key market trend gaining popularity in the machine safety market. Major companies operating in the machine safety market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation machine safety solutions technologies into their products and related services, such as ultrasound, infrared, magnetic, radio technology, laser scanners, safety controllers, encoders and interlock switches, and others to communicate potential mechanical issues and control injuries caused by machines. For instance, in August 2021, OMRON Corporation, a Japanese electronics company, announced the VT-S10 Series. This new inspection system employs artificial intelligence and image technology to automate high-precision processes for PCB sub-assemblies.
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Major Key Players of the Market:
ABB Group, Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., Rockwell Automation Inc., Siemens AG, Mitsubishi Electric Corporation, Keyence Corporation, OMRON Corporation, SICK AG, B&R Industrial Automation GmbH, Pilz GmbH & Co. KG, IDEC Corporation, ISE Controls Pvt. Ltd., Banner Engineering Corp., Fortress Interlocks Ltd., Pepperl+Fuchs GmbH, STI GmbH, Hans Turck GmbH & Co. KG, Yokogawa Electric Corporation, Leuze electronic GmbH + Co. KG, Balluff GmbH, Datalogic S.p.A., Euchner-USA Inc., Schmersal Group, Wieland Electric GmbH
Machine Safety Market 2024 Key Insights:
• The machine safety market size is expected to see strong growth in the next few years. It will grow to $8.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rising Demand For Machine Safety Solutions Amid Stringent Safety Mandates
• Revolutionizing Machine Safety Through The Rise Of Technological Advancements
• Western Europe was the largest region in the machine safety market share in 2023
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