Press release
Machine Safety Market to Reach USD 11.5 Billion by 2031, Driven by Rising Industrial Automation
Machine Safety Market
The machine safety market is projected to reach a valuation of USD 11.5 billion by 2031, growing at a steady compound annual growth rate (CAGR) of 7.2% from 2023 to 2031. This growth reflects the increasing emphasis on workplace safety, regulatory compliance, and the widespread adoption of automation across various industrial sectors.
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Key Players:
• ABB
• Balluff GmbH
• Banner Engineering Corp.
• Bihl+Wiedemann GmbH
• Emerson Electric Co.
• Festo AG
• HIMA
• Honeywell International Inc.
• IDEC Corporation
• IFM Electronic
• Keyence Corporation
• Mitsubishi Electric Corporation
• Omron Corporation
• Pilz GmbH & Co.KG
• Rockwell Automation, Inc.
• Schneider Electric SE
• Sick AG
• Siemens AG
• Yokogawa Electric Corp
By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
• Market Drivers and Challenges
Drivers:
• Implementation of strict safety regulations and standards globally.
• Increasing adoption of automation and advanced safety systems in manufacturing industries.
• Rising awareness about worker safety and the need to reduce workplace accidents.
Challenges:
• High initial costs associated with the installation of machine safety systems.
• Lack of skilled workforce to operate and maintain advanced safety systems.
• Integration challenges with existing machinery and systems.
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Market Trends
• Growing demand for safety sensors and controllers.
• Increased use of Industrial Internet of Things (IIoT) and smart sensors in machine safety.
• Rising adoption of collaborative robots (cobots) with integrated safety features.
• Development of advanced safety solutions with real-time monitoring capabilities.
Key Market Study Points
• Analysis of market trends and growth drivers.
• Evaluation of the impact of regulations and standards on market dynamics.
• Assessment of market segmentation and regional growth patterns.
• Competitive landscape analysis, including key players and their market strategies.
• Identification of market challenges and potential opportunities.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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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