Press release
Machine Safety Market Expansion Continues, with Forecast Valuation of $8.76 Billion by 2029
Machine Safety Market
Machine Safety Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for machine safety has seen significant growth in the past years. It is projected to increase from $5.76 billion in 2024 to $6.26 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.7%. Factors contributing to the growth during the historic period include heightened awareness of occupational risks and accidents, an expansion in industrial automation and manufacturing operations, the need for accident prevention and worker safety assurance, emphasize on employee health and welfare in work environments, and strict implementation of safety regulations within industries.
Machine Safety Market Size Forecast: What's the Projected Valuation by 2029?
Strong expansion is projected for the machine safety market in the near future, with an expected valuation of $8.76 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this predicted growth span several elements, including the incorporation of industrial iot (iiot) platforms with machine safety systems, increased demand for safety solutions powered by machine learning and AI, growth of robotics and collaborative robot (cobot) applications, emphasis on safe collaboration and interaction between humans and machines, as well as ongoing research and development in future-facing safety devices and systems. Key forecast period trends encompass the use of machine learning for pre-emptive safety analyses, the implementation of emergency halt devices and alarms, safety programmable logic controllers (PLCs) and programmable safety systems, real-time safety incident monitoring and reporting, along with integration of safety interlock switches and lockout/tagout systems.
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What Are the Drivers Transforming the Machine Safety Market?
The growth of the machine safety market is anticipated to be driven by stringent machine safety mandates during the predicted period. Several government and international organizations are introducing such strict mandates due to rising workplace accidents and inadequate public safety management. These mandates intend to ensure the safer utilization of machinery and enhance safety management standards. For example, in July 2024, The ADAS & Autonomous Vehicle International, a Germany-based news website, reported on the New Vehicle General Safety Regulation (GSR2), also known as Regulation (EU) 2019/2144, which sets updated minimum performance standards for motor vehicles within the EU. This directive necessitates the integration of numerous advanced driver assistance systems (ADAS) such as Intelligent Speed Assist (ISA), Autonomous Emergency Braking (AEB), Driver Drowsiness and Attention Warning (DDAW), and Emergency Lane-Keeping Systems (ELKS). Consequently, the stringent machine safety mandates are fuelling the machine safety market growth.
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What Long-Term Trends Will Define the Future of the Machine Safety Market?
Premier companies in the machine safety sector are putting their efforts into launching dedicated safety websites for machines. These platforms are designed to improve access to safety resources, offer extensive training materials, simplify compliance documentation, and aid in seamless communication between manufacturers. These machine safety websites are internet-based platforms carrying extensive information, resources, and tools regarding machine safety protocols and adherence. They offer customized machine safeguarding solutions, designed to cater to the distinct requirements of every client and their equipment, instead of using generic solutions. For example, in March 2022, a US company named Machine & Process Safety Assessment Group inaugurated mpsasafety.com, a dedicated website for machine safety. MPSA offers accurate stop-time analysis for machines, a crucial factor for the efficient implementation of safety systems such as light curtains. MPSA hosts an exclusive engineering team with the ability to generate innovative safety solutions or adapting the existing systems, which turns out to be advantageous when original blueprints are not accessible.
Which Segments in the Machine Safety Market Offer the Most Profit Potential?
The machine safety market covered in this report is segmented -
1) By Implementation: Individual Components, Embedded Components
2) By Component: Presence Sensing Safety Sensors, Safety Interlock Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls
3) By System: Assembly, Material Handling, Metal Working, Packaging, Robotics, Other Systems
4) By Industry: Oil And Gas, Energy And Power, Chemicals, Food And Beverages, Aerospace And Defense, Automotive, Semiconductor And Electronics, Healthcare And Pharmaceuticals, Metals And Mining, Other Industries
Subsegments:
1) By Individual Components: Safety Sensors, Safety Relays And Controllers, Emergency Stop Devices, Safety Switches And Interlocks
2) By Embedded Components: Integrated Safety Systems, Safety-Integrated Controllers, Embedded Safety Software, Functional Safety Modules
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Which Firms Dominate the Machine Safety Market by Market Share and Revenue in 2025?
Major companies operating in the machine safety market include 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
Which Regions Offer the Highest Growth Potential in the Machine Safety Market?
Western Europe was the largest region in the machine safety market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine safety market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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