According to Future Market Insights, the global machine safety market will be worth US$ 4.8 billion in 2020. (FMI). The global machine safety market is expected to reach US$ 9.4 billion by 2031, growing at a 6.4% CAGR. According to another Future Market Insights report titled “Machine Safety Market: Global Industry Analysis (2016-2020) and Opportunity Assessment (2021-2031),”
This growing income growth is attributed to the consistent development of new machine safety equipment, which is also assisting the market’s development. The presence of unmistakable market members such as Honeywell International Inc., Rockwell Automation, Inc., ABB Group, and others suggests that the United States will be a significant market in the overall machine safety market. China and India, both emerging Asia Pacific economies, have enormous market potential.
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Global Machine Safety Market: Restraints
- Complexities in fulfilling environment health and safety regulations
- Increasing competition for machine safety product manufacturers leading to a need to maintain quality at low cost
- Lack of awareness about machine safety especially in the developing countries of Eastern Europe such as Bulgaria, Hungary, Poland, and Romania
- Insufficient testing equipment and laboratories for machine safety equipment
- Functioning of industries on low operating margins, especially in the APEJ region
- Availability of counterfeit products in the global market
- Lack of understanding of machine safety applicability
Global Machine Safety Market: Forecast by Region
North America and Western Europe were the dominant markets in 2016 in terms of revenue sales of machine safety equipment. Countries in North America and Western Europe such as the U.S., the U.K. and France are expected to be key markets for sustainable revenue generation in the global market.
New innovations in products are expected to remain as the key strategy for players in this market to increase their sales growth. In terms of value, Western Europe is projected to be the most attractive market in the global machine safety market during the forecast period. In 2017, the market in Western Europe is estimated to be valued at US$ 662.1 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global Machine Safety Market: Forecast by End Use Industry
By end use industry, the market is segmented into automotive, food & beverages, packaging, material processing, pharmaceuticals, electronics & semiconductors and others. The automotive segment is expected to witness a high market attractiveness index over the forecast period. This segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 8.6% during the forecast period.
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Global Machine Safety Market: Forecast by Product Type
Product type includes emergency stop control, safety sensors, safety interlock switches, programmable safety system, safety modules and others. Safety interlock switches segment is further sub segmented into electromechanical (Keyed & Unkeyed), hinged pin, limit, non-contact, tongue, and trapped key. Non-contact segment is sub-segmented into RFID, hall, and REED. Safety sensors segment remains the key segment and is estimated to account for over 20% of the revenue share in the global machine safety market by 2017 end.
Machine Safety Market – Competitive Landscape
Some of the key companies in the global market for machine safety that have been profiled in detail in this report include Honeywell International Inc., ABB LTD., Rockwell Automation, INC., Mitsubishi Electric Corporation, Schneider Electric S.A., Eaton CORP. PLC, Datalogic S.p.A., OMRON Corporation, SICK AG, K. A. Schmersal Gmbh & CO. KG., and elobau GmbH.
Companies operating in the market are aiming at innovation and strategic partnerships with other vendors in order to expand their portfolio of services while addressing the demand from an expanding customer pool. For instance:
- In October 2021, OMRON Corporation announced the launch of its new inspection system, the VT-S10 Series. The new inspection system makes use of artificial intelligence and imaging technology in order to automate high-precision processes for PCB sub-assemblies, thereby eliminating the need for specialist operator skills. The newly launched system shall help in ensuring the security and safety of the production.
- In June 2019, Schneider Electric, announced the launch of Smart Factory in the US, in order to exhibit how its EcoStruxure architecture and related suite of offerings can reduce costs for its customers and support increasing operational efficiency.
Market players are also focusing on entering into partnerships with other solution providers to target new innovations within the market. The strategy helps companies to broaden their geographic reach with additional service portfolios.
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Machine Safety Outlook by Category
By Component:
- Presence Sensing Safety Sensors
- Safety Interlock Switches
- Programmable Safety Systems
- Safety Modules
- Emergency Stop Controls
- Others
By Industry:
- Automotive
- Food & Beverages
- Packaging
- Material Processing
- Pharmaceuticals
- Electronics & Semiconductors
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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