Machine Safety Market Size, Share, Trends, Industry & Growth 2029
Chicago, May 14, 2024 (GLOBE NEWSWIRE) -- The global machine safety market size is expected to grow from USD 5.4 billion in 2024 to USD 7.0 billion by 2029, registering a CAGR of 5.4%. The machine safety market is thriving due to heightened workplace safety awareness, stringent regulatory compliance, and widespread integration of automation technologies across global industries, fostering substantial growth.
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*Major Machine Safety companies include:*
· Schneider Electric (France),
· Honeywell International, Inc. (US),
· ABB (Switzerland),
· Rockwell Automation, Inc. (US),
· Siemens AG (Germany),
· OMRON Corporation (Japan),
· Keyence Corporation (Japan),
· Yokogawa Electric Corporation (Japan),
· Emerson Electric Co. (US),
· General Electric (US),
· Mitsubishi Electric Corporation (Japan),
· Sick AG (Germany),
· HIMA (Germany), and
· IDEC Corporation (Japan).
*Machine Safety Market Segmentation:*
*By Components*
· Presence detection Sensors
· Safety Controllers/Modules/Relays
· Programmable Safety Systems
· Safety Interlock Switches
· Emergency Stop Controls
· Two-Hand Safety Controls
*By Process Industry*
· Chemicals
· Food & Beverages
· Metals & Mining
· Oil & Gas
· Pharmaceuticals
· Power Generation
*By Discrete Industry*
· Aerospace
· Automotive
· Semiconductor & Electronics
· Others
*By Region*
· North America
· Europe
· Asia Pacific
· Rest of the World
*Market Dynamics:*
*Opportunity: Increasing awareness about workplace safety standards in emerging economies*
Developed countries, such as the US, the UK, France, Australia, Japan, and the Netherlands, have adopted workplace safety standards formulated by local and international regulatory bodies. Governments of these countries have implemented stringent laws for industries violating human and equipment safety norms. However, emerging economies are still lagging in terms of the adoption of machine safety systems. It is imperative to note that the manufacturing sector in countries such as South Korea, India, and China has expanded over the past few years due to labor’s cheap and easy availability.
**Challenge: Failure to assess and anticipate all potential risks associated with machinery setup**
Establishing comprehensive machine guarding involves conducting a risk assessment that incorporates insights from various stakeholders, including guard designers, machine operators, maintenance personnel, supervisors, engineers, safety professionals, machine guarding experts, and representatives from the original equipment manufacturer (OEM). It is challenging for a designer to independently anticipate all potential hazards associated with equipment setup, operation, inspection, and maintenance.
*Rise of Machine Safety Industry*
In the dynamic landscape of modern industry, the adoption of automation has emerged as a driving force behind efficiency gains and productivity enhancements. Industrial automation, powered by advanced technologies such as robotics, artificial intelligence (AI), and machine learning, has revolutionized the way companies operate, enabling them to achieve cost savings, ensure quality control, and streamline operations. By automating repetitive tasks and minimizing human intervention, industrial automation has become synonymous with increased efficiency and productivity across various sectors.
*Future of Machine Safety Market*
As technology continues to evolve, the future of industrial automation holds immense promise. Advancements in robotics, AI, and connectivity are driving innovation and enabling new possibilities in automation. Collaborative robots (cobots), cloud-based automation platforms, and the Internet of Things (IoT) are reshaping the industrial landscape, fostering greater collaboration between humans and machines and unlocking new opportunities for efficiency and productivity.
*Industry Trends and Insights:*
· In June 2023, Schneider Electric, at the forefront of digitally transforming energy management and automation, unveiled an updated edition of its primary Square D safety switch, the VisiPacT heavy-duty safety switch. This latest release introduces fresh functionalities and a revitalized design to enhance the reliability of the existing offering.
· In January 2023, Siemens launched two new aspirating smoke detectors (ASD): FDA261 and FDA262. The biggest coverage area currently offered on the market is 6,700 m2, which can be covered by one smoke detector. A single ASD+ detector can provide up to 2,000 m2 of detection coverage, even for Class A installations with the strictest sensitivity requirements. With the new ASD Connect app, digital commissioning is quick and simple. It significantly automates and simplifies the commissioning procedure.
· In August 2023, Yokogawa Electric Corporation will upgrade the Collaborative Information Server, part of the OpreX™ Control and Safety System, to enhance alarm management, access to maintenance data, and support for international communication standards.
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