Anticipated size of the global machine safety market in 2022 was USD 5,122.3 million and is estimated to be USD 5,378.4 million in 2023. Rise in demand for global machine safety in the end-use industries like automotive, semiconductors, food and beverage, etc be credited for the market expansion. Reports of Future Market Insights have mentioned that the market will expand at a CAGR of 6.6% between 2023 and 2033, totaling around USD 10,222.9 million by 2033.
Global market for machine safety systems has cataloged a huge amount of growth in recent years and the market's growth is associated with factors that led to a rise in workplace accidents or in boosting the intensity of ardent industrial safety, leading to increased attention on machine safety.
Considerably additional costs are said to be linked with the safety of the machine technologies that may lead to the imposition of the market's growth.
Global machine safety market has eyewitnessed compelling growth over the last few years that owes to the rising insistence on safety in the industrial sector which is assisted by strong government regulations.
Functional safety has experienced a prediction from the switches of mechanical interlock to contemporary programmable safety that is nowadays become more budget-friendly attributed to efforts taken by semiconductor companies in the reduction of the average price of basic chips and circuits.
Key end-use industries in the global market for machine safety are increasing due to the rise in demand for machine-safeguarding solutions that are considered to be used in end-use industries like automotive, semiconductor, food and beverage, electronics, etc.
Manufacturers are also on the verge of recognizing the relevance of safety that is majorly played in making a good public image which can equally give them a competitive advantage, and lastly, give them an option of opting for machine safety systems.
Declination of the money economy has mainly forced the manufacturers to reduce the operation and maintenance costs, thus leading to falling in investments in secondary domains for plant operation, which subsequently includes the safety of the machines.
Non-cohesion of safety policies in developing countries acts as a barrier to investment in safety systems, which will consequently result in a lowering of sales and slow technological development.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 5,122.3 million |
| Projected Forecast Value (2023) | USD 5,378.4 million |
| Projected Forecast Value (2033) | USD 10,222.9 million |
| Growth rate | 6.6% CAGR |
| Forecast period | 2023 to 2033 |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
Global machine safety market grew at a CAGR of 4.5% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 6.6% between 2023 and 2033.
FMI mentions that the safety of the industrial market that will exponentially grow in the future. Amalgamation of the industrial Internet of Things and greater exposure to the cloud will subsequently result in rising demand for advanced industrial safety solutions. Growth in demand for safer industrial equipment will tend to make machine safety highly sought-after.
High demand for the protection of assets and the safety of its workers is expected to drive higher sales of machine safety components.
Focus on the Provision of Cost-effective and Flexible Solutions likely to be Beneficial for the Market Growth
Leading machine safety market players are focusing on providing cost-effective and flexible solutions for the safety of workers and assets. Manufacturers are acknowledging the importance that safety plays in offering them a competitive advantage while building a good public image.
Machine safety systems help in reducing the probability of work-related injuries, thereby augmenting the efficiency of the machine operators. Economic slump has laid an obligation on manufacturers to reduce maintenance and operational costs, also owing to this, there has been an immense rise in the demand for advanced machine safety solutions, thereby driving market growth.
Increase in Demand for Oil & Gas and Power Generation in India
India is considered to be a developing country, therefore, demand for oil & gas and power generation will naturally rise as new ways of adopting safety automation are being introduced. Such situations lead to significant and rapid industrialization contributing to the growth of the market.
Increase in the Usage of Safety Sensors will Lead to a Boost in the Market Demand
Analysts of Future Market Insights have mentioned, that the overall machine safety spending in the North American region is said to have a market share of 28.8% whereas the United States alone is likely to increase at a rate of around 16.7% during the forecast period. Rise in demand for safety sensors reported in the industrial safety market will eventually drive sales in the country.
European Region to Hold a Lucrative Position in the Market
United Kingdom is said to have a growth in the market for machine safety systems with a CAGR of 6.9% during the forecast period.
European region is anticipated to said to hold a market share for machine safety systems of 22.1%. Demand for machine safety systems is high in this region due to the availability of safeguards of the safety machinery that eventually leads to profit harmonization, thus raising the demand for safety personnel in various companies.
Rising Demand for automotive in Germany is Said to Push the Market
Germany is expected to hold a market share of 8.1% which is considered to be conducive to the machine safety market. Demand for automotive products in Germany is said to be rising due to the increase in disposable income of the people leading to an increase in demand for machine safety systems.
Trend towards Food and Beverage is Likely to Open up New Opportunities in Japan
Future Market Insights analysts say that the machine safety market in Japan is likely to hold a market share of 4.3% during the forecast period. Japan is considered to be one of the technology-driven countries where the food and beverage sector is said to be high in demand with the incorporation to improve the experiences of the consumer.
Health and Safety are Given an Utmost Importance in Australia in Machine Safety Market
Australian market for machine safety systems is considered to hold a market share of 2.1%.
Australian laws for health and safety lead to the demand for the machine safety market as designers and manufacturers are required to ensure fairly achievable machinery that is designed and manufactured in such a way that would provide adequate health and safety to its workers.
Improvements in the Technical Safety Standards in China are Raising the Demand for Machine Safety Market
Chinese market for machine safety systems is said to grow at a CAGR of 6.4% during the forecast period where ongoing improvements are taking place frequently by improving the personal safety awareness of its people as a lot of awareness is required with the rise in interactions of machines and human beings, considering safety to be mostly prioritized.
Enhancement of Overall Sales in Machine Safety Market in India
India is expected to develop at a CAGR of 8.3% over the forecast period which is difficult for machine safety companies to invade the market since India is considered to be a price-sensitive market. it will be difficult for the manufacturers of machine safety to increase the demand of the machine safety systems
Presence Sensing Safety Sensors Component are Considered to have a Lucrative Position in the Market
Presence sensing safety sensors is said to hold a major position in the market with a share of holding the market value of 20.7%.
Growth of the presence sensing safety sensors segment is mainly because of the growth in security requirements that are needed to protect production units and workers from any accidents caused.
Working in such an industry will tend to increase accidents in industries, thus, the need for growing safety light curtains to be powered by robotics, is also responsible for driving the demand for presence sensing safety sensors market.
Automotive Segment is Estimated to have a Major Share of the Market
Automotive segment is the most preferred industrial segment in the machine safety market and is said to have a market share of 19.2%
Robust growth in the improvement of safety devices for example- safety curtains and digital indicators, has eventually led to the growth in demand in the automotive sector.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
Some of the prominent players in the global market are
Some of the important developments of the key players in the market are
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.6% from 2023 to 2033 |
| Market value in 2023 | USD 5,378.4 million |
| Market value in 2033 | USD 10,222.9 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Country, By Component, By Industry |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, Rest of Asia Pacific, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | ABB Ltd.; Emerson Electric Co.; General Electric Co.; Honeywell International Inc.; Schneider Electric SE; Rockwell Automation, Inc.; Siemens AG; Yokogawa Electric Corp.; Omron Corporation; Keyence Corporation; Mitsubishi Electric Corporation; Pilz GmbH & Co. KG; Sick AG; Balluff GmbH; Banner Engineering Corp. |
| Customisation Scope | Available on Request |
The North America region generated maximum revenue of the global demand in 2022.
The United States is estimated to grow at 28.8% of share through 2033.
Presence sensing safety sensors segment contributes a maximum share in the global market.
The automotive sector holds a maximum revenue of the global market share.
From 2018 to 2022, the global market exhibited 4.5% CAGR.
| Estimated Market Size (2024E) | USD 8.7 billion |
|---|---|
| Projected Market Value (2034F) | USD 13.5 billion |
| Value-based CAGR (2024 to 2034) | 4.5% |
| Estimated Year Market Value (2022) | USD 10.1 Billion |
|---|---|
| Projected Year Value (2032) | USD 33.5 Billion |
| CAGR (2022 to 2032) | 12.7% |
| Market Size (2022) | USD 4.94 Billion |
|---|---|
| Market Projected Size (2032) | USD 9.01 Billion |
| Market Value CAGR (2022 to 2032) | 6.2% |
| Market Estimated Size in 2022 | USD 891.0 Million |
|---|---|
| Market Projected Size in 2028 | USD 1.58 Billion |
| Market Value-based CAGR (2022 to 2028) | 10.2% |
Explore Digital Transformation Insights
View Reports
Machine Safety Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
