Anticipated size of the global machine safety market in 2022 was US$ 5,122.3 million and is estimated to be US$ 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 US$ 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) | US$ 5,122.3 million |
| Projected Forecast Value (2023) | US$ 5,378.4 million |
| Projected Forecast Value (2033) | US$ 10,222.9 million |
| Growth rate | 6.6% CAGR |
| Forecast period | 2023 to 2033 |
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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.
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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.
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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 | US$ 5,378.4 million |
| Market value in 2033 | US$ 10,222.9 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | US$ 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 |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| 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.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Presence Sensing Safety Sensors
5.3.2. Safety Interlock Switches
5.3.2.1. Electromechanical
5.3.2.2. Hinged Pin
5.3.2.3. Limit
5.3.2.4. Non-Contact
5.3.2.5. Tongue
5.3.2.6. Trapped Key
5.3.3. Programmable Safety Systems
5.3.4. Safety Modules
5.3.5. Emergency Stop Controls
5.3.6. Others
5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2023 to 2033
6.3.1. Automotive
6.3.2. Food & Beverages
6.3.3. Packaging
6.3.4. Material Processing
6.3.5. Pharmaceuticals
6.3.6. Electronics & Semiconductors
6.3.7. Others
6.4. Y-o-Y Growth Trend Analysis By Industry, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Industry, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. South Asia
7.3.5. East Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Component
8.2.3. By Industry
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Component
8.3.3. By Industry
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Component
9.2.3. By Industry
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Industry
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Component
10.2.3. By Industry
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Industry
10.4. Key Takeaways
11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. India
11.2.1.2. Malaysia
11.2.1.3. Singapore
11.2.1.4. Thailand
11.2.1.5. Rest of South Asia
11.2.2. By Component
11.2.3. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Industry
11.4. Key Takeaways
12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Component
12.2.3. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Industry
12.4. Key Takeaways
13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Component
13.2.3. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Industry
13.4. Key Takeaways
14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Component
14.2.3. By Industry
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Industry
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Component
15.1.2.2. By Industry
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Component
15.2.2.2. By Industry
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Component
15.3.2.2. By Industry
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Component
15.4.2.2. By Industry
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Component
15.5.2.2. By Industry
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Component
15.6.2.2. By Industry
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Component
15.7.2.2. By Industry
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Component
15.8.2.2. By Industry
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Component
15.9.2.2. By Industry
15.10. India
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Component
15.10.2.2. By Industry
15.11. Malaysia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Component
15.11.2.2. By Industry
15.12. Singapore
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Component
15.12.2.2. By Industry
15.13. Thailand
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Component
15.13.2.2. By Industry
15.14. China
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Component
15.14.2.2. By Industry
15.15. Japan
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Component
15.15.2.2. By Industry
15.16. South Korea
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Component
15.16.2.2. By Industry
15.17. Australia
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Component
15.17.2.2. By Industry
15.18. New Zealand
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Component
15.18.2.2. By Industry
15.19. GCC Countries
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Component
15.19.2.2. By Industry
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Component
15.20.2.2. By Industry
15.21. Israel
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Component
15.21.2.2. By Industry
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Component
16.3.3. By Industry
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. ABB Ltd.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Emerson Electric Co.
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. General Electric Co.
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Honeywell International Inc.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Schneider Electric SE
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Rockwell Automation, Inc.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Siemens AG
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Yokogawa Electric Corp.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Omron Corporation
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Keyence Corporation
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Mitsubishi Electric Corporation
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.12. Pilz GmbH & Co. KG
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.13. Sick AG
17.1.13.1. Overview
17.1.13.2. Product Portfolio
17.1.13.3. Profitability by Market Segments
17.1.13.4. Sales Footprint
17.1.13.5. Strategy Overview
17.1.13.5.1. Marketing Strategy
17.1.14. Balluff GmbH
17.1.14.1. Overview
17.1.14.2. Product Portfolio
17.1.14.3. Profitability by Market Segments
17.1.14.4. Sales Footprint
17.1.14.5. Strategy Overview
17.1.14.5.1. Marketing Strategy
17.1.15. Banner Engineering Corp.
17.1.15.1. Overview
17.1.15.2. Product Portfolio
17.1.15.3. Profitability by Market Segments
17.1.15.4. Sales Footprint
17.1.15.5. Strategy Overview
17.1.15.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Machine Safety Market
