The global market for machine safety was evaluated at US$1,204.949 million in the year 2019 and is anticipated to witness a CAGR of 6.28% over the forecast period to reach the market size of US$1,845.565 million by 2026.
Machine safety systems refer to devices or safeguards that are implemented to protect the machines and the personnel working near or on them. The need for machine safety systems is slowly being realized by the industry players as a means to maintain a good public image of their company as companies that care about the safety of their employees are considered to be more trustworthy by the company’s stakeholders. Also with the increasing number of activities in factories and manufacturing plants and the number of personnel, directly and indirectly, involved with machines, the number of accidents has been on a rise. These accidents can cause collateral damage, but the lives of personnel are in danger as well as cause environmental disasters which can severely damage a company’s reputation. With strict government regulations regarding the safety of workers and the responsibility of companies to prevent industrial accidents, constant innovations and technological advancements are taking place in the machine safety market. The use of technologies like computer vision, artificial intelligence, machine learning, and the internet of things is being researched and wide use cases are being developed for these technologies. Technologies like the internet of things can be used to collect real-time data from sensors placed near machines and provide instant alerts and analysis in case of any emergency situation. Computer vision, another emerging technology, can be used to automate production processes that may be hazardous for humans by controlling different devices. Therefore, with constant technological advancements and innovations taking place in the machine safety industry and their capability of increasing operational efficiency and personnel safety, the machine safety market is set to grow exponentially in the upcoming years.
However, the high costs associated with the purchase, maintenance, and repair of safety components act as a restraint to the growth of this market.
The machine safety market is segmented on the basis of components, implementation, application, industry, and geography.
With rapid industrialization and globalization, there has been a huge upsurge in industrial activities which require a large number of machines to fulfill the ever-increasing demand for goods. These machines are used in all kinds of industries and processes, some of which may even cause environmental disasters if not handled properly. Thus, safety systems have become one of the most important components for machines in order for them to function properly and without causing any accidents, leading to a rise in their demand.
Machine safety systems are aggressively being used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity. Also due to social distancing norms, factories and manufacturing plants have been forced to operate with a reduced workforce, thereby increasing the need for automating various activities. Safety systems can be used to prevent accidents in the automated processes which decrease the chance of collateral damage as well as helps in increasing the operational efficiency by keeping a check on the smooth functioning of these automated tasks.
The costs of purchasing, maintaining, and repairing these safety systems can be very high which makes it very difficult for small and medium enterprises to afford them. Also with the outbreak of COVID – 19, the spending capacity of enterprises reduced which may act as a restraint to the growth of the machine safety market.
Non-compliance with the machine safety measures prescribed by the government as well as the expertise required for the proper installation and functioning of these safety systems in developing countries can act as a restraint to the overall market growth.
Impact of COVID – 19
Due to the outbreak of COVID – 19, complete industrial production came to a standstill. Companies and manufacturers across various industry verticals couldn’t operate due to lockdowns imposed by the governments. Therefore, with the halt in manufacturing and industrial activities as well as financial limitations caused by the pandemic, the machine safety market experienced a decline in its demand. However, the adoption of machine safety systems is expected to increase in the upcoming years. This can be attributed to the fact that companies are increasingly looking to automate important functions in their factories to increase operational efficiency. Thus, with an increase in the number of machines needed to continue business operations even during crises, the demand for safety systems will also increase.
Prominent/major key market players in the global machine safety market include Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., Siemens, Keyence Corporation, Mitsubishi Electric Corporation. The players in the global machine safety market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global machine safety market.