Global Machine Safety Market was valued at US$1,204.949 in the year 2019 and is expected to reach a market worth US$1,845.565 million by 2026, growing at a CAGR of 6.28% during the period. The Machine Safety market includes safety devices and controls which protect a machine from unexpected damage. In an industrial setup, several types of machinery are installed and are worked upon by numerous workers. Continuous operation warms up the machine components making them prone to damage. Furthermore, improper installation, low-quality internal components, increasing heat, and human negligence have the potential to cause damage and hazard, leading to significant financial loss and loss of life. Hence machine safety solutions are employed to ensure the safe operation of machines. Growing industrialization accompanied by rising automation across industries increases the number of types of machinery in operation and hence is expected to create robust demand for machine safety solutions. Furthermore, improved operational efficiency owing to safety measures reduces significant loss and chances of potential loss caused by mishaps, making the market more attractive. The launch of new and improved products also diversifies the market scope. However, the significant initial cost may hinder the market growth.
Geographically, the machine safety market is divided into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific regions for the study. The Asia Pacific machine safety market is anticipated to surge at a promising rate during the forecast period owing to rapid industrialization in the region. Availability of skilled labor force at low cost accompanied with promotion by industries and governments is converting the Asia Pacific region into a manufacturing hub. China, India, South Korea, Vietnam, and Thailand are leading countries that have moved or are slowly moving towards becoming manufacturing giants in the world. Furthermore, a rise in Industry 4.0 in the region is expected to create new opportunities. The rise in industrialization is projected to increase machinery and automation in the countries, creating significant demand for machine safety equipment.
The increasing adoption of robots across numerous industry verticals is projected to drive market growth.
Based on application, the machine safety market is segmented into the assembly, robotics, material handling, metalworking, packaging, and others. Robotics demand for machine safety equipment is expected to grow at the fastest rate during the forecast period owing to the rise in robots’ adoption across several industry verticals. With increasing robots employment and the rise in automation, programming safety systems and safety controllers are expected to observe robust growth.
One of the prime reasons which are projected to drive promising growth in the market for machine safety during the forecast period is booming industrialization and rise of industry 4.0, particularly in the Asia Pacific region, which is emerging as a fulcrum for manufacturing of products.
The outbreak of coronavirus forced various industries to shut down and halt operations. This negatively impacted the market for machine safety.
|Market size value in 2019||US$1,204.949 million|
|Market size value in 2026||US$1,845.565 million|
|Growth Rate||CAGR of 6.28% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Component, Implementation, Application, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Rockwell Automation, Schneider Electric, Honeywell International, Siemens, Keyence Corporation, Mitsubishi Electric Corporation, OMRON Corporation, IDEC Corporation, Euchner-USA, Inc., ABB|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the machine safety market size by 2026?
A1. The global machine safety market is anticipated to reach a market size of US$1,845.565 million in 2026.
Q2. What is the size of global machine safety market?
A2. Machine Safety Market was valued at US$1,204.949 million in 2019.
Q3. What are the growth prospects for the machine safety market?
A3. The machine safety market is anticipated to grow at a CAGR of 6.28% over the forecast period.
Q4. Who are the major players in the machine safety market?
A4. 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.
Q5. What factors are anticipated to drive the machine safety market growth?
A5. 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.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL MACHINE SAFETY MARKET, BY COMPONENT
5.2. Presence-sensing safety sensors
5.3. Programmable safety systems
5.4. Safety controllers/ modules/relays
5.5. Emergency stop devices
5.6. Safety interlock switches
5.7. Two-hand safety controls
6. GLOBAL MACHINE SAFETY MARKET, BY IMPLEMENTATION
6.2. Individual components
6.3. Embedded components
7. GLOBAL MACHINE SAFETY MARKET, BY APPLICATION
7.4. Material Handling
7.5. Metal Working
8. GLOBAL MACHINE SAFETY MARKET, BY INDUSTRY
8.2. Oil and Gas
8.5. Food and Beverage
8.7. Semiconductors & Electronics
9. GLOBAL MACHINE SAFETY MARKET, BY GEOGRAPHY
9.2. North America
9.2.1. North America Machine Safety Market, By Component
9.2.2. North America Machine Safety Market, By Implementation
9.2.3. North America Machine Safety Market, By Application
9.2.4. North America Machine Safety Market, By Industry
9.2.5. By Country
22.214.171.124. United States
9.3. South America
9.3.1. South America Machine Safety Market, By Component
9.3.2. South America Machine Safety Market, By Implementation
9.3.3. South America Machine Safety Market, By Application
9.3.4. South America Machine Safety Market, By Industry
9.3.5. By Country
9.4.1. Europe Machine Safety Market, By Component
9.4.2. Europe Machine Safety Market, By Implementation
9.4.3. Europe Machine Safety Market, By Application
9.4.4. Europe Machine Safety Market, By Industry
9.4.5. By Country
126.96.36.199. United Kingdom
9.5. Middle East and Africa
9.5.1. Middle East and Africa Machine Safety Market, By Component
9.5.2. Middle East and Africa Machine Safety Market, By Implementation
9.5.3. Middle East and Africa Machine Safety Market, By Application
9.5.4. Middle East and Africa Machine Safety Market, By Industry
9.5.5. By Country
188.8.131.52. Saudi Arabia
9.6. Asia Pacific
9.6.1. Asia Pacific Machine Safety Market, By Component
9.6.2. Asia Pacific Machine Safety Market, By Implementation
9.6.3. Asia Pacific Machine Safety Market, By Application
9.6.4. Asia Pacific Machine Safety Market, By Industry
9.6.5. By Country
184.108.40.206. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Rockwell Automation
11.2. Schneider Electric
11.3. Honeywell International
11.5. Mitsubishi Electric Corporation
11.6. OMRON Corporation
11.7. IDEC Corporation
Mitsubishi Electric Corporation
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