Machine Safety Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027

Report ID: GMI2993

Summary Methodology

Machine Safety Market size is expected to grow extensively over the forecast years with an increase in the number of accidents in manufacturing and industrial sectors. The growing importance of workers safety and security in the workplace environment is increasing the demand for safety products, which will avoid the accidents happening in these areas. These products are designed to monitor, control, and evaluate the condition & performance and ensure the smooth functioning of the machines. Several products that are used for this purpose are safety laser scanners, safety light curtains, interlock devices, emergency stop devices, and safety valves. The growing importance & advantages of these products for controlling the accidents in the industries are increasing the need and requirements of these components in the machine safety market.

Increasing governmental regulations and policies for labor safety and accident-free environment are increasing the demand for the products in machine safety market, which will ensure workplace safety. The high costs associated with workplace accidents are wages to disabled & sick workers and damaged machine repair cost & insurance claim that needs to be controlled by the management. For instance, the Occupational Safety and Health Act (OSHA) was enacted in 1970 to address and respond to the growing number of accidents and injuries in workplaces. It is administered by the Department of Labor in the guidance of Assistant Secretary of Labor for Occupational Safety and Health.

The growing demand for Presence Sensing Devices (PSD) for the safety of machines is increasing the need and requirement of these products in machine safety market. These devices are designed to stop the machine strokes automatically by interrupting the sensing field. It includes several safety products such as safety light curtains, safety laser scanners, hand detection safety sensor, safety mats, and safety edge profiles. These devices are grouped into three types of technologies, invisible infrared, laser beam, and camera-based. Presence sensing systems are required to fulfill some requirements as per the OSHA guidelines as they are not permitted on full rotations of clutches and must be kept away from the reach of physical barriers, ensuring a safe distance from the point of operation & sensing area.

The rising adoption & implementation of hazardous machines and equipment in the industries is projected to be an opportunity in the machine safety market. The large machines that carry out several complex processes and operations in the industries require these safety products. For instance, in chemical industries, these products are in high demand for machines such as boilers, reactors, and heat exchanger. The growing industrialization in the developing countries and the implementation of several large machines in these sectors are the factors that drive the demand for these products, thus fueling the machine safety market growth.

Embedded safety modules are expected to account for the majority share in the machine safety market. These products are embedded inside a machine to provide safety precautions and lock the machines in case of failures. Individual type of safety products needs to be purchased separately and this incurs separate additional costs to the company. The disadvantage of embedded systems is that these products need to be changed during failures, which requires the opening of machine parts and systems. This process is very expensive and complicated. Moreover, the machine working has to be paused till the time of repair of the safety products to avoid further failures and accidents.

The applications of these products in the chemical industry are growing rapidly, driving the machine safety market. Workers in this sector have to deal with hazardous and dangerous chemicals or machines, which are used to process these materials. These industries consist of several large size boilers, pressure systems, heat generators, and mixers that require safety valves and locks to stop the working of these machines during the time of failure. The needs & requirements of the components in the machine safety market, which are mostly embedded components are increasing rapidly with the expansion in the chemical sector, propelling the machine safety market growth.

The Europe machine safety market accounted for the majority of the customer base among other regions. The high availability of the manufacturing industries and the adoption of large size machines in these industries are increasing the demand for this equipment in the region. Growing industrialization in the region is the major factor driving the requirements of these components for the safety of the workforce in these sectors. Developed countries in the region are generating a large customer base for these products by adopting several newly developed machinery.

The key players operating in the machine safety market are Pilz, Schneider, Mitsubishi Electric, ABB, Omron, Keyence, Sick, IDEC Corporation, Rockwell, Honeywell, Banner Engineering, Phoenix Contact, Pepperl + Fuchs, Euchner, and Datalogic. These players are differentiating their offerings by developing new innovative components that would provide high reliability and performance in ensuring the safety of the workers and the machinery. The companies are also focusing on the machine developers to offer them embedded safety products, which would increase their demand in the machine safety market. The higher availability of the products in the machine safety market will also decide the revenue and growth of the companies.

What Information does this report contain?

Historical data coverage: 2016 to 2020; Growth Projections: 2021 to 2027.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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