The report “Machine Safety Market by Component (Presence detection Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls), offerings, Industry & Region – Forecast to 2028” The global Machine Safety market is expected to grow from USD 5.2 billion in 2023 to USD 6.8 billion by 2028, registering a CAGR of 5.7%. Key factors driving the demand for machine safety systems include strict industrial safety mandates and high requirements for reliable safety systems to ensure personnel and asset protection.
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System segment is expected to register a higher CAGR during the forecast period.
Machine safety systems are aggressively used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity while safeguarding workers. The emergence of Industry 4.0 and the Internet of Things (IoT) has brought about new possibilities for the machine safety market. By integrating safety systems with IoT technologies, real-time monitoring and analysis of safety data can be achieved, leading to improved maintenance efficiency and reduced downtime.
Programmable safety systems to record the highest CAGR during the forecast period.
Various end-use industries have experienced a substantial increase in the adoption of programmable safety systems due to their ability to provide advanced safety measures for workers and equipment. In the manufacturing industry, these systems are extensively utilized to guarantee the safety of machines. By being programmed to identify potential hazards, these systems can promptly stop the machinery to prevent accidents. Similarly, the healthcare industry is witnessing a rise in programmable safety systems.
Power Generation to hold largest market share in year 2022.
The global energy demand is increasing rapidly. It pushes the energy & power industry to utilize available resources efficiently and reduce asset downtime while enhancing performance. To this end, the industry needs solutions to optimize production processes and minimize asset maintenance costs by providing the required safety. Power generation plants involve heavy machinery, high-voltage equipment, and hazardous materials, which can pose a significant risk to workers if proper safety measures are not implemented. Therefore, machine safety is of utmost importance to ensure the well-being of workers and the efficient functioning of equipment.
Asia Pacific is expected to grow at highest CAGR in machine safety market from 2023 to 2028.
Over the past few years, there has been rapid growth in the field of machine safety in the Asia Pacific due to the increasing focus on ensuring the safety of workers and the general public, driven by the rise of automation and industrialization in the region. Government regulations and initiatives have been a significant factor in driving this growth, with several countries such as Japan, China, and South Korea implementing strict safety regulations to protect workers and the public from potential hazards associated with machinery and industrial equipment.
Key players operating in the Machine Safety market include Emerson Electric Co. (US), Schneider Electric (France), Honeywell International Inc (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany) are the top five players in the Machine Safety market.
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