Machine Safety Market Size, Share, Statistics and Industry Growth Analysis Report by Component (Presence detection Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls), Offering, Industry and Region - Global Growth Driver and Industry Forecast to 2029
Machine Safety Market Size and Share
The machine safety market will grow from USD 5.4 billion in 2024 to USD 7.0 billion by 2029, at a CAGR of 5.4% during the same period. There has been a rising emphasis on workplace safety regulations. Governments and regulatory bodies worldwide are implementing more stringent rules to ensure the safety of workers. This has driven demand for safety mats, emergency signs, and other forms of machine safety equipment. Another driving factor has been the rising requirement for strong safety measures against accidents and injuries with the surfacing of automation like collaborative robots across most industry verticals. Moreover, there has been increasing awareness about the several advantages of having robust safety systems in place. Companies slowly realize that a safe working environment protects the workforce and enhances productivity and efficiency.
Machine Safety Market Forecast to 2029
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Dynamics
Driver: Adoption of automation to improve efficiency and productivity
Recently, industrial automation has risen significantly to bring about cost savings and quality control. Industrial automation, such as robotics, artificial intelligence, and machine learning, would also help companies increase plant efficiency and productivity by automating repetitive tasks and reducing errors. Such automated systems will keep working quickly and accurately, reducing production time and cost while increasing output. However, industrial automation also brings another risk: machines and equipment can be hazardous if not correctly designed, installed, and maintained. The amount and complexity of machinery and equipment used in manufacturing, production, and other industries will increase progressively, thus growing danger to people's lives through industrial automation. Any advancements in this segment automatically raise demand for products and services meant for machine safety to protect people and equipment from potential risks. Technological advancement allows the development of highly complex and very innovative safety solutions, including machine vision systems, safety sensors, and safety controllers; these are capable of assuring high machine safety and equipment safety, productivity, and efficiency.
Restraint: Complexities associated with machine safety systems
One of the major factors hindering the growth of the machine safety market is the lack of awareness about the advantages of using these systems. Emerging economies are still unaware of the availability of safety devices that can safeguard machinery and labor. Most manufacturers do not appoint safety experts who advise adopting the safety devices necessary for each machine or process. Secondly, even if end users know the benefits of safety devices, development and integration-related complexities restrict their implementation. Certified and trained mechanical, electronics, and software engineers and industrial safety management professionals must work cohesively to design robust safety management devices. The challenge is increased further while installing and validating the system. Ensuring that the entire system meets the requirements of SIL is very essential. Another important factor is setting systems at correct performance standards to realize the possible economic benefits. Besides offering environmental advantages, deploying such systems has long-term benefits, including decreased operational costs and process downtime. However, these systems need to be meticulously documented, designed, operated, maintained, and tested to comply with the standards.
Opportunity: Increasing awareness about workplace safety standards in emerging economies
Workplace safety standards developed locally and internationally by regulatory and standard-making bodies have found their way into the workplace environment in developed countries, such as the US, the UK, France, Australia, Japan, and the Netherlands. The governments of these countries have enforced laws against industries that are not maintaining the set rules, which are meant to protect human and equipment assets. However, emerging economies are still way behind in adapting to machine safety systems. It is essential to mention that the manufacturing industry in certain countries, for example, South Korea, India, and China, has flourished in the last decade with inexpensive and readily available human resources. At the same time, these countries have very little concern for occupational safety and have recently adopted a move to argue and protest from worker unions to maintain safety standards in the industries. Therefore, there is an intense proliferation of standards in developing countries. Safety systems are likely to drive market growth over the next few years. The Human Development Index (HDI) and the demands of labor unions for enhanced safety in workplaces have boosted the adoption of safety systems in both emerging and established nations. Asia Pacific is one of the fastest-growing economies. These countries are marked by large-scale industrial production manufacturing and accommodate many manufacturing plants globally.
Challenge: Failure to assess and anticipate all potential risks associated with machinery setup
A comprehensive machine guarding requires the risk assessment input of all parties, including guard designers, machine operators, maintenance, supervisors, engineers, safety professionals, and machine guarding experts, not excluding the OEM (Original Equipment Manufacturer). A designer has a task that may be overwhelming in anticipating all possible hazards when setting up equipment, operation, inspection, or maintenance. Careful planning and implementation are necessary if workers need to enter areas inside the machine guards. Even then, the upfront work of performing a risk assessment can overlook some very critical specifications for the design and performance criteria of safety-related components—including interlock devices and monitoring components like relays, as well as safety-rated programmable logic controllers that enforce protection when using the alternative safeguarding methods.
Machine Safety Market Segmentation
Systems of Machine safety holds the largest market share in 2023.
Fast growth in machine safety systems is found with advanced technologies like sensors, artificial intelligence, and automation. These systems are rather significantly important in ensuring the protection of the workforce members in an industrial environment through constant surveillance and provision of reactions to possible dangers. Growing concern for the well-being of the workforce, strict safety regulatory requirements, and ever-changing safety technologies are all implementing machine safety systems within different industries worldwide.
Presence Detection sensors segment to hold largest market share in 2023.
Markets of presence-detection sensors are evolving at a high pace as a wide array of industrial, commercial, and residential applications demand the high demand for automation and smart technologies. These sensors detect the presence or absence of any object or human body. The growth in smart building solutions, industrial automation, and contactless technologies has spurred the market. Furthermore, such growth is fueled by innovations and the integration of presence detection sensors into various sectors, whereby ongoing innovation raises a significant upward trajectory for the market.
Food & Beverages is expected to register highest CAGR during the forecast period
Food and beverage industries are increasing tremendously all over the world. Several factors fuelling this growth include shifts in consumer preference and fast-growing demand for healthy food and new products. Globalization and changes in lifestyle, which make the sector very dynamic, are added to these. The other factors may include continuous product innovation, organized supply chains, and a sustainability focus that continuously drives the growth of the food and beverage industry in many markets.
North America to hold largest market share in the year 2023.
The North American machine safety market is growing at a robust pace. This surge is driven by stringent regulatory frameworks emphasizing workplace safety, increased industry awareness, and a rise in the adoption rate of advanced automation technologies. This region's commitment to enhancing the safety of workers at the workplace, along with the continuous integration of advanced safety solutions, is fueling the growth of the machine safety market in North America.
Machine Safety Market by Region
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Key Market Players
The Machine safety market players have implemented various organic and inorganic growth strategies, such as product launches, collaborations, partnerships, and acquisitions, to strengthen their offerings in the market. The major players in the market are Schneider Electric (France), Honeywell International, Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US), Mitsubishi Electric Corporation (Japan), Sick AG (Germany), HIMA (Germany), and IDEC Corporation (Japan)
The study includes an in-depth competitive analysis of these key players in the machine safety market and their company profiles, recent developments, and key market strategies.
Machine Safety Market Report Scope
Report Metric |
Details |
Estimated Market Size |
5.4 billion |
Projected Market Size |
7.0 billion |
Growth Rate |
5.4% |
Years Considered |
2020–2029 |
Base Year Considered |
2023 |
Forecast Period |
2024–2029 |
Forecast Units |
Value (USD Million/Billion) |
Segments Covered |
By Offerings, By Component, By Process Industry, By Discrete Industry and By Region |
Regions Covered |
North America, Asia Pacific, Europe, and the Rest of the World |
Companies Covered |
Schneider Electric (France), Honeywell International, Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US), Mitsubishi Electric Corporation (Japan), Sick AG (Germany), HIMA (Germany), and IDEC Corporation (Japan) and a total of 25 players covered |
Machine Safety Market Highlights
This report has segmented the Machine safety market based on Offerings, Component and Industry and Region.
Segment |
Subsegment |
By Offerings |
|
By Components |
|
By Process Industry |
|
By Discrete Industry |
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By Region |
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Recent Developments:
- In June 2023, at the forefront of digitally transforming energy management and automation, Schneider Electric unveiled an updated edition of its primary Square D safety switch, the VisiPacT heavy-duty safety switch. This latest release introduces fresh functionalities and a revitalized design to enhance the reliability of the existing offering.
- In January 2023, Siemens launched two new aspirating smoke detectors (ASD): FDA261 and FDA262. The biggest coverage area currently offered on the market is 6,700 m2, which can be covered by one smoke detector. A single ASD+ detector can provide up to 2,000 m2 of detection coverage, even for Class A installations with the strictest sensitivity requirements. With the new ASD Connect app, digital commissioning is quick and simple. It significantly automates and simplifies the commissioning procedure.
- In August 2023, Yokogawa Electric Corporation will upgrade the Collaborative Information Server, part of the OpreX™ Control and Safety System, to enhance alarm management, access to maintenance data, and support international communication standards.
Frequently Asked Questions(FAQs):
What will the size of the machine safety market be in 2024?
The Machine safety market will be valued at USD 5.4 billion in 2024.
What CAGR will be recorded for the Machine safety market from 2024 to 2029?
The global machine safety market is expected to record a CAGR of 5.4% from 2024 to 2029.
Who are the top players in the Machine safety market?
The significant vendors operating in the Machine safety market include Schneider Electric (France), Honeywell International, Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US), Mitsubishi Electric Corporation (Japan), Sick AG (Germany), HIMA (Germany), IDEC Corporation (Japan), and among others
Which significant countries are considered in the Asia Pacific region?
The report includes an analysis of China, Japan, India, and the rest of the Asia Pacific region.
Which Components have been considered in the Machine safety market?
Safety Interlock Switches, Emergency Stop Controls Presence detection Sensors, Programmable Safety Systems, Safety Controllers/Modules/Relays, and Two-Hand Safety Controls are considered in the market study.
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The study involves four significant activities for estimating the size of the Machine safety market. Exhaustive secondary research has been conducted to collect information related to the market. The next step is to validate these findings and assumptions related to the market size with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the Machine safety market. After that, market breakdown and data triangulation procedures were used to determine the extent of different segments and subsegments of the market.
Secondary Research
Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications, articles by recognized authors; directories; and databases. The secondary data has been collected and analyzed to determine the overall market size, further validated through primary research.
Primary Research
Extensive primary research has been conducted after gaining knowledge about the current scenario of the Machine safety market through secondary research. Several primary interviews have been conducted with experts from the supply and demand sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data has been collected through questionnaires, emails, and telephonic interviews.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, top-down and bottom-up approaches and several data triangulation methods have been implemented to estimate and validate the size of the Machine safety market and other dependent submarkets listed in this report.
- The key players in the industry and markets have been identified through extensive secondary research.
- The supply chain of the industry and the market size, in terms of value, have been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Machine safety Market: Top-Down Approach
- In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits obtained from secondary and primary research.
- For calculating the Machine safety market segments, the market size obtained by implementing the bottom-up approach has been used to implement the top-down approach, which was later confirmed with the primary respondents across different regions.
- The bottom-up approach has also been implemented for the data extracted from secondary research to validate the market size of various segments.
- Each company’s market share has been estimated to verify the revenue shares used earlier in the bottom-up approach. With the help of data triangulation and validation of data through primary, the size of the overall Machine safety and each market have been determined and confirmed in this study.
Machine safety Market: Bottom-Up Approach
- The bottom-up approach was used to arrive at the overall size of the Machine Safety market from the revenue of key players and their market share.
- Identifying various industries using or expected to deploy Machine Safety by its type at their facilities.
- Analyzing the use cases across different regions and companies.
- Estimating the size of the Machine Safety market on the basis of the demand from these industries and companies
- Tracking the ongoing and upcoming installation contracts, acquisitions, expansions, and product launches by various companies, and forecasting the market based on these developments and other critical parameters.
- Conducting multiple discussions with key opinion leaders to understand Machine Safety Type & product by companies in these industries to analyze the break-up of the scope of work carried out by each major company providing Machine Safety components.
- Arriving at the market estimates by analyzing the country-wise sales of Machine Safety solutions companies and combining this data to get the regional market estimates.
- Verifying and crosschecking the estimates at every level through discussions with key opinion leaders, including CEOs, directors, operations managers, and domain experts at MarketsandMarkets
- Studying various paid and unpaid information sources, such as annual reports, press releases, and white papers.
Data Triangulation
After arriving at the overall market size, the total market has been split into several segments. The market breakdown and data triangulation procedures have been employed wherever applicable to complete the overall market engineering process and arrive at exact statistics for all segments. The data was then triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
A machine safety system is a set of measures and components designed to ensure the safety of operators and other personnel working with or near machines. These systems typically include physical guards, safety interlocks, emergency stops, warning signs, and other devices intended to prevent or minimize the risks of injury or harm.
The primary goal of a machine safety system is to prevent accidents and injuries by reducing or eliminating the potential hazards associated with operating machines. This includes ensuring that all components are properly installed and maintained, workers are adequately trained and informed about potential hazards, and appropriate safety procedures are in place and followed.
In addition to protecting workers, machine safety systems can help minimize downtime and reduce the risk of equipment damage or failure. By implementing appropriate safety measures, businesses can improve their overall productivity and profitability while ensuring the safety of their employees.
The machine safety market comprises players that offer components such as presence-sensing safety sensors, safety switches, safety controllers/relays, programmable safety systems, and emergency stop devices. The market is diversified, with component manufacturing companies competing across the value chain to sustain their position in the market and increase their market share.
The machine safety market is likely to witness significant growth in the coming years because it is essential for companies in the automotive, food & beverage, oil & gas, power generation, and chemical industries to invest in safety measures to reduce the risk of accidents and promote a safe working environment. Schneider Electric (France), Honeywell International Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), KEYENCE CORPORATION (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), and General Electric (US) are among a few key companies in this market.
Key Stakeholders
- Original equipment manufacturers (OEMs)
- Providers of technology solutions
- Research institutes
- Market research and consulting firms
- Forums, alliances, and associations related to Machine safety
- Technology investors
- Governments and financial institutions
- Analysts and strategic business planners
- Existing end users and prospective ones
Report Objectives:
- To describe and forecast the Machine safety market in terms of value based on Offerings, Components, Process Industry, and Discrete Industry
- To describe and forecast the Machine safety market size in terms of value for four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the Machine safety market
- To provide a detailed overview of the supply chain of the ecosystem
- To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
- To analyze the probable impact of the recession on the market in the future
- To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of market ranking/share and product portfolio.
- To analyze competitive developments such as acquisitions, product launches, partnerships, expansions, and collaborations undertaken in the Machine safety market
Available Customization:
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for this report:
- Company Information: Detailed analysis and profiling of additional five market players
Growth opportunities and latent adjacency in Machine Safety Market