Machine Safety Market

Honeywell International Inc. (US) and Schneider Electric SE (France) are leading players in Machine Safety Market

A machine safety system acts to prevent or reduce the risk of abnormal process conditions that can occur in the industry. A machine safety system is engineered to perform specific control functions to maintain safety in a process operation when unacceptable or dangerous conditions occur. Nowadays, there is a need for machine safety in any industry to ensure uninterrupted operations, reliability, and safety of processes.  The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025.

ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Omron Corporation (Japan), Keyence Corporation (Japan), Mitsubishi Electric Corporation (Japan), Pilz GmbH & Co. KG (Germany), Sick AG (Germany), Balluff GmbH (Germany), and Banner Engineering Corp. (US) are among the major players in the machine safety market.

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Schneider Electric offers diversified machine safety solutions under its Industrial Automation business segment. The company provides SIL 3 function safety solutions that ensure the fail-safe performance of controllers for energize-to-trip and de-energize-to-trip applications. Triconex, a brand of Schneider Electric, provides Trident safety instrumented systems with SIL 3 certification. These safety systems feature high scalability, with applications as low as 32 I/O points per system to as high as 40,000 I/O points. Schneider Electric has a strong portfolio of machine safety-certified emergency stop devices and safety instrumented systems. The company has expertise in data control systems (DCS) and offers a range of safety solutions. Additionally, in line with the company’s strong financial performance and R&D investments, the company can also emphasize on inorganic growth strategies, such as collaborations, mergers, and acquisitions, to target emerging and rapidly growing markets in APAC, such as India, China, and South Korea. Moreover, the company has identified certain countries in South America, Asia, the Middle East, Eastern Europe, and Africa as “new economies” that it intends to penetrate with long-term investments. For example, Schneider Electric established its first large-scale “Innovation Hub” in Asia, after Boston and Paris. Schneider Electric has reduced its activities to critical operations in France. It has also suspended its 2020 guidance because of COVID-19.

Honeywell offers a wide range of solutions related to machine safety through its Safety and Productivity segment. The company offers safety systems and solutions such as integrated control and safety systems, distributed control systems, control monitoring and safety systems, and industrial wireless solutions in the control, monitoring, and safety systems category. The company has recently launched various products to diversify its machine safety product portfolio. The launches are a result of extensive R&D conducted by the company. Honeywell has a strong presence in the US, with ~60% revenue generated from this region. For better revenue avenues, the company could focus on other regions such as APAC, the Middle East, and South America. The company focuses on both organic and inorganic growth strategies to expand its presence in the machine safety market. For instance, in April 2019, Casale SA, engineering, procurement, and construction licensor and contractor, selected Honeywell to be the main automation contractor. Moreover, in June 2018, Honeywell launched Safety Manager SC, the next generation of its flagship Safety Manager platform. This will help the company maintain its leading position in the machine safety market.

Related Reports:

Machine Safety Market with COVID-19 Impact, by Component (Presence Sensing Safety Sensors, Safety PLCs, Safety Modules/Controllers/Relays), Implementation, Application (Assembly, Packaging, Robotics), Industry, and Region - Global Forecast to 2025

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Report Code
SE 2053
RI Published ON
11/17/2020
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