Machine Safety Market to Surpass US$ 9.4 Bn by 2031 as Focus on Improving Workplace Safety Magnifies: FMI

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A detailed study published by Future Market Insights (FMI) uncovers critical trends and opportunities facilitating the growth in the machine safety market. The report emphasizes on highlighting key micro & macro-economic indicators pushing sales across various segments in terms of component and industry. It also discloses competitive trends and profiles of leading players operating in the global market.

DUBAI, UAE, Nov. 24, 2021 /PRNewswire/ -- As per an exhaustive study by FMI, the global machine safety market will top US$ 5.1 Bn in 2021. Growing penetration of industrial internet of things (IIoT) products is propelling the demand for machine safety components within material processing, electronics, packaging, pharmaceuticals, and other industries. Driven by this, the market is forecast to surpass US$ 9.4 Bn by the end of 2031.

Historically, the demand for machine safety grew at a CAGR of 4.8% between 2016 and 2020. A paradigm shift of functional safety from mechanical interlock switches to contemporary programmable logic controllers (PLCs) and rapid developments in industry 4.0 are the primary factors driving the market. On account of this, the demand in the market is estimated to expand at 6.4% CAGR over the forecast period 2021-2031.

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A significant rise in incidence of work-related accidents is witnessed across the globe. To counter this, governments of several countries are implementing a set of safety rules and regulations to improve workplace safety. For instance, the U.S. Government has enforced several work safety norms through the Occupational Safety and Health Administration (OSHA). Such initiatives are anticipated to spur the sales of machine safety by 5.2% between 2020 and 2021.

Based on components, the presence sensing safety sensors segment is projected to emerge as the most sought-after machine safety system. Factors driving the growth in the segment are increasing emphasis on enhancing workplace safety and focus on improving workers safety.

"Key manufacturers are focusing on research and development (R&D) activities to develop innovative machine safety solutions integrated with advanced safety sensors to cater to surging demand for industrial automation. This is expected to facilitate the growth in the coming years," says a FMI analyst.

Key Takeaways from Machine Safety Market Study

• The U.S. is anticipated to account for the largest revenue share in the North America market, exhibiting sales growth at nearly 7.8% CAGR over the assessment period.
• The market in the U.K. is forecast to register a swift growth in Europe, expanding at around a CAGR of 7.2% between 2021 and 2031.
• The China market is estimated to account for more than 40% of the value share in East Asia, surging at an impressive CAGR of 8.9% through 2031.
• Sales of machine safety in South Korea and Japan are expected to increase at around 6.2% CAGR and 7.5% CAGR, respectively during the forecast period.
• On the basis of industry, the automotive sector is projected to emerge as the most remunerative segment, accounting for over 22% of the sales in 2021.

Key Drivers

• Suring demand for safety light curtains within the packaging sector powered by robotics is spurring the sales of presence sensing safety sensors.
• Rapid expansion of the automotive industry and growing adoption of novel IoT-based technologies to pace up the production of vehicles are expected to propel the demand for machine safety in the automotive segment.

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Key Restraints

• High cost of machine safety components and installation, maintenance, and repair is a primary factor hampering the growth in the market.

Competitive Landscape

As per FMI, ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, and Siemens AG, among others, are the top machine safety solution and service providers. These players are expected to account more than 40% of the total sales in the market.

Leading companies are focusing on adopting strategies such as new product development and strategic partnerships with other vendors to expand their portfolio of products and services. For instance,

• In October 2021, OMRON Corporation, a Japanese electronics company, announced launching a new inspection system, the VT-S10 Series. The system makes use of imaging and artificial intelligence (AI) technology to automate high-precision processes for printed circuit board (PCB) sub-assemblies. The product launched will assist the company to expand its portfolio in machine safety.
• In June 2019, Schneider Electric, a French multinational company, announced launching a Smart Factory in the US, in order to show how its EcoStruxure architecture and related range of products can reduce costs for its customers and enhance operational efficiency.

Some of the key players operating in the market profiled by FMI are:

• ABB Ltd.
• Emerson Electric Co.
• General Electric Co.
• Honeywell International Inc.
• Schneider Electric SE
• Rockwell Automation, Inc.
• Siemens AG
• Yokogawa Electric Corp.
• Omron Corporation
• Keyence Corporation
• Mitsubishi Electric Corporation
• Pilz GmbH & Co. KG
• Sick AG
• Balluff GmbH
• Banner Engineering Corp.

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More Valuable Insights on Machine Safety Market

The latest report by FMI provides a detailed analysis of the global machine safety market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in machine safety market with detailed segmentation:

By Component:

• Presence Sensing Safety Sensors
• Safety Interlock Switches
• Electromechanical
• Hinged Pin
• Limit
• Non-Contact
• Tongue
• Trapped Key
• Programmable Safety Systems
• Safety Modules
• Emergency Stop Controls
• Others

By Industry:

• Automotive
• Food & Beverages
• Packaging
• Material Processing
• Pharmaceuticals
• Electronics & Semiconductors
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Key Questions Covered in the Report

• The report offers insight into machine safety market demand outlook for the forecast period 2021-2031
• The market study also highlights projected sales growth for machine safety market between 2021 and 2031
• Machine safety market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Machine safety market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights