Machine Safety Market to Reach $10.3 Billion, Globally, by 2032 at 6.5% CAGR: Allied Market Research

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May 16, 2023, 12:53 ET

PORTLAND, Ore., May 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Machine Safety Market by Component (Safety Sensors, Safety Interlock Switches, Safety Controllers, Others) by Implementation (Individual, Embedded) by Industry Vertical (Oil & Gas, Healthcare, Automotive, Metals & Mining, Others) by Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the machine safety industry generated $5.5 billion in 2022, and is estimated to reach $10.3 billion by 2032, witnessing a CAGR of 6.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Prime determinants of growth:

The global machine safety market is driven by factors such as an increase in the adoption of digital technologies, a rise in the trend towards automation in industrial processes, and the implementation of strict machinery safety guidelines. However, the high cost of implementing safety measures in the manufacturing industry restrains the growth of the market. On the contrary, the demand for goods and services related to safety is anticipated to increase as the focus on workplace safety increases. Furthermore, as more companies realize how critical it is to have safety measures in place to protect their employees and comply with safety legislation and requirements, the demand for machine safety goods and services has increased significantly, which has paved the way for lucrative opportunities in the industry.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$5.5 billion
Market Size in 2032	$10.3 billion
CAGR	6.5 %
No. of Pages in Report	403
Segments Covered	Component, Implementation, Industry Vertical, and Region
Drivers	An increase in the adoption of digital technologies A rise in the trend towards automation in industrial processes Implementation of stringent machinery safety standards and regulations
Opportunities	Increase in adoption of hazardous machinery and equipment in various industries
Restraints	High cost of implementing safety measures in the manufacturing industry

COVID-19 scenario:

The disruption of global supply chains due to the pandemic led to delays in the delivery of products and components, which affected production and sales of machine safety products. This resulted in a decline in demand for machine safety products in some industries, such as automotive and aerospace.
However, the pandemic has resulted in an increase in demand for machine safety products in industries such as healthcare and pharmaceuticals, where safety measures have become a top priority. The adoption of technologies such as the IIoT and automation accelerated due to the pandemic, which has created potential opportunities for machine safety market growth.

The safety interlock switches segment is expected to held major share in 2022:

By component, the safety interlock switches segment garnered the highest share in 2022, holding nearly one-third of the global machine safety market revenue. This is due to increasing trends toward automation in various industries. As more companies automate their operations, the need for sophisticated safety interlock switches that can ensure worker safety is growing. Furthermore, the safety interlock switches market is benefiting from advancements in technology, such as the development of wireless safety interlock switches and the increase in the use of non-contact switches. These advancements are making safety interlock switches more versatile and easier to install, thus creating new opportunities for market expansion. On the other hand, the safety sensors segment is expected to grow in terms of revenue during the forecast period. Furthermore, the safety controller segment would display the fastest CAGR of 7.9% from 2023 to 2032. These controllers are essential for companies to comply with industry-specific safety standards and regulations, as they provide the necessary safety functions required for compliance. By detecting potential hazards and risks, safety controllers effectively mitigate risks, thereby preventing accidents, injuries, and damage to machinery. This increased emphasis on safety has led to a rising demand for safety controllers, driving their market growth.

The embedded segment to maintain its dominance during the forecast period:

By implementation, the embedded segment accounted for more than two-thirds of the global machine safety market revenue in 2022 and is expected to maintain its dominance during the forecast period. This can be attributed to the fact that embedded safety components are specifically created to be permanently incorporated into the machinery during the manufacturing phase. This guarantees that safety measures are integrated and cannot be bypassed, making them crucial in industries that pose a high risk to safety. However, the individual segment would showcase the fastest CAGR of 7.6% during the forecast period. This growth can be attributed to the increasing emphasis on workplace safety regulations, which has prompted organizations to invest in safety solutions. With the widespread adoption of automation in various industries, individual component manufacturers have a significant opportunity to provide safety solutions tailored for automated machines and equipment. As a result, the individual component segment is expected to maintain its dominance in the machine safety market throughout the forecast period.

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The automotive segment to rule the roost by 2032:

By industry vertical, the automotive segment held the highest market share in 2022, accounting for nearly one-third of the global machine safety market revenue, and is projected to rule the roost by 2032. This is due to the increasing demand for safety solutions in the growing automotive industry worldwide. Large companies have started collaborating with local manufacturers to deliver personalized safety solutions that cater to their specific requirements. On the other hand, the oil and gas segment is projected to manifest the highest CAGR of 9.4% from 2023 to 2032. This exceptional growth can be attributed to the fact that the oil and gas industry operates in demanding and hazardous environments, where safety is of paramount importance. Consequently, there is a rising need for advanced machine safety solutions to ensure the protection of workers and equipment. As the industry places a strong emphasis on safety, the demand for cutting-edge safety technologies continues to increase. This favorable market condition drives the significant growth of the oil and gas segment in the machine safety market.

North America garnered the major share in 2032:

By region, North America contributed to the highest share in 2022, garnering more than one-third of the global machine safety market revenue, and is expected to maintain its dominance by 2032. The machine safety market in North America is poised to grow at a significant pace in the upcoming years due to an increased emphasis on workplace safety regulations, which has resulted in a surge in demand for safety equipment across multiple industries. Furthermore, key players in the country are adopting various strategies to strengthen their foothold in the competitive market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.5% from 2023 to 2032. This impressive growth can be attributed to several factors, including the increasing adoption of safety technologies and the presence of large manufacturing industries in countries like China, Japan, and India.

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Leading Market Players:

OMRON Corporation
Emerson Electric Co.
KEYENCE CORPORATION
SICK AG
Schneider Electric SE
Siemens AG
B&R Automation
ABB Ltd.
Rockwell Automation Inc.
Mitsubishi Electric Corporation
Honeywell International Inc.

The report analyzes these key players of the machine safety market. These players have adopted various strategies such as business developments, new product launches, and innovations to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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