Machine Safety Market worth $6.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 20, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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. 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. Moreover, adoption of digital technology to minimize the impact of COVID-19 and elevate organization safety; growing acceptance of workplace safety standards in emerging economies; and increasing use of IIoT to ensure better management and improved performance of industrial assets are some of the major growth opportunity for machine safety market.
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"Market for the programmable safety system to grow at fastest CAGR from 2020 to 2025"
Programmable safety systems are highly reliable logic solvers, which provide both fail-safe and fault-tolerant operations. The market for programmable safety systems is anticipated to grow at a fast rate in the coming years as manufacturers are replacing the existing systems to comply with strict industrial safety regulatory standards. Programmable safety systems are an integral part of safety instrumented systems. These systems must be designed or selected in accordance with the IEC 61508 standard and are required to achieve the SIL 3 and SIL 4 performance.
"Individual component market to lead the machine safety market during the forecasted period"
Currently, machine safety systems provide increased safety for process industries. Individual componets of machine safety demands continue to rise. Individual components are compatible with each other and, therefore, are easy to connect and configure. Also, the installation of individual components is easy; hence, organizations demand aftermarket installation of individual safety components, resulting in high implementation of individual components compared with embedded components. However, several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19. This is expected to create a temporary slag in the growth of the individual component market in 2020.
"Robotics application to hold the largest market share for machine safety in 2020."
The robotics segment held the largest size of the market in 2020. Machine safety functions such as controlling, limiting, and positioning are indispensable to automated robotic processes. With technological advancements in the field, new collaborative robots have been introduced; due to this, safety regulations for robots are being rewritten with new specifications. The ISO/TS 15066 specification outlines guidelines covering collaborative model use within 4 main areas—safety-monitored stops, hand-guiding, speed and separation monitoring, and power and force limiting robotics products.
Browse in-depth TOC on "Machine Safety Market"
148 – Tables
43 – Figures
204 – Pages
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"Energy & power industry to hold the largest market share for machine safety in 2020."
The global demand for energy is increasing rapidly. This is pushing the energy & power industry to utilize available resources efficiently and reduce asset downtime while enhancing their performance. Machine safety systems such as burner management systems, fire, and gas monitoring controllers, and emergency shutdown systems are widely integrated into power plants. Fire and gas monitoring solutions are especially deployed in power plants and substations due to applicable laws and regulations. The energy & power industry has been largely affected by the COVID-19 outbreak. However, many power companies are helping communities by keeping their assets online and supplying electricity and natural gas. The power sector has mainly been hit due to the declined demand from manufacturing and production plants.
"Europe to be the largest market for machine safety during the forecast period."
Europe is one of the largest markets for machine safety systems as machine safety standards are strictly followed within the European Economic Area (comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operation of machinery that do not meet the regulatory requirements. The machine safety requirements are stringent in the European region, which are driving the growth of the market. Moreover, increasing focus of European companies on reducing OPEX and rising environmental concerns have propelled the installation of machine safety systems in this region.
Major players in the machine safety market are 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).
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