Machine Safety Market Worth 4.98 Billion USD by 2020

Jan 22, 2016, 08:30 ET from MarketsandMarkets

PUNE, India, January 22, 2016 /PRNewswire/ --

The report "Machine Safety Market by Product (Safety Sensors, PLCS, Controllers, Modules, & Relays, and E-Stop Controls), Implementation, Application (Assembly, Material Handling, Metal Working, Packaging, & Robotics), & Region - Global Trend & Forecast to 2020", published by MarketsandMarkets, is expected to reach USD 4.98 Billion by 2020, at a CAGR of 7.5% between 2015 and 2020.

Browse 87 market Tables and 69 Figures spread through 161 Pages and in-depth TOC on " Machine Safety Market" 

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Factors which are driving the market include growing emphasis on industrial safety and proactive safety measures, mandatory safety regulations, and improvement in performance and brand image of a company.

The market for presence sensing safety sensors held the largest share in 2014 

Various industries are deploying different safety sensors for the accurate detection of human and foreign objects. Several types of sensing products such as edges, laser scanners, light curtains, mats, and electromagnetic devices are used for presence sensing. These sensor products are extensively used in assembly, material handling, metal working, packaging, robotics, and welding applications across various industries.

The market for individual components held the largest share in 2014 

A Machine Safety System is a combination of various individual components that are set up along with various machineries and industrial equipment. Individual safety components or products such as sensors, emergency stop controls, safety PLCs, relays, switches, and related products are installed or mounted after the machinery installation. Various organizations are considering the aftermarket individual component solutions as the best solutions to install because they are easy to install, handle, or control. However, several companies are gradually adopting the safety solutions that are being integrated within the machine systems.

APAC expected to grow at the highest CAGR between 2015 and 2020 

APAC is one the major industrial markets in the world. In 2014, Asia accounted for the third largest market share for machine safety systems in terms of value, followed by Europe and North America. The developing countries in the region such as China and India are expected to increasingly adopt machine safety systems in the coming years. Apart this, factors such as developing industrialization, increasing emphasis on the machine and industrial safety regulations by various safety standard organizations, and adoption of safety systems by multinational companies are driving the market for machine safety systems in APAC.

The major companies in the machine safety market include ABB Ltd. (Switzerland), EUCHNER GMBH CO. KG (Germany), Honeywell International (U.S.), IDEC Corp. (Japan), Mitsubishi Electric Corp. (Japan), PHOENIX CONTACT GmbH & Co. KG (Germany), Pilz GmbH & Co. KG (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), and Siemens AG (Germany) among others.

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This research report categorizes the global machine safety market based on product, implementation & element, application, and region. It describes the drivers, restraints, opportunities, and challenges with respect to the market. Porter's five forces analysis has also been included in the report with a description of each of its forces and their respective impact on the machine safety market.

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