Machine Safety Market worth $6.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

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Apr 27, 2023, 12:00 ET

CHICAGO, April 27, 2023 /PRNewswire/ -- The global Machine Safety market is expected to grow from USD 5.2 billion in 2023 to USD 6.8 billion by 2028, registering a CAGR of 5.7% according to a new report by MarketsandMarkets™. 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.

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Browse in-depth TOC on "Machine Safety Market"

185 – Tables
68 – Figures
243 – Pages

Machine Safety Market Report Scope:

Report Coverage	Details
Market Revenue in 2023	$5.2 billion
Estimated Value by 2028	$6.8 billion
Growth Rate	Poised to grow at a CAGR of 5.7%
Market Size Available for	2019–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Component, Offerings, Industry & Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Difficulties in designing machine safety products due to ongoing technological advancements
Key Market Opportunities	Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets
Key Market Drivers	Increasing demand for modular end effectors by various industries

System segment is expected to register a higher CAGR during the forecast period.

Machine safety systems are aggressively used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity while safeguarding workers. The emergence of Industry 4.0 and the Internet of Things (IoT) has brought about new possibilities for the machine safety market. By integrating safety systems with IoT technologies, real-time monitoring and analysis of safety data can be achieved, leading to improved maintenance efficiency and reduced downtime.

Programmable safety systems to record the highest CAGR during the forecast period.

Various end-use industries have experienced a substantial increase in the adoption of programmable safety systems due to their ability to provide advanced safety measures for workers and equipment. In the manufacturing industry, these systems are extensively utilized to guarantee the safety of machines. By being programmed to identify potential hazards, these systems can promptly stop the machinery to prevent accidents. Similarly, the healthcare industry is witnessing a rise in programmable safety systems.

Power Generation to hold largest market share in year 2022.

The global energy demand is increasing rapidly. It pushes the energy & power industry to utilize available resources efficiently and reduce asset downtime while enhancing performance. To this end, the industry needs solutions to optimize production processes and minimize asset maintenance costs by providing the required safety. Power generation plants involve heavy machinery, high-voltage equipment, and hazardous materials, which can pose a significant risk to workers if proper safety measures are not implemented. Therefore, machine safety is of utmost importance to ensure the well-being of workers and the efficient functioning of equipment.

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Asia Pacific is expected to grow at highest CAGR in machine safety market from 2023 to 2028.

Over the past few years, there has been rapid growth in the field of machine safety in the Asia Pacific due to the increasing focus on ensuring the safety of workers and the general public, driven by the rise of automation and industrialization in the region. Government regulations and initiatives have been a significant factor in driving this growth, with several countries such as Japan, China, and South Korea implementing strict safety regulations to protect workers and the public from potential hazards associated with machinery and industrial equipment.

Key players operating in the Machine Safety market include Emerson Electric Co. (US), Schneider Electric (France), Honeywell International Inc (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany) are the top five players in the Machine Safety market.

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