“Global Machine Safety Market to reach a market value of USD 7.6 Billion by 2030 growing at a CAGR of 6.0%”
The Global Machine Safety Market size is expected to reach $7.6 billion by 2030, rising at a market growth of 6.0% CAGR during the forecast period.
Asia Pacific region is experiencing rapid industrialization across various sectors, including manufacturing, automotive, electronics, and more. There is a growing emphasis on safety education and training programs for workers and employers in the Asia Pacific region. Consequently, the Asia Pacific region would acquire nearly, 30% market share by 2030. The Asia Pacific region quickly adopts advanced technologies, including Industry 4.0, the Internet of Things (IoT), and artificial intelligence. Asia Pacific's manufacturing and automotive industries significantly contribute to the region's economic growth.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in August, 2023, OMRON launched three series of operating microswitches—D2FC, D2LS, and D2FP. Developed for delicate operations in remote devices, the microswitches offer a precise and comfortable actuation experience. The microswitches aims to contribute to remote equipment operability, addressing the growing demand for flexible operations in fields like nursing care and construction sites. Moreover, in June, 2023, Schneider Electric unveiled an upgraded version of its flagship Square D safety switch, the VisiPacT heavy-duty safety switch (30-200A). This new release incorporates features driven by customer feedback, including a standard viewing window for visual verification without opening the door, an ergonomic handle for safer operations using a hook stick, a QR code for quick access to switch information, touch-safe barriers, and dedicated space for customer-required labeling. The improvements aim to enhance safety, efficiency, and ease of access in commercial and industrial applications, setting a new standard for performance and reliability.
Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG is the forerunner in the Market. In September, 2022, Siemens launched Fire Safety Digital Services, a groundbreaking portfolio of digital and managed services connecting fire safety systems to the cloud. The platform enables businesses to shift from a reactive, compliance-led approach to intelligent safety by leveraging digital services in operation, event-handling, and maintenance. The solution enhances hazard identification, improves risk-control decisions, safeguards business continuity, and fosters a safe environment. Companies such as Honeywell International, Inc., Schneider Electric SE and ABB Ltd. are some of the key innovators in Market.
Workplace accidents disrupt normal business operations, leading to downtime and reduced productivity. Timely implementation of safety measures minimizes disruptions and maintains continuous operations. The adoption of Industry 4.0 and Increased Industry automation necessitate advanced safety solutions. Therefore, the market is expanding significantly due to the rising incidence of workplace accidents.
Predictive maintenance helps mitigate the risk of catastrophic failures in safety systems. Organizations can avoid instances where safety devices fail during vital operations by identifying and addressing concerns early on and protecting personnel and assets. Industries with high safety risks, such as chemical processing, nuclear energy, and heavy manufacturing, are increasingly adopting predictive maintenance for safety systems. Hence, growing emphasis on predictive maintenance has been a pivotal factor in driving the growth of the market.
SMEs often operate with constrained budgets, and the high upfront costs associated with implementing comprehensive safety measures can strain their financial resources. Retrofitting existing machinery with safety features can be costly and complex. The high costs of adapting legacy systems to meet modern safety standards may discourage businesses from pursuing retrofitting projects, leaving older equipment without adequate safety measures. Thus, high implementation costs can slow down the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
By industry, the market is categorized into process and discrete. The discrete segment covered a 20% revenue share in the market in 2022. Discrete manufacturing processes involve complex machinery and equipment, including CNC machines, robotic arms, stamping presses, and assembly lines. Ensuring the safety of operators and equipment in these environments requires implementing robust safety solutions.
By offerings, the market is bifurcated into systems and sensors. The sensors segment acquired a 33% revenue share in the market in 2022. Sensors are utilized to detect various types of hazards, including motion, presence, temperature, pressure, and gas leaks. These sensors continuously monitor the surrounding environment and machinery for abnormal conditions or potential safety risks, allowing for timely intervention to prevent accidents.
Based on components, the market is classified into presence detection sensors, emergency stop controls, programmable safety systems, safety controllers/modules/relays, safety interlock switches, two-hand safety controls and others. The programmable safety systems segment acquired a 12.5% revenue share in the market in 2022. Safety PLCs often incorporate safe motion control features such as STO and SLS. These functions ensure that machinery comes to a safe stop and operates at limited speeds, minimizing risks associated with moving parts. Programmable safety systems support coordinated motion control, allowing multiple axes to work together safely.
Free Valuable Insights: Global Machine Safety Market size to reach USD 7.6 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region led the market by generating 35% revenue share. Employers in Europe recognize the importance of prioritizing employee health and safety. The alignment of European safety practices with global standards enhances global consistency in safety measures. Companies in Europe recognize the legal and financial implications of workplace accidents.
The Machine Safety Market is highly competitive due to strict regulations, technological advancements, market growth, global dynamics, and industry consolidation. Companies compete to offer compliant and innovative solutions, integrate advanced technologies, gain market share globally, and differentiate their offerings through mergers, acquisitions, and partnerships.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.8 Billion |
| Market size forecast in 2030 | USD 7.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6% from 2023 to 2030 |
| Number of Pages | 357 |
| Number of Tables | 603 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offerings, Components, Industry, Region |
| Country scope |
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| Companies Included | Rockwell Automation, Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Omron Corporation, ABB Ltd., Siemens AG, Honeywell International, Inc., Sick AG, Keyence Corporation and Banner Engineering Corporation |
By Industry
By Offerings
By Components
By Geography
The Market size is projected to reach USD $7.6 billion by 2030.
Rising incidence of workplace accidents are driving the Market in coming years, however, Lack of supply chain complexity restraints the growth of the Market.
Rockwell Automation, Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Omron Corporation, ABB Ltd., Siemens AG, Honeywell International, Inc., Sick AG, Keyence Corporation and Banner Engineering Corporation
The expected CAGR of this Market is 6.0% from 2023 to 2030.
The Systems segment led the Market by Offerings in 2022; thereby, achieving a market value of $4.8 billion by 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.5 billion by 2030.
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