Global Machine Safety Market Forecast to 2028
The Global Machine Safety Market research report is a complete study that summarises the most recent changes and advancements in the Machine Safety industry, with 2018 acting as the base year and the forecast year being 2021–2028. The analysis provides useful details on the market's size, share, sales channels, distribution system, market segmentation, consumer needs, industry trends, and potential for future growth. The research also looks at both the global and regional market growth. The paper examines the COVID-19 pandemic's implications on the market for Machine Safety and its key segments.
According to the most recent report by Emergen Research, the global market for machine safety is anticipated to reach a market size of USD 7.25 billion at a revenue CAGR of 5.3% during the forecast period. Strict machine safety regulations enforced by international safety standard organisations like the International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO), as well as the demand for effective and affordable safety systems for the protection of people and assets, are major market growth drivers. In the era of Industry 4.0, businesses are concentrating on investing in cutting-edge machinery to boost productivity. To prevent unplanned events like accidents and malfunctions, sophisticated machinery needs to be monitored constantly. Because of this, machine safety systems are required in every industry. Machine safety is a critical consideration when utilising EDM equipment because the process involves high voltages and electrical currents that provide a risk of operator injury. To lessen these risks, producers of electrical discharge machining equipment usually include safety features like emergency stop buttons and interlocks that stop the machine from operating if certain conditions are not met.
Rapid industrialization across the globe is another factor responsible for increase in demand for machine safety systems. New technological advancements in machine safety systems also contribute to the market growth. For instance, in June 2019, Schneider Electric launched Smart Factory in the US with an objective of demonstrating the effectiveness of its EcoStruxure architecture.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Machine Safety market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report are:
ABB Ltd. , Emerson Electric Co. , General Electric Co. , Honeywell International Inc. , Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation
Research Report on the Machine Safety Market Addresses the Following Key Questions:
- Who are the dominant players of the Machine Safety market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Machine Safety market?
- What are the key growth drivers and restraining factors of the Machine Safety market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Machine Safety market and its key segments?
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Key Highlights of Report
- In May 2020, ABB Ltd. Launched Induction xP Plus actuator for paper and packaging manufacturers. These actuators offer safe caliper control on paper machines calendars.
- In February 2020, E100 electric motor overload relay was launched by Rockwell Automation to prevent motor damage and reduce downtime of operation.
- Asia Pacific is expected register fastest CAGR during the forecast period, owing to rapid industrialization in countries such as India, Pakistan, China, and Japan. Moreover, government initiatives such as Made in China 2025 and Make in India encourages the establishment of advanced manufacturing units with an increased focus on safety. This creates an opportunity for further market growth in the region.
Market Segmentations of the Machine Safety Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2021 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Machine Safety market on the basis of product, application, and region:
Segments Covered in this report are:
- Implementation Outlook (Revenue, USD Billion; 2021–2028)
- Individual Components
- Embedded Components
- Component Outlook (Revenue, USD Billion; 2021–2028)
- Presence Sensing Safety Sensors
- Emergency Stop Devices
- Safety Interlock Switches
- Safety Controller/Modules/Relays
- End-Use Outlook (Revenue, USD Billion; 2021–2028)
- Oil and Gas
- Electronics and Semiconductors
- Automotive
- Food and Beverage
- Healthcare
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Regional Landscape section of the Machine Safety report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Machine Safety Market report:
- The latest report comprehensively studies the global Machine Safety market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Machine Safety Market report is an exhaustive database that will help readers formulate lucrative strategies. The Machine Safety Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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