PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485763
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485763
Machine Risk Assessment Market size was valued at USD 5,990.43 Million in 2023, expanding at a CAGR of 6.81% from 2024 to 2032.
Machine risk assessment is a process used to identify, evaluate, and mitigate potential risks associated with the operation of machinery and equipment in various settings, such as manufacturing facilities, construction sites, or industrial plants. This involves identifying all potential hazards associated with the machinery, including moving parts, electrical components, and other factors that could pose a safety risk. The desire to minimize accidents, injuries, and property damage is a key driver for implementing robust risk assessment methodologies. However, Skilled professionals are required to conduct thorough risk assessments, and a shortage of such experts can be a significant restraint.
Machine Risk Assessment Market- Market Dynamics
Increasing stringent regulations regarding workplace safety
Machine Risk Assessment plays a critical role in increasing stringent regulations regarding workplace safety by providing a systematic framework to identify, evaluate, and mitigate potential hazards associated with machinery and equipment. Machine Risk Assessment involves a comprehensive examination of machinery to identify potential hazards such as moving parts, electrical hazards, ergonomic risks, and chemical exposures. By identifying these hazards, regulations can be designed or updated to address specific risks present in various industries. For instance, according to the Provision and Use of Work Equipment Regulations (PUWER), users and operators of work equipment must conduct regular risk assessments. Each regulation of PUWER necessitates risk assessments, and also necessitates that all work equipment provided is appropriate for its intended purpose without endangering the operator.
Machine Risk Assessment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.81% over the forecast period (2024-2032)
Based on product type segmentation, equipment-based machine risk management was predicted to show maximum market share in the year 2023
Based on deployment mode segmentation, on-premises was the leading type in 2023
Based on enterprise size segmentation, large enterprises were the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Machine Risk Assessment Market is segmented on the basis of Product Type, Deployment Mode, Enterprise Size, End User, and Region.
The market is divided into three categories based on product type: Equipment-based machine risk management refers to the practices and strategies aimed at identifying, assessing, and mitigating risks associated with machinery and equipment used in various industries. One of the primary benefits is enhanced safety for workers and personnel operating the machinery.
The market is divided into two categories based on deployment mode: In this deployment type, the MRA software is installed and operated on the organization's servers and infrastructure. This provides the highest level of control and security but requires the organization to manage the hardware and software themselves.
Machine Risk Assessment Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Various stakeholders, including manufacturers, regulatory bodies, and industry experts, assess the North American regional market for risks. Additionally, technological advancements have led to the development of automated risk assessment tools. These tools use machine learning algorithms to analyze data and identify potential hazards. During the forecast period, the Asia Pacific region is expected to grow at the fastest pace. There has been a growing focus on workplace safety and compliance with regulatory requirements in recent years. This has driven the demand for machine risk assessment services in the region.
The industry of Machine Risk Assessment is fragmented, and it's expected to witness increased competition due to the presence of several companies. Major players are investing heavily in research and development activities to integrate advanced technologies in machine risk assessment used in the industrial and automotive sectors. This has intensified the competition among these companies. To strengthen their foothold in the global industry, capture a significant revenue share, and improve overall profitability, these players are pursuing various strategic initiatives, including mergers & acquisitions and new product launches. For instance, In February 2023, Rockford Systems, LLC. provided workplace safety solutions to reduce risk and prevent workplace injuries and providing machine safeguarding training, assessments, and custom engineered integration solution.
In January 2024, OMRON launched the K7DD-PQ Series, an innovative motor condition monitoring equipment intended to automate the discovery of abnormalities in manufacturing sites. It works by assembling, monitoring, as well as analyzing live data for better decision-making.
GLOBAL MACHINE RISK ASSESSMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Advanced Technology Services, Inc.
Keyence Corp.
OMRON Corp.
Pilz GmbH & Co. KG
Rockford Systems LLC
Rockwell Automation, Inc.
SICK AG
Stantec
TUV NORD GROUP
UL LLC
Others