PUBLISHER: KBV Research | PRODUCT CODE: 1462011
PUBLISHER: KBV Research | PRODUCT CODE: 1462011
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.
Market Growth Factors
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.
Market Restraining Factors
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.
By Industry Analysis
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 Analysis
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.
By Components Analysis
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.
By Regional Analysis
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.
Market Competition and Attributes
The 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.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Machine Safety Market Report Segmentation
By Industry
By Offerings
By Components
By Geography