Industrial Automation Magazine India

Machine safety market to reach $10.3 billion, globally, by 2032 at 6.5 percentage CAGR: Allied Market Research

Published on : Wednesday 07-06-2023

The global machine safety market is driven by factors such as increase in adoption of digital technologies, rise in trend towards automation in industrial processes, etc.

June 2023 – Allied Market Research recently published a report, titled, Machine Safety Market by Component (Safety Sensors, Safety Interlock Switches, Safety Controllers, Others) by Implementation (Individual, Embedded) by Industry Vertical (Oil & Gas, Healthcare, Automotive, Metals & Mining, Others) by Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2022-2032. According to the report, the machine safety industry generated $5.5 billion in 2022, and is estimated to reach $10.3 billion by 2032, witnessing a CAGR of 6.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

The global machine safety market is driven by factors such as an increase in the adoption of digital technologies, a rise in the trend towards automation in industrial processes, and the implementation of strict machinery safety guidelines. However, the high cost of implementing safety measures in the manufacturing industry restrains the growth of the market. On the contrary, the demand for goods and services related to safety is anticipated to increase as the focus on workplace safety increases. Furthermore, as more companies realize how critical it is to have safety measures in place to protect their employees and comply with safety legislation and requirements, the demand for machine safety goods and services has increased significantly, which has paved the way for lucrative opportunities in the industry.

The disruption of global supply chains due to the pandemic led to delays in the delivery of products and components, which affected production and sales of machine safety products. This resulted in a decline in demand for machine safety products in some industries, such as automotive and aerospace.

However, the pandemic has resulted in an increase in demand for machine safety products in industries such as healthcare and pharmaceuticals, where safety measures have become a top priority. The adoption of technologies such as the IIoT and automation accelerated due to the pandemic, which has created potential opportunities for machine safety market growth.

The safety interlock switches segment is expected to held major share in 2022:

Leading Market Players: OMRON Corporation; Emerson Electric Co; Keyence Corporation; SICK AG; Schneider Electric SE; Siemens AG; B&R Automation; ABB Ltd; Rockwell Automation Inc; Mitsubishi Electric Corporation; Honeywell International Inc; and others.

The report analyses these key players of the machine safety market. These players have adopted various strategies such as business developments, new product launches, and innovations to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.