Global Machine Safety Market Poised for Robust Growth, forecasted to Reach US$ 11.5 Bn by 2031

 

The Global Machine Safety Market is experiencing significant growth, valued at US$ 5.9 billion in 2021 and projected to reach US$ 11.5 billion by the end of 2031, according to the latest analysis. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.2% from 2022 to 2031. The driving factors behind this growth include the increasing demand for machine safeguarding solutions across various industries such as automotive, semiconductor & electronics, chemical, food & beverage, aerospace & defense, and healthcare & pharmaceutical.

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Key Market Drivers:

Demand for Machine Safeguarding Solutions: The surge in demand for machine safeguarding solutions is fueled by the automotive, semiconductor, electronics, chemical, food & beverage, aerospace & defense, and healthcare & pharmaceutical industries. The emphasis on operator safety is also contributing to the expansion of the global machine safety market.

Holistic Approaches and Smart Devices Adoption: Companies are adopting holistic approaches to machine safety, incorporating smart devices to enhance overall equipment effectiveness (OEE). This approach results in lower downtime and a reduction in the injury rate, positioning them as industry leaders.

Stringent Machinery Safety Standards: The implementation of stringent machinery safety standards and regulations globally is promoting the incorporation of fundamental principles and elements of machine safety, ensuring higher production capabilities and lower employee absence rates.

Growth in Adoption of Machinery Safety Measures in Automotive Sector: The automotive sector, in particular, is witnessing a rise in the adoption of machinery safety measures to achieve cost-effective production and maintain machine safety goals. This is crucial for various processes in automotive manufacturing, including press facilities, robotic welding, paint finishing systems, and assembly lines.

Key Players:

Top players in the machine safety market include ABB Ltd., Omron Corporation, Balluff GmbH, Banner Engineering Corp., Emerson Electric Co., Sick AG, Honeywell International Inc., Rockwell Automation, Inc., Keyence Corporation, Yokogawa Electric Corp., Mitsubishi Electric Corporation, Pilz GmbH & Co.KG, Schneider Electric SE, and Siemens AG.