The Machine Safety Market with COVID-19 Impact is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. Key factors driving the demand for machine safety systems include strict industrial safety mandates and high requirements for reliable safety systems to ensure personnel and asset protection. Moreover, adoption of digital technology to minimize the impact of COVID-19 and elevate organization safety; growing acceptance of workplace safety standards in emerging economies; and increasing use of IIoT to ensure better management and improved performance of industrial assets are some of the major growth opportunity for machine safety market.
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Market
for the programmable safety system to grow at fastest CAGR from 2020 to 2025
Programmable
safety systems are highly reliable logic solvers, which provide both fail-safe
and fault-tolerant operations. The market for programmable safety systems is
anticipated to grow at a fast rate in the coming years as manufacturers are
replacing the existing systems to comply with strict industrial safety
regulatory standards. Programmable safety systems are an integral part of
safety instrumented systems. These systems must be designed or selected in
accordance with the IEC 61508 standard and are required to achieve the SIL 3
and SIL 4 performance.
Individual
component market to lead the machine safety market during the forecasted period
Currently,
machine safety systems provide increased safety for process industries.
Individual componets of machine safety demands continue to rise. Individual
components are compatible with each other and, therefore, are easy to connect
and configure. Also, the installation of individual components is easy; hence,
organizations demand aftermarket installation of individual safety components,
resulting in high implementation of individual components compared with embedded
components. However, several industrial units across the world have suspended
their operations owing to the outbreak of the COVID-19. This is expected to
create a temporary slag in the growth of the individual component market in
2020.
Robotics
application to hold the largest market share for machine safety in 2020
The robotics segment held the largest size of the market in 2020. Machine safety functions such as controlling, limiting, and positioning are indispensable to automated robotic processes. With technological advancements in the field, new collaborative robots have been introduced; due to this, safety regulations for robots are being rewritten with new specifications. The ISO/TS 15066 specification outlines guidelines covering collaborative model use within 4 main areas—safety-monitored stops, hand-guiding, speed and separation monitoring, and power and force limiting robotics products.
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Energy
& power industry to hold the largest market share for machine safety in
2020
The
global demand for energy is increasing rapidly. This is pushing the energy
& power industry to utilize available resources efficiently and reduce
asset downtime while enhancing their performance. Machine safety systems such
as burner management systems, fire, and gas monitoring controllers, and
emergency shutdown systems are widely integrated into power plants. Fire and
gas monitoring solutions are especially deployed in power plants and
substations due to applicable laws and regulations. The energy & power
industry has been largely affected by the COVID-19 outbreak. However, many
power companies are helping communities by keeping their assets online and
supplying electricity and natural gas. The power sector has mainly been hit due
to the declined demand from manufacturing and production plants.
Europe to be the largest market for machine safety
during the forecast period
Europe is one of the largest markets for machine
safety systems as machine safety standards are strictly followed within the
European Economic Area (comprises all European Union countries). The safety
standards and directives present in the region restrict the supply and
operation of machinery that do not meet the regulatory requirements. The
machine safety requirements are stringent in the European region, which are
driving the growth of the market. Moreover, increasing focus of European
companies on reducing OPEX and rising environmental concerns have propelled the
installation of machine safety systems in this region.
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