The global machine safety market in terms of revenue was estimated to be worth USD 5.2 billion in 2023 and is poised to reach USD 6.8 billion by 2028, growing at a CAGR of 5.7% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
Implementing machine safety ensures that safety-critical control and protective systems are appropriately specified, designed, installed, and maintained. Safety devices such as sensors, programmable safety systems, and final elements are integral to safety instrumented systems and industrial control systems. Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years.
The major players in the market are Schneider Electric (France), Honeywell International Inc (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), and General Electric (US).
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Driver: Increasing demand for modular end effectors by various industries:
The industrial sector has long been known for its potential hazards and risks to personnel and assets. With increasing accidents and fatalities caused by machine-related incidents, businesses have started focusing on personnel and asset protection. This trend is driven by several other factors, including the need to comply with government regulations and avoid legal liabilities and the desire to improve workplace safety and productivity. Companies are adopting advanced industrial safety-certified systems in their production lines to reduce industrial accidents. These safety systems, such as physical barriers and safety interlocks, safeguard operators/users from accidents, prevent or minimize the risk of injury or harm, and offer an emergency shutdown solution in case of breakdown or downtime.
Opportunity: Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets:
IIoT can provide real-time data on the performance and condition of industrial assets, enabling predictive maintenance and reducing downtime. It helps companies manage their assets better, improve performance, and extend their lifespan. IIoT can also help improve workplace safety by providing real-time data on the condition of machines and equipment. This allows companies to identify potential safety hazards and take corrective/preventive actions before accidents occur. IIoT is offering new opportunities for integrated safety and compliance services. The technology can acquire sensor data and send the collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible emergency solutions.
Challenge: Difficulties in designing machine safety products due to ongoing technological advancements:
While technological advancements in machines can bring many benefits, they also pose challenges to machine safety. As machines become more advanced, they often become more complex, making it more challenging to ensure they are operating safely. Many modern machines rely on complex systems and software to operate, making integrating safety features into the machine design harder. With so many different types of advanced machines on the market, it can be difficult to establish consistent safety standards and guidelines that apply across various industries and regions. Overall, the continuous technological advances pose challenges for machine safety industry providers that must be addressed through ongoing research, innovation, and collaboration between industry stakeholders and safety regulators.
Implementing machine safety ensures that safety-critical control and protective systems are appropriately specified, designed, installed, and maintained. Safety devices such as sensors, programmable safety systems, and final elements are integral to safety instrumented systems and industrial control systems. Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years.
The major players in the market are Schneider Electric (France), Honeywell International Inc (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), and General Electric (US).
Download PDF:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1188
Driver: Increasing demand for modular end effectors by various industries:
The industrial sector has long been known for its potential hazards and risks to personnel and assets. With increasing accidents and fatalities caused by machine-related incidents, businesses have started focusing on personnel and asset protection. This trend is driven by several other factors, including the need to comply with government regulations and avoid legal liabilities and the desire to improve workplace safety and productivity. Companies are adopting advanced industrial safety-certified systems in their production lines to reduce industrial accidents. These safety systems, such as physical barriers and safety interlocks, safeguard operators/users from accidents, prevent or minimize the risk of injury or harm, and offer an emergency shutdown solution in case of breakdown or downtime.
Opportunity: Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets:
IIoT can provide real-time data on the performance and condition of industrial assets, enabling predictive maintenance and reducing downtime. It helps companies manage their assets better, improve performance, and extend their lifespan. IIoT can also help improve workplace safety by providing real-time data on the condition of machines and equipment. This allows companies to identify potential safety hazards and take corrective/preventive actions before accidents occur. IIoT is offering new opportunities for integrated safety and compliance services. The technology can acquire sensor data and send the collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible emergency solutions.
Challenge: Difficulties in designing machine safety products due to ongoing technological advancements:
While technological advancements in machines can bring many benefits, they also pose challenges to machine safety. As machines become more advanced, they often become more complex, making it more challenging to ensure they are operating safely. Many modern machines rely on complex systems and software to operate, making integrating safety features into the machine design harder. With so many different types of advanced machines on the market, it can be difficult to establish consistent safety standards and guidelines that apply across various industries and regions. Overall, the continuous technological advances pose challenges for machine safety industry providers that must be addressed through ongoing research, innovation, and collaboration between industry stakeholders and safety regulators.
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