In 2023, the global machine safety market is expected to be valued at US$5,378.4 million. According to Future Market Insights research, the market is projected to increase at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2033, with a valuation of US$ 10,222.9 million by the end of that year.
In the machine safety market, where these safety measures assist automobile manufacturers in reaching and maintaining the machine safety goals, the safety of cost-effective production and machinery is essential.
These days, a lot of work is done by robots. In the automobile industry, for example, these machines are frequently equipped with sensors and other safety measures to prevent accidents.
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Key Takeaways from the Market Study
- Sales of the global machine safety market expanded at a CAGR of 4.5% from 2018 to 2022
- Presence sensing safety sensors are expected to generate maximum demand for the global machine safety market.
- The automotive industry is expected to register maximum sales of global machine safety markets.
- The north American market for global banquet carts market is likely to expand at a share of 28.8%.
- The United States alone is likely to increase at a rate of around 16.7% during the forecast period.
- The automotive segment is said to have a market share of 19.2%
- Presence sensing safety sensors is said to hold a major position in the market with a market value of 20.7%.
- Indian market is said to have a major demand for machine safety systems thus leading to a growth in demand at a CAGR of 8.3%
- The Chinese market for machine safety systems is said to grow at a CAGR of 6.4% during the forecast period
- The Australian market for machine safety systems is considered to hold a market share of 2.1%.
- Japan is likely to hold a market share of 4.3% during the forecast period.
- The European region is anticipated to said to hold a market share for machine safety systems of 22.1%.
- Germany is expected to hold a market share of 8.1%
- United Kingdom is said to have a growth in the market for machine safety systems with a CAGR of 6.9%
Competitive Landscape
Some of the prominent players in the global market are-
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International Inc.
- Schneider Electric SE
- Rockwell Automation, Inc.
- Siemens AG
- Yokogawa Electric Corp.
- Omron Corporation
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Some of the important developments of the key players in the market are:
- In April 2023, Emerson will exhibit advanced, discrete automation solutions, from the factory floor to the cloud, at Hannover Messe. Visitors to Hall 6, Stand C57 can view the Discrete Automation portfolio of ASCO, AVENTICS, Branson, Movicon, PACEdge and PACSystems, as well as CoreTigo solutions. Emerson experts will show attendees how to access and harness critical data of their machines, production lines or their full production plant. Emerson will have other booths throughout Hannover Messe:
Emerson Hydrogen – Hall 13, Booth D36
Emerson Employer Branding – Convention Center, Aisle
CoreTigo – Hall 14, Booth H06 - In June 2023, Banner Engineering Corp. introduces the ZMX series 3D time of flight sensor that provides a single sensor for volume monitoring.
- In March 2023, Banner Engineering Corp. introduces the K100 Pro Beacon series has two 100mm models: Pro Daylight Visible and Pro Indicator for advanced indication applications. The K100 Pro Daylight Visible model offers a clear lens for indication even in sunlight, and with an IP66 rating, it is suitable for most outdoor applications. It features three color options for indication and operator guidance.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global machine safety market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the machine safety market is segmented based on major By Product (Presence Sensing Safety Sensors, Safety Interlock Switches- Electromechanical, Hinged Pin, Limit, Non-Contact, Tongue, Trapped Key), By Industry (Automotive, Food & Beverages, Packaging, Material Processing, Pharmaceuticals, Electronics & Semiconductors), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
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Key Segments Covered in Machine Safety Industry
Product:
- Presence Sensing Safety Sensors
- Safety Interlock Switches
- Electromechanical
- Hinged Pin
- Limit
- Non-Contact
- Tongue
- Trapped Key
Industry:
- Automotive
- Food & Beverages
- Packaging
- Material Processing
- Pharmaceuticals
- Electronics & Semiconductors
- Others
Country:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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