In modern industries, machine safety systems are essential to conduct safe and reliable operations. These systems are designed to perform specific control functions that ensure safety in process operations when unacceptable or life-threatening situations may occur. By using machine safety systems, industries can ensure uninterrupted and efficient operations while protecting their workers from potential hazards.
According to a new report published by Allied Market Research, titled, “Machine Safety Market By Component (Safety Sensors, Safety Interlock Switches, Safety Controller, Others), By Implementation (Individual, Embedded), By Industry Vertical (Oil And Gas, Healthcare, Automotive, Metals And Mining, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032,” the machine safety market was valued at $5.5 billion in 2022, and is estimated to reach $10.3 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
The machine safety market key players profiled in the report include ABB Ltd., Emerson Electric Co., Honeywell International Inc., KEYENCE CORPORATION, Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, and B&R Automation. The market players have adopted various strategies, such as product launches, strategic alliances, and innovations to expand their foothold in the machine safety industry.
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The growth of the machine safety market share is majorly driven by surge in adoption of Industrial Internet of Things (IIoT) for improved management and performance of industrial assets as well as increase in emphasis on workplace safety standards in emerging economies. In addition, IoT technology provides real-time analysis, alerts, and potential solutions in case of emergencies, enabling rapid monitoring, analysis, and control, along with virtual management of physical systems, resulting in enhanced performance. By integrating safety systems with IoT, companies can monitor their processes in real-time and improve their performance, which contributes toward the machine safety market growth.
In addition, Expansion of various industries in the region, including manufacturing, construction, and mining, is expected to open new avenues for the expansion of machine safety market trends. This is attributed to the fact that as these industries continue to expand, the need for safety products and services will augment simultaneously to ensure safe operation of machines and equipment.
The machine safety market is segmented into component, implementation, industry vertical, and region. By component, the market is divided into safety sensors, safety interlock switches, safety controllers, and others. On the basis of implementation, it is bifurcated into individual, and embedded. Depending on industry vertical, it is segregated into oil & gas, healthcare, automotive, metals & mining, and others. By region, the machine safety market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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According to the latest machine safety market analysis, country-wise, the U.S. holds a significant market share in the machine safety market due to the increasing adoption of Industry 4.0 technologies and automation in manufacturing processes. This has resulted in major organizations and government institutions in U.S. investing heavily in the machine safety industry. As a result, the country’s prime sectors are intensely putting resources into the industry, which has strengthened the machine safety market growth in the region.
Key Findings of the Study
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In 2022, by components, the safety interlock switches segment was the highest revenue contributor to the market, with $1,707.1 million in 2022, and is estimated to reach $2,763.5 million by 2032, with a CAGR of 5.0%.
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By implementation, the embedded segment was the highest revenue contributor to the market, with $3,679.4 million in 2022, and is estimated to reach $6,524.2 million by 2032, with a CAGR of 6.0%
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By industry vertical, the automotive segment was the highest revenue contributor to the market, with $1,660.1 million in 2022, and is estimated to reach $2,814.1 million by 2032, with a CAGR of 5.5%.
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By region, North America was the highest revenue contributor, accounting for $1,925.9 million in 2022, and is estimated to reach $3,218.0 million by 2032, with a CAGR of 5.3%.