AP NEWS
ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Global Machine Safety Market (2021 to 2026) - Featuring Rockwell Automation, Siemens and ABB Among Others - ResearchAndMarkets.com

July 22, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Jul 22, 2021--

The “Machine Safety Market - Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global market for machine safety was evaluated at US$1,204.949 million in the year 2019 and is anticipated to witness a CAGR of 6.28% over the forecast period to reach the market size of US$1,845.565 million by 2026.

Companies Mentioned

  • Rockwell Automation
  • Schneider Electric
  • Honeywell International
  • Siemens
  • Keyence Corporation
  • Mitsubishi Electric Corporation
  • OMRON Corporation
  • IDEC Corporation
  • Euchner-USA, Inc.
  • ABB

ADVERTISEMENT

Machine safety systems are devices or safeguards that are implemented to protect the machines and the personnel working near or on them. The need for machine safety systems is slowly being realised by the industry players as a means to maintain a good public image of their company as companies which care about the safety of their employees are considered to be more trustworthy by the company’s stakeholders. Also with the increasing number of activities in factories and manufacturing plants and the number of personnel directly and indirectly involved with machines, the number of accidents has been on a rise. These accidents can cause collateral damage, put the lives of personnel in danger as well as cause environmental disasters which can severely damage a company’s reputation.

ADVERTISEMENT

With strict government regulations regarding the safety of workers and responsibility of companies to prevent industrial accidents, constant innovations and technological advancements are taking place in the machine safety market. The use of technologies like computer vision, artificial intelligence, machine learning and internet of things is being researched and wide use cases are being developed for these technologies. Technologies like internet of things can be used to collect real time data from sensors placed near machines and provide instant alerts and analysis in case of any emergency situation. Computer vision, another emerging technology, can be used to automate production processes which may be hazardous for humans by controlling different devices. Therefore, with constant technological advancements and innovations taking place in the machine safety industry and their capability of increasing operational efficiency and personnel safety, the machine safety market is set to grow exponentially in the upcoming years. However, the high costs associated with the purchase, maintenance and repair of safety components act as a restraint to the market growth.

Growth Factors

Increasing in industrial activities

With rapid industrialization and globalization, there has been a huge upsurge in industrial activities which require a large number of machines to fulfil the ever increasing demand for goods. These machines are used in all kinds of industries and processes, some of which may even cause environmental disasters if not handled properly. Thus, safety systems have become one of the most important components for machines in order for them to function properly and without causing any accidents, leading to a rise in their demand.

Improves operational efficiency

Machine safety systems are aggressively being used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity. Also due to social distancing norms, factories and manufacturing plants have been forced to operate with reduced workforce, thereby increasing the need for automating various activities. Safety systems can be used to prevent accidents in the automated processes which decrease the chance of collateral damage as well as helps in increasing the operational efficiency by keeping a check on the smooth functioning of these automated tasks

Restraints

High Costs

The costs of purchasing, maintaining and repairing these safety systems can be very high which makes it very difficult for small and medium enterprises to afford them. Also with the outbreak of COVID-19, the spending capacity of enterprises reduced which may act as a restraint to the growth of machine safety market.

Non-compliance and lack of expertise

Non-compliance of the machine safety measures prescribed by the government as well as the expertise required for the proper installation and functioning of these safety systems in developing countries can act as a restraint to the overall market growth.

Impact of COVID-19

Due to the outbreak of COVID-19, the complete industrial production came to a standstill. Companies and manufacturers across various industry verticals couldn’t operate due to lockdowns imposed by the governments. Therefore, with the halt in manufacturing and industrial activities as well as financial limitations caused by the pandemic, the machine safety market experienced a decline in its demand. However, the adoption of machine safety systems is expected to increase in the upcoming years. This can be attributed to the fact that companies are increasingly looking to automate important functions in their factories to increase operation efficiency. Thus, with an increase in the number of machines needed to continue business operations even during crises, the demand for safety systems will also increase

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

5. Global Machine Safety Market Analysis, By Component

6. Global Machine Safety Market Analysis, By Implementation

7. Global Machine Safety Market Analysis, By Application

8. Global Machine Safety Market Analysis, By Industry

9. Global Machine Safety Market Analysis, by Geography

10. Competitive Environment and Analysis

11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/am5fuk

View source version on businesswire.com:https://www.businesswire.com/news/home/20210722005534/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY HARDWARE OTHER MANUFACTURING MANUFACTURING

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 07/22/2021 07:29 AM/DISC: 07/22/2021 07:29 AM

http://www.businesswire.com/news/home/20210722005534/en