Global machine safety market to reach a valuation of US$ 5,378.4 million in 2023. Future Market Insights reports say that the market is expected to grow at a 6.6% CAGR from 2023 to 2033, anticipated to be valued at US$ 10,222.9 million by the end of 2033.
Safety of cost-effective production and machinery is necessary as it is important in the machine safety market where these safety measures help these automotive manufacturers in achieving and maintaining the machine safety goals.
Robots are highly used nowadays to do tasks like welding, painting, etc in the automotive sector where these robots are often furnished with sensors and dressed with other safety features for avoiding arousal of 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
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)
