Global Machine Safety Market Size To Exceed USD 9.75 Billion By 2032 | CAGR 5.65%
Category: Semiconductors & ElectronicsGlobal Machine Safety Market Size To Exceed USD 9.75 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Machine Safety Market Size is to Grow from USD 5.63 Billion in 2022 to USD 9.75 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.65% during the projected period. The rising adoption of the safety standard for machinery assets and workforce safety in several end-use such as the oil & gas, energy & power, chemicals, food & beverages, aerospace & defense, automotive, semiconductor & electronics, healthcare & pharmaceuticals, metals & mining, and others will boost the demand for the machine safety market during the forecast period.
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Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Machine Safety Market Size, Share, and COVID-19 Impact Analysis, By Implementation (Individual Components, Embedded Components), By Component (Presence Sensing Safety Sensors, Safety Interlock Switches, Safety Controllers, Modules, Relays, Programmable Safety Systems, Emergency Stop Controls, Two-hand Safety Controls, Others), By End-Use (Oil & Gas, Energy & Power, Chemicals, Food & Beverages, Aerospace & Defense, Automotive, Semiconductor & Electronics, Healthcare & Pharmaceuticals, Metals & Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/machine-safety-market
A machine safety system monitors the overall condition of machinery and equipment over time in order to reduce failure risk and extend service life. These are useful for protecting machines, increasing productivity, and reducing inefficiency and costly errors. Such systems have applications in a wide range of industries, including oil and gas, automotive, mining and metals, healthcare, and others. Businesses are implementing safety-certified procedures along their manufacturing lines in an effort to reduce industrial accidents. Industrial safety products, such as emergency shutdown systems and safety controller components, are frequently used by industry participants to reduce the likelihood of an interruption or accident occurring.
The individual components segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global machine safety market is segmented into system individual components and embedded components. Among these, the individual components segment is dominating the market with the largest revenue share over the forecast period. Following the identification of potential hazards via a risk assessment, individual safety components are installed. Individual components are easy to connect and configure due to their compatibility.
The programmable safety systems segment accounted for the largest market share over the forecast period.
On the basis of product, the global machine safety market is segmented presence sensing safety sensors, safety interlock switches, safety controllers, programmable safety systems, emergency stop controls, two-hand safety controls, and others. Among these, the programmable safety systems segment accounted for the largest market share over the forecast period. This segment's expansion can be attributed to the widespread acceptance of capable programming safety systems in end-user industries. They are an important part of safety instrumented systems.
The oil & gas, energy & power segment accounted the largest revenue share of more than 55% over the forecast period.
On the basis of end-use, the global machine safety market is segmented into oil & gas, energy & power, chemicals, food & beverages, aerospace & defense, automotive, semiconductor & electronics, healthcare & pharmaceuticals, metals & mining, and others. Among these, oil & gas, energy & power are dominating the market with the largest revenue share of 55% over the forecast period. The energy and power industries must optimize the use of available resources while reducing asset breakdowns and improving operational efficiency. Furthermore, the potential for machine safety is expected to emerge from the growing demand for industrial automation products in the oil and gas sector.
Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 45% market share over the forecast period. Some of the factors contributing to the region's market growth include the widespread use of automated machines, increased acceptance of international machine safety standards, and the subsequent impact of large-scale companies on safety system adoption. North America, on the contrary, is expected to grow the fastest during the forecast period. This is because of the area's prominence of major business enterprises, as well as strict government safety standards.
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Major vendors in the Global Machine Safety Market include ABB Ltd., Emerson Electric Co., General Electric, Honeywell International Inc., Schneider Electric, IDEC Corporation, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co., Sick AG, Balluff GmbH, Banner Engineering Corp., and among others.
Recent Developments
- On April 2023, Siemens and Microsoft are leveraging the collaborative power of generative artificial intelligence (AI) to assist industrial companies in driving innovation and efficiency throughout the product design, engineering, manufacturing, and operational lifecycle. The companies are integrating Siemens' Teamcenter® software for product lifecycle management (PLM) with Microsoft's collaboration platform Teams and the language models in Azure OpenAI Service, as well as other Azure AI capabilities, to improve cross-functional collaboration.
- In September 2022, NVIDIA introduced the IGX edge AI computing platform for secure and safe autonomous systems. IGX combines hardware with programmable safety extensions, commercial operating-system support, and powerful AI software, enabling organizations to safely and securely deliver AI in support of human-machine collaboration. For healthcare and industrial edge AI use cases, the all-in-one platform enables next-generation safety, security, and perception.
- In June 2021, Honeywell recently announced the addition of Operator Advisor to its Experion® Highly Augmented Lookahead Operations (HALO) suite. This powerful software solution enables plant owners to objectively measure gaps and drive operator effectiveness to the next level. This market-first solution provides users in the oil and gas, chemical, refining, and petrochemical industries with a consolidated scorecard of enterprise automation utilization as well as recommended steps to address performance-related gaps. Potential benefits include a 75% reduction in incidents and human errors, resulting in a $1.5 million annual per plant recovery of production loss due to worker performance; a $2 million annual reduction in operational costs by optimizing worker productivity and training and progressing toward full autonomous plant operation; a $1.3 million annual savings in headcount through optimized production; and a $1 million annual maintenance cost savings through improved maintenance.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Machine Safety Market based on the below-mentioned segments:
Machine Safety Market, Implementation Analysis
- Individual Components
- Embedded Components
Machine Safety Market, Component Analysis
- Presense Sensing Safety Sensors
- Safety Interlock Switches
- Safety Controllers
- Modules
- Relays
- Programmable Safety Systems
- Emergency Stop Controls
- Two-hand Safety Controls
- Others
Machine Safety Market, End-Use Analysis
- Oil & Gas
- Energy & Power
- Chemicals
- Food & Beverages
- Aerospace & Defense
- Automotive
- Semiconductor & Electronics
- Healthcare & Pharmaceuticals
- Metals & Mining
- Others
Machine Safety Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa.
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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