With a compound annual growth rate (CAGR) of 5.4%, the size of the global machine safety market is projected to increase from USD 5.4 billion in 2024 to USD 7.0 billion by 2029.

The machine safety market is experiencing significant expansion as a result of increased awareness of workplace safety, strict regulatory compliance, and extensive integration of automation technology across international sectors.

The North American machine safety market is expanding rapidly. This upsurge is driven by strict regulatory frameworks that prioritize workplace safety, heightened industry awareness, and an increasing uptake of sophisticated automation technology. The region's dedication to improving worker safety and its ongoing adoption of state-of-the-art safety solutions both support the machine safety market's steady growth in North America.

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Key Market Players

The major players in the market are Schneider Electric (France), Honeywell International, Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US), Mitsubishi Electric Corporation (Japan), Sick AG (Germany), HIMA (Germany), and IDEC Corporation (Japan).

Market Segmentation:

Systems of Machine safety holds the largest market share in the year 2023.

The rapid growth of machine safety systems is evident in the integration of advanced technologies like sensors, artificial intelligence, and automation. These systems play a crucial role in safeguarding industrial environments by continuously monitoring and responding to potential hazards. The increasing emphasis on worker well-being, stringent safety regulations, and the continuous evolution of safety technologies contribute to the expanding adoption of machine safety systems across various industries globally.

Presence Detection sensors segment to hold largest market share in 2023.

The presence detection sensors market is experiencing notable growth attributed to increasing demand for automation and smart technologies. These sensors, vital in industrial and commercial applications, detect the presence or absence of objects and humans. The surge in smart building solutions, industrial automation, and the need for contactless technologies post-pandemic contribute to the market's expansion. Ongoing innovations and the integration of presence detection sensors in diverse sectors further fuel this growth, marking a significant upward trajectory for the market.

Food & Beverages is expected to register highest CAGR during the forecast period

The food and beverages industry is undergoing substantial growth globally. Factors driving this expansion include evolving consumer preferences, increased demand for healthier options, and the rise of innovative products. Additionally, globalization and changing lifestyles contribute to the industry's dynamism. Continuous product innovation, efficient supply chains, and an emphasis on sustainability further propel the growth of the food and beverages sector in diverse markets.