The global machine safety market is anticipated to be valued at USD 4.3 billion in 2020 and will grow at USD 6.6 billion by 2027, thus growing at a CAGR of 6.2% during the forecast period 2021-2027. Machine safety is the devices or a set of safety measures that are useful to the machine and its operator to avoid hazards without harming the machine or human life.

For instance, the emergency buttons can stop the machine’s operation in an emergency. The strict machinery and equipment safety regulations, rising accidents at workplaces in developed countries, rising emphasis on personnel and asset protection, adoption of digital technology to minimize the impact of COVID-19, and promote organization safety will directly influence the growth of the machine safety market over the forecast period 2021-2027.

The COVID-19 has led to an economic downturn and has halted industrial operation globally, leading to declining investments in the secondary domain for plant operation, including machine safety. Machine safety is used in various industries such as healthcare, oil & gas, aerospace, and automotive.

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Machine safety systems are actively used in fire and gas monitoring as they provide a platform to enhance operational efficiencies, increase productivity, and safeguard workers. Due to the pandemic of COVID-19, the usage of these systems will rise in the future as companies will adopt automation to ensure continuity of business operations even during crises.

European countries are focused on automating distinct and process industries to preserve high safety standards and ensure the safety of workers in these industries. North America is the second-largest market owing to the presence of prominent players such as Rockwell (US), Honeywell (US), and Banner Engineering (US), active in the machine safety market. The APAC is anticipated to have a high CAGR during the forecast period due to rapid industrialization in emerging economies such as China and India.

The industry players are innovating and investing in R&D activities to provide cost-effective products. Furthermore, mergers and acquisitions, product launches, agreements & partnerships among the industry players are changing the market structure of the global machine safety market. Thus, companies are sustaining their position in a competitive market and are providing a competitive edge.

Rockwell Automation launched E100 electronic motor overload relay was launched, which helps prevent motor damage and downtime.

Some of the key players operating in the machine safety market: ABB, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., Siemens, Yokogawa Electric Corporation, OMRON Corporation, KEYENCE CORPORATION, Mitsubishi Electric Corporation, and SICK AG.

Source: VynZ Research