The global market for machine safety is witnessing significant growth due to increasing government regulations for improvising the safety norms in the industrial environment. According to a newly published report by Future Market Insights titled “Machine Safety Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027),” revenue from the global machine safety market is expected to increase from US$ 3,204.9 Mn in 2017 to US$ 6,470.0 Mn by 2027 end,representing a CAGR of 7.3% from 2017 to 2027. This increasing revenue growth is attributed to continuous launch of new machine safety products, which is also supporting the growth of this market. It has been observed that the U.S. is expected to remain the key market in the global machine safety market due to the presence of large market players such as Honeywell International Inc., Rockwell Automation, Inc., ABB Group, and others. Significant market potential also exists in developing countries in Asia Pacific such as China and India.
Global Machine Safety Market: Competitive Landscape
Honeywell International Inc, ABB LTD., Rockwell Automation, INC., Mitsubishi Electric Corporation, Schneider Electric S.A., Eaton CORP. PLC, Datalogic S.p.A., OMRON Corporation, SICK AG, K. A. Schmersal Gmbh & CO. KG., and elobau GmbH are some of the key companies in the global market for machine safety that have been profiled in detail in this report.
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Global Machine Safety Market: Restraints
- Complexities in fulfilling environment health and safety regulations
- Increasing competition for machine safety product manufacturers leading to a need to maintain quality at low cost
- Lack of awareness about machine safety especially in the developing countries of Eastern Europe such as Bulgaria, Hungary, Poland, and Romania
- Insufficient testing equipment and laboratories for machine safety equipment
- Functioning of industries on low operating margins, especially in the APEJ region
- Availability of counterfeit products in the global market
- Lack of understanding of machine safety applicability
Global Machine Safety Market: Forecast by Region
North America and Western Europe were the dominant markets in 2016 in terms of revenue sales of machine safety equipment. Countries in North America and Western Europe such as the U.S., the U.K. and France are expected to be key markets for sustainable revenue generation in the global market. New innovations in products are expected to remain as the key strategy for players in this market to increase their sales growth. In terms of value, Western Europe is projected to be the most attractive market in the global machine safety market during the forecast period. In 2017, the market in Western Europe is estimated to be valued at US$ 662.1 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global Machine Safety Market: Forecast by End Use Industry
By end use industry, the market is segmented into automotive, food & beverages, packaging, material processing, pharmaceuticals, electronics & semiconductors and others. The automotive segment is expected to witness a high market attractiveness index over the forecast period. This segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 8.6% during the forecast period.
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Global Machine Safety Market: Forecast by Product Type
Product type includes emergency stop control, safety sensors, safety interlock switches, programmable safety system, safety modules and others. Safety interlock switches segment is further sub segmented into electromechanical (Keyed & Unkeyed), hinged pin, limit, non-contact, tongue, and trapped key. Non-contact segment is sub-segmented into RFID, hall, and REED. Safety sensors segment remains the key segment and is estimated to account for over 20% of the revenue share in the global machine safety market by 2017 end.