Machine Safety Market to Record Over 22% of Sales in Automotive Industry through 2031.

Nov 18,2021 | Technology

The global machine safety market is expected to expand at a CAGR of 6.4% over the forecast period (2021-2031). Expansion of the market can be attributed to the growing demand for safety in industrial sectors supported by favorable government regulations implemented across different countries. As per the latest Future Market Insights (FMI) study, the market valuation is expected to surpass US$ 5.1 Bn in 2021.

Machine Safety Market

A recent revised market study published by Future Market Insights on the machine safety ma...

Machine Safety Market

Europe is expected to hold the largest share in the global market. It is anticipated to account for more than 35.6% of the market by 2031. The growth can be attributed to the implementation of government regulations to ascertain higher safety standard across various industries.

Key Takeaways from Machine Safety Market Study

  • Based on component, the presence sensing safety sensors segment is expected to dominate the market through 2031, owing to the rising need for security requirements.
  • The automotive segment is expected to hold the largest share of the global machine safety market in 2021, based on industry.
  • China will continue leading the East Asia market, registering a CAGR of over 8.9% through 2031.
  • The U.S. market is projected to expand at a CAGR of 7.8% through 2031, owing to the presence of established players in the market.
  • The UK is anticipated to hold the lead in Europe, with a CAGR of 7.2% through 2031.
  • pplications of Intelligent Transportation System (ITS) technologies is highly
  • encouraged in emerging smart cities to handle the current challenges of the continuous
  • growth in the number of vehicles that ply the highways in urban center
  • pplications of Intelligent Transportation System (ITS) technologies is highly
  • encouraged in emerging smart cities to handle the current challenges of the continuous
  • growth in the number of vehicles that ply the highways in urban center
  • Applications of Intelligent Transportation System (ITS) technologies is highly
  • encouraged in emerging smart cities to handle the current challenges of the continuous
  • growth in the number of vehicles that ply the highways in urban centers

“Rising demand for reliable safety systems coupled with implementation of stringent regulations, mandating high safety standards across industries is expected to drive the machine safety market” says a Future Market Insights (FMI) analyst.

Impact of COVID-19 on Machine Safety Market

The COVID-19 pandemic has disrupted many industries. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.

The extent of impact on trade varies by mode of supply and sector. Since the semiconductor industry has been adversely affected by the COVID-19 outbreak, sales registered in the machine safety market were hampered.

Who is Winning?

The moderately consolidated machine safety market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for advanced machine safety solutions and increasing penetration of connected devices and industrial IoT is anticipated to drive the growth of the machine safety market.

Prominent players in the machine safety market include but are not limited to ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation, Mitsubishi Electric Corporation, Pilz GmbH & Co. KG, Sick AG, Balluff GmbH, and Banner Engineering Corp., among others.

More Valuable Insights on Machine Safety Market

A revised market research report published by Future Market Insights (FMI) on the global Machine Safety market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component (presence sensing safety sensors; safety interlock switches (electromechanical, hinged pin, limit, non-contact, tongue, and, trapped key); programmable safety systems; safety modules; emergency stop controls; and others); Industry (automotive, food & beverages, packaging, material processing, pharmaceuticals, electronics & semiconductors, and others), and across six major regions.

 

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.