The Worldwide Machine Safety Industry is Expected to Reach $6 Billion by 2025

Dublin, Jan. 11, 2021 (GLOBE NEWSWIRE) — The “Machine Safety Market with COVID-19 Impact, by Component (Presence Sensing Safety Sensors, Safety PLCs, Safety Modules/Controllers/Relays), Implementation, Application (Assembly, Packaging, Robotics), Industry, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.

The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025.

Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years. In addition, the establishment of standards such as IEC 61508 and IEC 61511 has led to increased adoption of machine safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the machine safety life cycle.

The market for embedded components to grow at a higher CAGR during the forecast period.

Embedded safety component systems increase efficiency and provide better flexibility to operators; these systems reduce downtime by safely resolving issues, without stopping the entire production line. In addition, the evolution of functional safety in machinery is expected to boost the demand for embedded safety components in the coming years. Organizations have started adopting embedded safety solutions to achieve better product performance and advanced safety. These factors owing to the higher growth of embedded components as compared to individual components during the forecast period.

The market for safety PLCs to grow at the highest CAGR during the forecast period.

The major factors driving the machine safety market growth are stringent safety regulations, high demand for safety systems in the oil & gas industry, and the rising need for reliable safety systems for personnel and asset protection. The growth of this market can be attributed to the widespread adoption of programmable safety systems in end-user industries. Programmable safety systems or safety PLCs are considered as the backbone of machine safety systems. These systems can be easily used in close conjunction with other systems.

APAC is projected to grow at a higher CAGR during the forecast period.

APAC is expected to be the fastest-growing market for machine safety. APAC is considered one of the fastest-growing economies. Countries in this region focus on large-scale industrial manufacturing and, thus, has a vast number of manufacturing plants of almost all major companies across the world. Countries such as China, India, Japan, South Korea, Australia, and Indonesia are rapidly expanding their manufacturing output. China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. Various multinational companies have set up their manufacturing plants in APAC and are adopting higher safety standards leading to increased demand for safety systems. However, due to the outbreak of COVID-19, various companies in APAC witnessed a decline in demand for machine safety. The company has been temporarily stalling new projects.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary
3.1 Pre-COVID-19 Scenario
3.2 Realistic Scenario
3.3 Pessimistic Scenario
3.4 Optimistic Scenario

4 Premium Insights
4.1 Attractive Growth Opportunities in Machine Safety Market
4.2 Market, by Component
4.3 Market, by Application
4.4 Market, by Industry
4.5 Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Emphasis on Personnel and Asset Protection
5.2.1.2 Stringent Machinery and Equipment Safety Regulations
5.2.2 Restraints
5.2.2.1 Requirements for Huge Capital to Install and Automate Machine Safety Systems
5.2.2.2 Lack of Awareness Regarding Importance of Machine Safety, Coupled with Complexities of Machine Safety Systems
5.2.3 Opportunities
5.2.3.1 Adoption of Digital Technology to Minimize Impact of COVID-19 and Elevate Organization Safety
5.2.3.2 Growing Acceptance of Workplace Safety Standards in Emerging Economies
5.2.3.3 Increasing Use of IIoT to Ensure Better Management and Improved Performance of Industrial Assets
5.2.4 Challenges
5.2.4.1 Suspension in Industrial Activities due to COVID-19 and Subsequent Decline in Market
5.2.4.2 Failure to Access All Machinery-Related Risks
5.3 Technologies in Machine Safety Systems
5.3.1 Computer Vision
5.3.2 Automated Machine Learning
5.3.3 Internet of Things
5.3.4 Virtual Reality
5.4 Case Study Analysis
5.4.1 Automotive
5.4.2 Healthcare
5.4.3 Food & Beverages
5.4.4 Oil & Gas
5.5 Value Chain Analysis
5.6 Ecosystem: Machine Safety
5.7 Average Selling Price Analysis
5.8 Patents Analysis: Machine Safety
5.9 Machine Safety Standards
5.10 Safety Integrity Level (Sil)
5.11 Functional Safety Standards
5.11.1 Process Industry
5.11.1.1 I Ec 61508
5.11.1.2 I Ec 61511
5.11.2 Machinery
5.11.2.1 IEC 62061

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