Historically, the demand for machine safety grew at a CAGR of 4.8% between 2016 and 2020. A paradigm shift of functional safety from mechanical interlock switches to contemporary programmable logic controllers (PLCs) and rapid developments in industry 4.0 are the primary factors driving the market. On account of this, the demand in the market is estimated to expand at 6.4% CAGR over the forecast period 2021-2031.
A significant rise in incidence of work-related accidents is witnessed across the globe. To counter this, governments of several countries are implementing a set of safety rules and regulations to improve workplace safety. For instance, the U.S. Government has enforced several work safety norms through the Occupational Safety and Health Administration (OSHA). Such initiatives are anticipated to spur the sales of machine safety by 5.2% between 2020 and 2021.
Based on components, the presence sensing safety sensors segment is projected to emerge as the most sought-after machine safety system. Factors driving the growth in the segment are increasing emphasis on enhancing workplace safety and focus on improving workers safety.
“Key manufacturers are focusing on research and development (R&D) activities to develop innovative machine safety solutions integrated with advanced safety sensors to cater to surging demand for industrial automation. This is expected to facilitate the growth in the coming years,” says a FMI analyst.
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Key Takeaways from Machine Safety Market Study
- The U.S. is anticipated to account for the largest revenue share in the North America market, exhibiting sales growth at nearly 7.8% CAGR over the assessment period.
- The market in the U.K. is forecast to register a swift growth in Europe, expanding at around a CAGR of 7.2% between 2021 and 2031.
- The China market is estimated to account for more than 40% of the value share in East Asia, surging at an impressive CAGR of 8.9% through 2031.
- Sales of machine safety in South Korea and Japan are expected to increase at around 6.2% CAGR and 7.5% CAGR, respectively during the forecast period.
- On the basis of industry, the automotive sector is projected to emerge as the most remunerative segment, accounting for over 22% of the sales in 2021.