According to the report published by Allied Market Research, the global machine safety market generated $4.83 billion in 2020, and is estimated to reach $8.63 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top segments, key investment pockets, value chain, regional scenario, and competitive landscape.
Rise in demand for presence-sensing safety devices, surge in use of IoT, and increase in demand for industrial safety and proactive safety measures drive the growth of the global machine safety market. However, lack of awareness regarding the importance of machine safety hinders the market growth. On the other hand, technological advancements in development of innovative machine safety devices create new opportunities in the coming years.
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Covid-19 Scenario:
The partial or complete lockdown implemented across various countries led to temporary shutdown of the manufacturing facilities in various industries such as metals & mining, automotive, and others. This reduced the requirement for maintenance from various industries.
Production activities of machine safety components faced stoppage during the lockdown and shortage of raw materials. Moreover, disruptions in the supply chain led to reduced volumes of production. During the post-lockdown, the production activities would begin with full capacity.
The outbreak of Covid-19 led to reduced growth rate of the machine safety market in 2020, and is projected to manifest the slow growth by the end of 2021.
The report offers detailed segmentation of the global machine safety market based on component, implementation, industry vertical, and region.
Based on component, the safety interlock switches segment accounted for the highest share in 2020, holding nearly one-third of the total share, and is projected to maintain its leadership status during the forecast period. However, the safety controllers segment is expected to witness the highest CAGR of 7.5% from 2021 to 2030.
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Based on industry vertical, the automotive segment contributed to the highest share in 2020, accounting for nearly one-third of the global machine safety market, and is estimated to maintain its leadership status throughout the forecast period. However, the oil & gas segment is projected to manifest the fastest CAGR of 9.0% from 2021 to 2030.
Based on region, North America held the largest share in 2020, accounting for more than one-third of the total share, and is estimated to continue its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to portray the largest CAGR of 8.0% during the forecast period.
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Leading players of the global machine safety market analyzed in the research include Schneider Electric SE, Honeywell International Inc., ABB Ltd., Rockwell Automation, Inc., Emerson Electric Co., Sick AG, Mitsubishi Electric Corporation, Keyence Corporation, Siemens AG, and Omron Corporation.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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