The investors are pouring money into popular technology stocks in machine safety, contributing to a booming rally that is leading major indexes higher of the market, even as economic uncertainty related to the coronavirus in lingering globally. Besides such a situation, the global market of machine safety is rising owing to rising accidents at workplaces. Due to this, the market is creating opportunities for industrial companies.
Nearly many months since the world declared a national lockdown over the novel coronavirus pandemic, Market Research Future found in its new study on the global machine safety market 2020 that it would regain its footing with new scores. The market would be achieving USD 6.48 billion valuations by the year 2023 and stagger at 6.88% CAGR. The years of growth could be observed from the year 2018 to 2023.
MRFR also identifies that due to fatal injuries to the employees working near machines, industries are focussing on implementing a machine safety course. With the execution of machine safety equipment, industries are focusing on delivering security to employees as well as maintaining machinery safety. Therefore, the rising accidents at workplaces in developed countries are accepted to motivate the development of the machine safety market in the forecasted period.
To an extent, factors such as rising government policy on industries for delivering workplace occupational health to the workers are ensuring the improved significance and deployment of machine safety equipment at workplaces. These factors are ensuing in the escalating significance of workplace occupational health for the employees. Subsequently, these regulations are boosting the growth of the global machine safety market.
Despite these, some more factors, such as the invasion of additional cost has entitled to be a restrainer in the growth course of the global machine safety market in the forecast period.
Well-known vital players in the machine safety market have listed by MRFR. They are Honeywell (US), Rockwell (US), ABB (Switzerland), SICK (Germany), Mitsubishi Electric (Japan), Schneider (France), Keyence (Japan), Pilz (Germany), Omron (Japan), Banner Engineering (US), and IDEC Corporation (Japan).
The report on global machine safety market studies various geographies. The regions are North America, Europe, Asia Pacific, and the rest of the world.
The European regional market is predicted to lead this market during the forecast period with the top market share as it is a foremost player in automation. Machinery Directive 2006/45/EU is the legislation prevailing the machine safety requirements in Europe. It profits harmonization with a combination of safety and health requirements. This is a mandatory command, which ensures the protection of machines and workers in various organizations.
On the other side, the North America region is the second-largest market with the incidence of outstanding players such as Honeywell (US), Rockwell (US), and Banner Engineering (US). They are actively funding in the machine safety market.
Asia Pacific region is also predicted to inflate at the highest rate during the assessment period owing to the rising economies such as Japan, China, and India in support of advances in technology that are easily adaptable.
The report on the global machine safety market size covers segments such as components, implementation, application, and industry.
Depending on the component segment, this market has included programmable safety systems, presence-sensing safety sensors, emergency stop devices, safety controllers/ modules/relays, two-hand safety controls, and safety interlock switches.
Depending on the implementation segment, the market has included individual components and embedded components.
Depending on the application segment, the market has included robotics, assembly, packaging, metalworking, material handling, and others.
Depending on the industry segment, the market has included chemicals, oil & gas, food & beverages, aerospace, semiconductor & electronics, healthcare, and automotive.