The Europe Machine Risk Assessment Market would witness market growth of 5.6% CAGR during the forecast period (2022-2028).
The governments of the several European nations are taking proactive steps to prevent mishaps by enacting process and personnel safety regulations and putting certified equipment, such as explosion-proof sensors, actuators, and switches, in dangerous places. Artificial intelligence (AI), predictive analytics, and machine learning (ML) are examples of advanced technologies that enable more precise and effective machine risk assessments. These technologies can analyze vast volumes of data and spot patterns that humans would miss.
In addition, the ability to monitor equipment in real-time is made possible by technologies such as sensors and the internet of things (IoT). As a result, machine hazards may be continuously assessed, making it possible to see potential problems early and take immediate action to stop accidents. In addition, using digital twins and virtual simulations allows for identifying potential dangers in various scenarios. This can assist in determining the dangers associated with current machines as well as in constructing safer machines and processes.
The EU Machinery Directive mandates the completion and written documentation of the Risk Assessment. A machine needs to bear the CE mark to be sold in Europe and to comply with the legislation. The manufacturer may self-certify and provide the CE declaration instead of a government agency or other recognized entity issuing this mark for machines. In this region, a Risk Assessment needs to be completed, among other things, to be legally compliant. All items covered by the EC Machinery Directive must undergo a Risk Assessment. All goods with at least one shifting part driven by something (other than directly by a human or an animal) or intended to be driven by something fall into this category. This will expedite the market's growth in the coming years.
The Germany market dominated the Europe Machine Risk Assessment Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $542.5 million by 2028. The UK market is anticipated to grow at a CAGR of 4.7% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 6.4% during (2022 - 2028).
Based on Enterprise Size, the market is segmented into Large Enterprises and SMEs. Based on Type, the market is segmented into Equipment-Based and Task-Based. Based on Vertical, the market is segmented into Industrial, Consumer Electronics, Food & Beverages, Medical, Automotive and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Machine Risk Assessment Market is Projected to reach USD 7.8 Billion by 2028, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Keyence Corporation, Omron Corporation, Sick AG, Rockwell Automation, Inc., Stantec, Inc., TÜV Nord Group, Rockford Systems, LLC, UL LLC, Advanced Technology Services, Inc./ATS (WestView Capital Partners) and Pilz GmbH & Co. KG.
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