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The Global Machine Safety Market size is expected to reach $5.6 billion by 2023, rising at a market growth of 5.9% CAGR during the forecast period. Growing emphasis on industrial safety, need for implementing proactive safety measures, growing accidents in industrial setups, mandatory safety standards and government policies, and increasing demand for presence-sensing safety devices are the factors that influence the growth of the market. However, the cost associated with the implementation of machine safety systems would be a major factor that would limit the market growth.
Based on Implementation, the Machine Safety market segments the market into Embedded Component and Individual Component. Based on Component, the market report segments the market into Presence-Sensing Safety Sensors, Emergency Stop Devices, Programmable Safety Systems (Safety PLCs), Safety ControllerModulesRelays, Safety Interlock Switches, and Others. Based on End User, the Machine Safety market segments the market into Automotive & Transportation, Oil & Gas, Chemicals, Semiconductor & Electronics, Food & Beverages, Healthcare, Aerospace, and Others. Based on Application, the Machine Safety market segments the market into Robotics, Packaging, Assembly, Material Handling, Metal Working, and Others. Based on Regions, the Machine Safety market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Machine Safety Market. Key companies profiled in the report include Rockwell Automation, Schneider Electric SE, Mitsubishi Electric Corporation, Omron Corporation, ABB Group, Siemens AG, Honeywell International, Inc., SICK AG, Keyence Corporation, and Banner Engineering.