Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Machine Risk Assessment Market size is expected to reach $7.8 billion by 2028, rising at a market growth of 5.8% CAGR during the forecast period.
The SMEs segment is showcasing a CAGR of 7% during (2022 - 2028). In small and medium-sized businesses, the usage of machine risk assessment has grown over time, which is responsible for the growth of the segment. In addition, the necessity to evaluate and mitigate machine risks to ensure worker safety and prevent mishaps and damages has increased with the rising adoption of machinery and automation in the manufacturing as well as production processes of SMEs.
The Equipment-Based segment acquired maximum revenue share in the Global Machine Risk Assessment Market by Type in 2021 thereby, achieving a market value of $4.7 billion by 2028. An organized approach for assessing the safety risks of using a particular machine or equipment is known as equipment-based assessment. With this evaluation, it is possible to spot any risks that could appear while using, maintaining, or repairing the equipment and take action to reduce or eliminate such risks. By reducing the risk of accidents or injuries to employees who use, repair, or maintain the equipment, such assessments are meant to increase workplace safety.
The Industrial segment has shown the growth rate of 5 % during (2022 - 2028). The industrial sector depends largely on equipment for manufacturing, and if these machines break down or are not operated properly, they can seriously endanger workers. This evaluation can aid in boosting output and decreasing downtime. In addition, it is possible to take action to resolve potential issues with the equipment before they develop into breakdowns or other faults that could cause lost production and downtime.
The North America market dominated the Global Machine Risk Assessment Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.7 billion by 2028. The Europe market is experiencing a CAGR of 5.6% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 6.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/machine-risk-assessment-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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Related Reports:
North America Machine Risk Assessment Market size & Opportunities 2022-2028
Europe Machine Risk Assessment Market & Growth Forecast 2022-2028
Asia Pacific Machine Risk Assessment Market Share & Industry Outlook to 2028
LAMEA Machine Risk Assessment Market Growth, Trends & Forecasts 2022-2028