Machine Safety Market Size

Machine Safety Market Analysis

The Machine Safety Market size is estimated at USD 5.07 billion in 2024, and is expected to reach USD 8.15 billion by 2029, growing at a CAGR of 9.97% during the forecast period (2024-2029).

The need for industries and manufacturing facilities to comply with the standards and regulations across the region has been driving the market for machine safety. Several countries across the world are working towards the global harmonization of standards. This is especially evident in the area of machine safety.

• Global safety standards for machinery are governed by the IEC and ISO organizations. Also, regional and country standards are still in existence and continue to support local requirements. Still, in various countries, there has been a move toward using the international standards produced by ISO and IEC.
• Industrialists are aiming to deploy advanced machinery to increase their productivity. They mainly focus on machine safety, not impairing the productivity of their machines. Though this is far from a new requirement, it has become far more critical in the age of Industry 4.0. In this regard, increasing numbers of machine builders seek cooperation from machine safety experts early on in the design of the new series, intending to integrate safety functions into machine functions in such a way that productivity is maximized alongside high levels of safety.
• Furthermore, the rapid growth of environmentally friendly electric vehicles has resulted in the formation of a new segment of automobiles, creating a huge demand for machine safety and propelling the machine safety market forward. Similarly, the increasing use of IIOT to ensure better management and improved performance of industrial assets, as well as the increasing acceptance of workplace safety standards in emerging economies, will provide ample new opportunities that will lead to the growth of the machine safety market during the forecasted period.
• The establishment of new factories, fueled by the world's rapidly growing industrialization, has aided the market's growth. ABB India, for example, has expanded and upgraded its smart power factory in Nelamangala, Bengaluru, to meet the strong demand growth for its solutions. The smart facility makes use of advanced collaborative robotics technology to improve the human-machine interface, as well as artificial intelligence (AI) and advanced digitalization technologies.
• Governments, and manufacturers, across the world, are seriously pondering plans to decrease their overdependence on Chinese production. For instance, the Japanese government became the first to take steps in this direction by announcing a USD 2.2 billion in assistance to domestic companies to shift production from China. Such investments in establishing manufacturing facilities are anticipated to augment the demand for the machine safety market.
• The widespread use of digital technology to mitigate the impact of COVID-19 and promote organizational safety is also fueling the growth of the machine safety market. The increased emphasis on personnel and asset protection is also positively impacting the market growth. Furthermore, increased cases of accidents in various industries due to unsafe machine conditions, as well as rising demand for automobiles due to an increase in population with purchasing power globally, are acting as active growth drivers in the machine safety market.
• Furthermore, the COVID-19 outbreak has forced industries to halt almost every industrial operation globally. Also, amidst the pandemic spread of COVID-19, the market for machine safety equipment, which relies on the manufacturing sector and substantial adoption on the industrial front, is very likely to be impacted, as the pandemic has resulted in changes in the planned investments of various companies over the forecast period.