Market Trends of Machine Safety Industry
This section covers the major market trends shaping the Machine Safety Market according to our research experts:
Oil and Gas Industry to Hold a Significant Share
- The growing demand for industrial automation products in the oil and gas industry is also expected to create opportunities for machine safety. It enables the upgradation of existing machinery, creating a demand for new machine safety equipment that can comply with the upgraded equipment.
- The US Department of the Interior, under the national outer continental shelf oil and gas leasing program (National OCS Program) for 2019-2024, is planning to enable offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage. The oil and gas sector in the region is anticipated to open up new opportunities in the market.
- Further, in several cases, security factors also impact the demand for machine safety equipment, especially in the oil and gas industry. For instance, in countries like Mexico, where pipelines are often prone to insurgent attacks and theft, there is an increased need for automated and robust emergency stop systems and devices that support remote operations.
- In Asian countries such as India, in 2021, the Ahmedabad (Gujrat) rural police recovered almost 24,000 gallons of crude oil. They apprehended a man suspected of the Salaya Mathura pipeline (SMPL) project in Bareja village in Daskroi (Gujrat). The theft of the SMPL pipeline was first discovered in December 2020, when officials from the Indian Oil Corporation in Ahmedabad rural noticed low pressure in an SMPL pipeline section in Bareja village, Daskroi taluka. Officials discovered a breach in the pipeline with a valve attached and a two-inch-diameter, 50-meter-long pipe put through a hole in the ground.
- In such cases, the governments are increasingly spending on process automation related to pipeline security, which is expected to raise the demand for advanced emergency shutdown systems. The increasing adoption of innovative IoT solutions, including sensors in oil and gas, is creating considerable demand for automated safety systems, supporting the market's growth.
- With this technology, users can track the amount of oil in a truck and discover leaks in pipelines anywhere. It's an IoT-powered device that uses volume measuring sensors to detect even the tiniest change in gasoline levels and warn authorities quickly. It also allows users to monitor gas concentrations in real-time, assuring equipment safety and workers in hazardous industrial environments. Furthermore, it assists personnel working underground, particularly in mines, in maintaining proper oxygen levels through gas detection sensors.
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Asia Pacific to Hold Significant Share
- The Asia-pacific is expected to witness significant growth over the forecast period, primarily owing to the region's significantly growing industrial sector investments. Furthermore, the gradual improvement of technical safety standards, the continuous strengthening of personal safety awareness, and the gradual participation of the state and enterprises in market promotion have all contributed to the country's machine safety market's rapid growth.
- Countries in the region are actively promoting the manufacturing of in-home products. For instance, the "Made in China 2025" policy encourages advanced manufacturing, increasing the focus on safety. China is expected to be the largest market in the Asia-Pacific for machine safety products by revenue. In addition, the continuous improvement of technical safety standards, the constant strengthening of personal safety awareness in the country, and the constant participation of the state and enterprises in market promotion accelerated the country's machine safety market.
- China is investing significantly in the automotive industry, increasing new projects. The development of electric vehicles considerably drove capital investment, with most of this focused on new machinery. Moreover, China's 13th five-year plan is expected to drive the development of Chinese safety standards and increase investment in safety products. The project emphasizes the overall safety of manufacturing, intending to reduce accidents in the workplace by adopting new technologies and enforcing regulations. The plan explicitly mentions the upgrade of agricultural machinery and specialized equipment to satisfy the safety requirements.
- The COVID-19 outbreak is anticipated to accelerate this process further, as South Korean and Japanese companies are looking to diversify their production and reduce their overdependence on Chinese manufactured products. Additionally, the construction output value growth associated with South and Southeast Asian manufacturing plants dropped in 2020, reflecting the significant disruption caused by COVID-19, impacting machine safety market growth.
- Governments and manufacturers worldwide are seriously pondering plans to decrease their over-dependence on Chinese production. The Japanese government, for example, was the first to take measures in this approach by unveiling a USD 2.2 billion aid package for domestic companies looking to move production away from China. The demand for machine safety is expected to increase due to such expenditures in establishing manufacturing facilities.
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