Machine Safety Market Overview, Cost Structure Analysis, Growth Opportunities, and Forecast until 2029 | Emerson Electric Co. (US), Schneider Electric (France), Honeywell International Inc (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany)

Machine Safety Market by Component (Presence detection Sensors, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Controls, Two-Hand Safety Controls), offerings, Industry & Region - Forecast to 2028

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The major players in the market are Emerson Electric Co. (US), Schneider Electric (France), Honeywell International Inc (US), Rockwell Automation, Inc. (US), and Siemens AG (Germany)

"Machine Safety market to grow at a significant rate between 2023-2028"

The global Machine Safety market is expected to grow from USD 5.2 billion in 2023 to USD 6.8 billion by 2028, registering a CAGR of 5.7%. The machine safety market is being propelled forward by various factors, including a greater emphasis on worker safety, a growing adoption of industrial automation, the implementation of government regulations and standards, an increasing demand for integrated safety systems, and advancements in machine safety technologies such as artificial intelligence, sensors, and software.

"System segment accounted for the largest share of Machine Safety market in 2022"

Factors driving the growth of the system of machine safety market comprise a heightened attention towards worker safety, a surge in the adoption of industrial automation, government regulations and standards, an escalating demand for integrated safety systems, technological advancements in machine safety like sensors and software, and the requirement to protect machines and equipment from possible dangers.

"Presence detection sensors accounted for the largest share of Machine Safety market in 2022"

The market for presence detection sensors is experiencing a surge in demand, driven by the need to enhance worker safety and regulate the movement of people and objects in hazardous areas. Furthermore, technological advancements have facilitated the development of more effective and dependable sensors, amplifying market growth.

"Food & Beverages industry to grow at highest CAGR in the forecast period"

The food & beverages segment is expected to witness the highest CAGR during the forecast period owing to the high demand for safety equipment and stringent safety regulations in food production. As companies become more aware of strict regulations, there is an increase in demand for machine safety systems to achieve safe and efficient operations in food and beverage manufacturing plants

"Europe to account for the largest market size in 2022"

Europe's machine safety market is expected to grow rapidly due to government regulations on workplace safety, increasing industrial automation adoption, and a need to protect machines from potential dangers. Furthermore, the demand for machine safety technologies and systems is driven by the growth of the automotive and manufacturing industries..

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The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall flow computer market in oil & gas and the sub segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Research Coverage:

The Machine Safety market has been segmented into offering, components, industry, and region. The Machine Safety market was studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Machine Safety market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the Machine Safety ecosystem.

This release was published on openPR.