Machine Safety Companies | Forecast by 2034

01 Aug 2024

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Table of Content

1. Machine Safety Market Revenue and Trends 2. Market Overview 3. Machine Safety Market Trends 4. Machine Safety Market Highlights 5. Machine Safety Market Top Companies 6. Regional Insights 7. Market Potential and Growth Opportunity

Machine Safety Market Revenue and Trends

The global machine safety market revenue was valued at USD 5.43 billion in 2023 and is poised to grow from USD 5.77 billion in 2024 to USD 10.74 billion by 2034, at a CAGR of 5.8% during the forecast period 2024 – 2034. The increasing heightened workplace safety awareness is expected to drive the growth of the machine safety market.

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Market Overview

The machine safety market deals with software and system controls that are combined with the system to warn consumers of danger zones during machine operations. By stopping the ongoing operation of machines through controls and sensors, these advanced instruments offer instantaneous responses.

The increasing widespread integration of automation technologies within global industries, strict regulatory compliance, and increasing adoption of technology across production lines in oil & gas, electrical, electronics and automotive, semiconductor & economics, healthcare, defense, and food & beverages are expected to enhance the growth of the machine safety market during the forecast period.

In addition, the increasing awareness about operator safety, increasing adoption of smart devices, increasing digital transformation in industrial automation, and increasing demand for machine safety solutions are further expected to enhance the growth of the market.

Machine Safety Market Trends

• The increasing focus on safety in the industrial sector, combined with the rising workplace accidents, is expected to drive the growth of the market.
• Rising ongoing product innovations and advancements enhancing machine reliability, efficiency, and safety contributed to propelling market growth.
• The increasing wide range of Internet of Things (IoT) solutions and increasing awareness of workplace safety are anticipated to accelerate the growth of the machine safety market.

Rising industrial and automation upgradation to fuel market growth

The expanding industrial and automation upgrades are potentially impacting the growth of the market. The increasing need to maintain operational efficiency and protect workers in these modern industrial environments is driving market growth. There is a significant growth in the need for effective machine safety systems due to industries rapidly incorporating automation into operations to improve efficiency and productivity.

In addition, industrial upgradation, which includes the industrialization of existing machinery, is further propelling the demand for the market. Industries are invested in upgrading machinery to ensure compliance and improve production and performance capacity with safety standards. This often includes the installation of systems designed and advanced safety devices to protect machinery and operators. Thus, these factors are expected to enhance the growth of the machine safety market.

However, a lack of understanding of machine safety and knowledge may restrain market growth. Numerous businesses, especially medium and small businesses, may not be aware of the value of existing security and security systems solutions. Insufficient knowledge of security practices and policies can lead to incompatible or inadequate security measures. However, providing training and education and raising awareness can help overcome these challenges. Thus, these factors are expected to restrain the growth of the market.

Machine Safety Market Highlights

Machine Safety Market Top Companies

• Emerson Electric Co.
• Siemens AG
• Mitsubishi Electric Corporation
• SICK AG
• Schneider Electric SE
• OMRON Corporation
• B&R Automation
• Honeywell International, Inc.
• ABB Ltd.
• Rockwell Automation
• KEYENCE CORPORATION

Recent Innovation in the Machine Safety Market by IBM and Meta

• In December 2023, in collaboration with over 50 founding Members and Collaborators, Meta and IBM launched the AI Alliance. This launch focused on enabling researchers and developers and fostering an open community to enhance responsible innovation in AI while ensuring the diversity, security, safety, trust, and scientific rigor of the machine.

Recent Innovation in the Machine Safety Market by WhatsApp

• In November 2023, a ‘Check the Facts’ safety campaign was launched by WhatsApp company to drive user awareness around its safety features of misinformation on the platform, promote digital best practices, and inspire people to take the prevention of their experience. Checking the Facts encouraged people to verify information that sounds inaccurate or suspicious.

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period. The increasing industrialization in various countries, the development of a wide range of industries, and the demand for machine safety measures are rising rapidly across the region and are expected to drive the growth of the machine safety market in the Asia Pacific. China, India, Japan, and South Korea are the leading countries in the region.

These countries are undergoing rapid industrialization in the region, leading to an increased deployment of automation and machinery. This industrial growth generates a demand for machine safety solutions to protect assets and workers. China and India are the major and leading countries in this market. In these countries, machine safety is a major concern in any industry because it minimizes production liability risks and downtime and the safety of assets and workers in the region. In addition, various manufacturing sites add efficiency to the process and comprise an array of several machinery assemblies. Thus, these factors are expected to drive the growth of the machine safety market in the Asia Pacific region.

• For instance, in April 2024, a special inspection period to avoid the failure of the ship’s electrical and mechanical equipment was announced by the China Maritime Safety Administration. This Chinese administration conducted detailed inspections of the electromechanical equipment of the machinery, with daily ship machinery safety inspections.

North America dominated the machine safety market in 2023. North America has well-developed regulations and safety standards that necessitate the adoption of machine safety measures in several industries. The market is enhanced by the increasing strong focus, technological advancements, and industrialization on workplace safety. It encompasses a wide range of industries, such as oil and gas, healthcare, automotive, and manufacturing. The U.S. and Canada are the leading and dominating countries in the region.

• For instance, in February 2024, to advance the trustworthy, secure, and safe AI, NVIDIA joined the National Institute of Standards and Technology’s new U.S. Artificial Intelligence Safety Institute Consortium.

Market Potential and Growth Opportunity

Integration with AI and ML

Machine and safety are revolutionizing various industries such as automotive, healthcare, food & beverages, and many more. AI technologies excel at analyzing huge amounts of patterns and visual data and making accurate analyses. Machine learning, especially deep learning, accelerates vision systems by allowing them to learn from new data and adapt to changes over time. Convolutional Neural Networks (CNNs) are significantly improving object detection, image recognition, and classification capabilities and are particularly impactful. Thus, these major factors are expected to enhance the growth of the machine safety market in the near future.

Machine Safety Market News

• In May 2024, Survitec launched a new energy containment safety device. This new energy safety device is designed to reduce risks related to catastrophic valve actuator failures. In addition, these safety devices can cause death or severe injury and significant damage to facilities and equipment.
• In October 2023, Norfolk Southern launched machine safety digital train inspection technology in partnership with the Georgia Tech Research Institution. The aim behind this launch was to enhance rail safety across its network.

Market Segmentation

By Component

• Safety Sensors
• Safety Interlock Switches
• Safety Controller
• Others

By Implementation

• Individual
• Embedded

By Industry Vertical

• Oil and Gas
• Healthcare
• Automotive
• Metals & Mining
• Others

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