The machine safety market is projected to witness a CAGR of 5.6% during 2024–2030, to reach USD 7,479.6 million by 2030. This will be due to the growing requirement for such solutions from the robotics, automotive, semiconductors, and food & beverage industries.
Market players provide safety solutions for the machinery used in the above-mentioned and many other industries. The primary target is to ensure the safety of operators and prevent accidents with the help of interlock switches, presence sensing sensors, controllers, modules, relays, emergency stop controls, and two-hand controls. This market is essentially driven by the growth of the manufacturing sector, where heavy machinery, automation, and robotics are commonly used.
The automotive industry is expected to grow at a CAGR of 5.9% in the forecast period. This is because the automotive industry uses a vast range of machinery, including CNC equipment, welding & cutting systems, robots, conveyors, and assembly lines. The operation of machines should be safe and in compliance with the regulations. Therefore, safety guards and barriers, sensors, emergency stop buttons, and other components are widely integrated into automotive manufacturing equipment for the prevention of injuries and accidents. Many companies offer advanced devices for the minimization of emergency shutdowns caused due to the unsafe operations of machines.
For instance, in April 2022, the K7TM monitor was launched by Omron Corporation for the heater equipment used in the FMGC and automotive industries. The K7TM employs sensing technology and advanced algorithms to detect deteriorating trends, thereby enabling predictive maintenance by identifying unusual or abnormal conditions.
The oil & gas category is witnessing rapid growth as this industry too is subject to performance and safety standards, just like all others. These regulations are designed to reduce the risk associated with production, exploration, and refining activities. One of the critical aspects of machine safety in this industry is explosion-proof equipment, to prevent the ignition of flammable substances.
Routine inspection is essential for detecting safety issues and addressing them promptly. Further, regulations require safety training and education programs to be conducted for the workers to gain the skills and knowledge needed to operate in hazardous environments and respond to safety-related incidents.
In 2030, APAC is expected to be the dominant market, with revenue share of 45%. With the growing level of industrialization, the demand for safety systems increases in factories. The major factor propelling the adoption of these solutions is the stringent government regulations and protocols necessitating their implementation. Apart from the global machine safety standards, such as the IEC 61508 and ISO 13849, there are government-imposed regulations in all countries as well.
For instance, China's State Administration of Work Safety has taken steps to enhance workplace safety, such as mandating safety inspections and imposing stricter penalties for violations and non-compliance. Additionally, the Ministry of Industry and Information Technology in China has issued guidelines for the safe use of automated machinery in manufacturing, to ensure that safety regulations are adhered to when integrating technology into work environments.
Some of the key players are ABB Ltd., Emerson Electric Co., General Electric Company, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, Omron Corporation, Mitsubishi Electric Corporation, Sick AG, and Honeywell International Inc.