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Machine Safety Market Size

Report ID: GMI5918
Published Date: Nov 2024
Report Format: PDF

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Machine Safety Market Size

The global machine safety market was valued at USD 5.8 billion in 2023 and is anticipated to register a CAGR of over 6% between 2024 and 2032, driven by the widespread adoption of automation and increasingly stringent regulatory requirements. The rapid integration of automation technologies across industries has necessitated enhanced safety measures.

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Concurrently, the proliferation of stringent regulatory requirements and safety standards worldwide has emerged as a crucial market driver. In the United States, the Occupational Safety and Health Administration (OSHA) reported that violations of machine guarding standards were among the top 10 most frequently cited standards in fiscal year 2022. This regulatory landscape has stimulated demand for sophisticated machine safety products, particularly in sectors such as automotive manufacturing, general manufacturing, and food processing.

Machine Safety Market Report Attributes
Report Attribute	Details
Base Year:	2023
Machine Safety Market Size in 2023:	USD 5.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6%
2032 Value Projection:	USD 9.6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	225
Tables, Charts & Figures:	49
Segments covered:	Component, Implementation Type, Application, Type, End User Industry, Region
Growth Drivers:	Increased focus on sustainable and environmentally friendly mining practices Increasing automation in industries Rising regulatory requirements and safety standards Growing awareness about workplace safety
Pitfalls & Challenges:	Advancements in machine safety technologies High initial installation costs

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The National Association of Manufacturers (NAM) indicates that 95% of manufacturers believe adhering to safety regulations is essential for maintaining a competitive edge. This commitment to compliance has further accelerated the market growth, as businesses invest in advanced safety technologies to meet evolving standards and protect their workforce.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for machine safety was reached USD 5.8 billion in 2023 and is estimated to grow at a 6% CAGR from 2024 to 2032, driven by the widespread adoption of automation and stringent regulatory requirements.

The individual components segment reached USD 3.6 billion in 2023 and is projected to grow at a 5% CAGR from 2024 to 2032, driven by the essential role of safety sensors and other technologies in ensuring machine safety.

The assembly application type dominated about 30.3% revenue share in 2023 and is expected to grow at a 5.9% CAGR from 2024 to 2032, due to its critical role in safeguarding workers during high-velocity, repetitive production processes.

The U.S. machine safety market size surpassed USD 900 million in 2023 and is expected to grow at a 5.9% CAGR from 2024 to 2032, led by its advanced manufacturing sector and comprehensive regulatory framework.

Key players in the machine safety industry include ABB, Banner Engineering, Emerson Electric, Honeywell International, IDEC Corporation, ISE Controls, KEYENCE CORPORATION, Mitsubishi Electric Corporation, OMRON Corporation, Pepperl+Fuchs, Pilz GmbH & Co., Rockwell Automation Inc., Schneider Electric, SICK, and Siemens.