Machine safeguarding solutions are safety equipment or devices which are used in industries for the protection of the workforce. These solutions reduce the possible risks which arise due to faulty operations. Machine safeguarding solutions are designed to offer better safety and improve productivity. Furthermore, these solutions increase operational competence by removing possible risks. Workers are continuously involved in working on machines, and this leads to the possibility of several risks in industrial sectors, resulting in the need for machine safeguarding solutions.
The driving factor for the global machine safeguarding solutions market is the increase in rules and regulations related to safety of workers across all industries. Industries are adopting machine safeguarding solutions due to change in operational process. Additionally, the rise in safety lifecycle management is anticipated to create significant opportunity in the global machine safeguarding solutions during coming years. However, the high cost of the machine safeguarding solutions is restraining the market growth globally. Industry sectors are adopting these solutions as it lowers the operational cost and improves overall efficiency by reducing hazards or unwanted movement of the machine.
The global machine safeguarding solutions market can be segmented based on component, industry vertical, and region. The market can be classified based on component into hardware, and services. The hardware component can be categorized into sensors, controllers, relays, switches, and others (safety PLC, scanners etc.). The service component can be divided into installations, training, consulting & auditing, and maintenance & support. In terms of industry vertical, the global machine safeguarding solutions market can be divided into government, manufacturing, automotive, aerospace & defense, electronics & electrical, food and beverage, healthcare, transportation & logistics, oil and gas, mining, and others. The mining industry is expected to gain significant market share over the forecast period due to increasing number of government rules and regulations for safety of workers.
Based on region, the global machine safeguarding solutions market can be segmented into North America, Europe, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global machine safeguarding solutions market during the forecast period. This is due to the concerns of manufacturers regarding safety in the workplace. In North America, the market in Canada is expected to expand considerably due to growth in the mining industry. In Middle East & Africa and South America, the machine safeguarding solutions market is anticipated to expand at a moderate rate as industries are adopting machine safeguarding solutions since it reduces total cost of ownership (TCO) up to 30% over the machine life cycle. The machine safeguarding solutions market in Europe is projected to thrive during the forecast period. Development and innovations in the global machine safeguarding solutions market are anticipated to enhance the growth in this region.
In Europe, manufacturing industry is expected to generate high revenue over the forecast period due to an increase in productivity and efficiency of production due to machine safeguarding solutions. The machine safeguarding solutions market in Asia Pacific is projected to grow at the highest CAGR during the forecast period due to government initiatives and stringent rules & regulations related to labor safety. Emerging economies in Asia Pacific such as China and India are projected to witness positive growth due to rapid industrialization.
Companies in the machine safeguarding solutions market are focusing on expanding their business through strategic partnerships. Moreover, the companies are focusing on innovations to offers customized machine safeguarding solutions. Key companies operating in the global machine safeguarding solutions market are Omron Corporation, Siemens AG, ABB (Automation company), Honeywell International Inc., Rockford Systems, LLC., The Emerson Electric Co., Procter Bros Ltd., Uniguard Machine Guards, Eaton Corporation plc., Banner Engineering Corp., Rockwell Automation, Inc., AMETEK, Inc. and Faztek, LLC.
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3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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