Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years.
New York, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machine Safety Market with COVID-19 Impact, by Component, Implementation, Application, Industry And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05404289/?utm_source=GNW
In addition, the establishment of standards such as IEC 61508 and IEC 61511 has led to increased adoption of machine safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the machine safety life cycle.
Market for embedded components to grow at higher CAGR during forecasted period
Embedded safety component systems increase efficiency and provide better flexibility to operators; these systems reduce downtime by safely resolving issues, without stopping the entire production line.In addition, the evolution of functional safety in machinery is expected to boost the demand for embedded safety components in the coming years.
Organizations have started adopting embedded safety solutions to achieve better production performance and advanced safety. These factors owing to the higher growth of embedded components as compared to individual components during forecasted period.
Market for safety PLCs to grow at highest CAGR during forecast period“
The major factors driving the machine safety market growth are stringent safety regulations, high demand for safety systems in the oil & gas industry, and rising need for reliable safety systems for personnel and asset protection.The growth of this market can be attributed to the widespread adoption of programmable safety systems in end-user industries.
Programmable safety systems or safety PLCs are considered as the backbone of machine safety systems. These systems can be easily used in close conjunction with other systems.
APAC is projected to grow at a higher CAGR during the forecast period.
APAC is expected to be the fastest-growing market for machine safety.APAC is considered as one of the fastest-growing economies.
Countries in this region focus on large-scale industrial manufacturing and, thus, has a vast number of manufacturing plants of almost all major companies across the world.Countries such as China, India, Japan, South Korea, Australia, and Indonesia are rapidly expanding their manufacturing output.
China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC.Various multinational companies have set up their manufacturing plants in APAC and are adopting higher safety standards leading to increased demand for safety systems.
However, due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for machine safety. The company has been temporarily stalling new projects.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
• By Designation – C-level Executives = 75%, Managers = 25%,
• By Region – North America = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
The study includes an in-depth competitive analysis of these key players in the machine safety market, with their company profiles, recent developments, and key market strategies. ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Omron Corporation (Japan), Keyence Corporation (Japan), Mitsubishi Electric Corporation (Japan), Pilz GmbH & Co. KG (Germany), Sick AG (Germany), Balluff GmbH (Germany), and Banner Engineering Corp. (US) are among the major players in the machine safety market.
The global machine safety market is segmented into implementation, component, application, industry, and region.The market based on implementation is segmented into individual and embedded component.
Based on the components, the machine safety market has been split into presense sensing safety sensors, safety interlock switches, safety controllers/modules/safety relays, programmable safety systems, emergency stop controls, and two-hand safety controls.The applications that are included in the study are assembly, material handling, metal working, packaging, robotics, and others (welding and shielding of heavy machinery).
The machine safety market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast of the market based on type, component, system, industry, and region have been conducted to give an overall view of the machine safety market.
• A value chain analysis has been performed to provide in-depth insights into the machine safety market.
• The key drivers, restraints, opportunities, and challenges pertaining to the machine safety market have been detailed in this report.
• Detailed information regarding the COVID-19 impact on the machine safety market has been provided in the report.
• The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues
Read the full report: https://www.reportlinker.com/p05404289/?utm_source=GNW
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