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Machine Safety Market Size Valuation Worth USD 7.25 Billion in 2028 | Strict Machine Safety Regulations by Global Safety Standard Agencies and Rise in Demand From Oil and Gas Industries are Key Factors Driving Industry Demand, Says Emergen Research

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Emergen Research

24 May, 2022, 15:05 GMT

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VANCOUVER, B.C., May 24, 2022 /PRNewswire/ -- The global machine safety market is expected to reach a market size of USD 7.25 Billion at a revenue CAGR of 5.3% during the forecast period, according to the latest analysis by Emergen Research. Increase in government funding for the establishment of new and updating of existing manufacturing units is a key factor driving the market growth. For instance, the Government of Japan announced an assistance of USD 2.2 Billion to domestic companies to set up new manufacturing units. Adoption of industrial automation process across different verticals such as oil and gas, automobile, and manufacturing is also expected to drive the market growth in a positive direction.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/999

Growing automobile sector is another factor contributing to the market growth as vehicles use a number of safety systems and devices such as airbags, Anti-lock Braking System (ABS), electronic stability control, accident avoidance systems, and Automatic Emergency Steering (AES) which primarily uses sensors for operation. In addition, heavy vehicles such as trucks and bulldozers are installed with auto engine shut off system to avoid accidents. Increasing cases of illegal tapping of oil and gas, and electricity is another important factor for growth as it increases demand for presence of sensing safety sensors for remote monitoring of pipelines and electricity grids.

Key Highlights of Report

  • In December 2019, Rockwell Automation added Matrix Technologies Inc., Automation Group and Factory Automation Systems to the Safety System Integrator Program which connects system integrators and companies with expertise in designing safety systems.
  • In March 2019, Ability System 800Xa was upgraded by ABB Ltd. by innovating the DCS architecture. The new upgrade includes PM863 and PM857 safety controllers which increases the flexibility of entire safety system.
  • The oil and gas segment accounted for largest market share in 2020. This growth can be attributed to increasing illegal fuel taps cases. According to PEMEX, more than 4125 illegal fuel taps were found in Mexico alone between 2014 and 2018. This has led to rise in demand for safety systems for pipelines in oil and gas industries.
  • Major companies operating in Intelligent power module are ABB Ltd. , Emerson Electric Co. , General Electric Co. , Honeywell International Inc. , Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, and Keyence Corporation.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/machine-safety-market

Scope of Machine Safety Research

Report Details

Outcome

Market size in 2020

USD 4.76 Billion

CAGR (2021–2028)

5.3%

Revenue forecast in 2028

USD 7.25 Billion

Base year for estimation

2020

Historical data

2017–2019

Forecast period

2021–2028

Quantitative units

Revenue in USD Billion and CAGR in 5.3% from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Implementation, component, end use and region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

US, Canada, Mexico, Germany, UK, France, Italy, Spain, BENELUX, Switzerland, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA

Key companies profiled

ABB Ltd. , Emerson Electric Co. , General Electric Co. , Honeywell International Inc. , Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation

Customization scope

10 hours of free customization and expert consultation

For this report, Emergen Research has segmented global machine safety market based on implementation, component, end use, and region.

  • Implementation Outlook (Revenue, USD Billion; 2021–2028)
    • Individual Components
    • Embedded Components
  • Component Outlook (Revenue, USD Billion; 2021–2028)
    • Presence Sensing Safety Sensors
    • Emergency Stop Devices
    • Safety Interlock Switches
    • Safety Controller/Modules/Relays
  • End-Use Outlook (Revenue, USD Billion; 2021–2028)
    • Oil and Gas
    • Electronics and Semiconductors
    • Automotive
    • Food and Beverage
    • Healthcare

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/999

  • Regional Outlook (Revenue, USD Billion; 2021–2028)
    • North America
      1. US
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. UK
      3. France
      4. Italy
      5. Spain
      6. BENELUX
      7. Switzerland
      8. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

Custom Requirements can be requested for this Report [Customization Available] @ https://www.emergenresearch.com/request-for-customization/999

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee
Corporate Sales Specialist 
Emergen Research | Web: www.emergenresearch.com   
Direct Line: +1 (604) 757-9756 
E-mail: sales@emergenresearch.com   
Emergen Research Media Citations: https://www.emergenresearch.com/media-citations    
Visit for More Insights: https://www.emergenresearch.com/insights    
Explore Our Custom Intelligence services | Growth Consulting Services

Press Release Available @ https://www.emergenresearch.com/press-release/global-machine-safety-market

Logo: https://mma.prnewswire.com/media/1579538/Emergen_Research_Logo.jpg 

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