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Machine Safety Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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By Author: Statzy Market Research
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The machine safety market is anticipated to witness a CAGR of over 6.3% during the forecast period (2021 - 2026). The need for the industries and manufacturing facilities to comply with the standards and regulations across the regions has been driving the market for machine safety. Several countries across the world are working towards global harmonization of standards. This is especially evident in the area of machine safety. Global safety standards for machinery are governed by two organizations: IEC and ISO. Also, regional and country standards are still in existence and continue to support local requirements, but in various countries, there has been a move toward using the international standards produced by ISO and IEC.

- The industrialists are aiming to deploy advanced machinery to increase their productivity. They are mainly focusing on machine safety to not to impair the productivity of their machines. Though this is far from a new requirement, in the age of Industry 4.0, it has become far more critical. In this regard, increasing numbers of machine builders seek cooperation from machine safety experts early on ...
... in the design of new series, intending to integrate safety functions into machine functions in such a way that productivity is maximized alongside high levels of safety.
- The establishment of new factories driven by the rapidly growing industrialization across the globe has been augmenting the growth of the market studied. For instance, in June 2019, Schneider Electric, launched Smart Factory in the US to demonstrate how its EcoStruxure architecture and related suite of offerings can support increasing operational efficiency and reduce costs for its customers.
- Governments, and manufacturers, across the world, are seriously pondering plans to decrease their overdependence on Chinese production. For instance, the Japanese government became the first to take steps in this direction by announcing a USD 2.2 billion in assistance to domestic companies to shift production from China. Such investments in establishing manufacturing facilities are anticipated to augment the demand for the machine safety market.
- Furthermore, the COVID-19 outbreak has forced industries to halt almost every industrial operation globally. Also, amidst the pandemic spread of COVID-19, the market for machine safety equipment, which relies on the manufacturing sector and substantial adoption at the industrial front, is very likely to be impacted, as the pandemic has resulted in changes of the planned investments of various companies over the forecast period.

Key Market Trends

Oil and Gas Industry to Hold a Significant Share

- The growing demand for industrial automation products in the oil and gas industry is also expected to create opportunities for machine safety. It enables the upgradation of existing machinery, thereby creating demand for new machine safety equipment that can comply with the upgraded equipment.
- With the US Department of the Interior, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, planning to enable offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, the oil and gas sector in the region is anticipated to open up new opportunities to the market.
- Further, in several cases, security factors also impact the demand for machine safety equipment, especially in the oil and gas industry. For instance, in countries like Mexico, where the pipelines are often prone to insurgent attacks and theft, there is an increased need for automated and robust emergency stop systems and devices that support remote operations.
- In fact, the theft of oil from Mexican pipelines is one of the major security issue faced by the mid-stream sector in Latin America. According to Petróleos Mexicanos (PEMEX), a state-owned Mexican petroleum company, there were more than 4,125 illegal fuel taps discovered in the region between 2014 and 2018. In such cases, the governments are increasingly spending on process automation related to pipeline security, which is expected to raise the demand for advanced emergency shutdown systems. Also, the increasing shortage of oil and gas labor is creating considerable demand for automated safety systems, there supporting the growth of the market.

Asia-Pacific to Hold Significant Share

For sample report please visit: https://www.statzyreports.com/report/sr497422/machine-safety-market

- Asia-pacific is anticipated to witness highest CAGR owing to the growing investments in the industrial sector in the region.
- The “Made in China 2025” policy encourages advanced manufacturing, leading to an increased focus on safety. China is the largest market in Asia Pacific for machine safety products by revenue, with roughly a 40% share. In addition, the gradual improvement of technical safety standards, the continuous strengthening of personal safety awareness, and the gradual participation of the state and enterprises in market promotion has also accelerated the growth of machine safety market in the country.
- In 2017, China invested heavily in the automotive industry, resulting in an increase in new projects. The development of electric vehicles significantly drove capital investment, with most of this focused on new machinery.
- In addition, according to the National Bureau of statistics, investment in automation equipment also increased in 2018. China's 13th Five-Year Plan is expected to drive the development of Chinese safety standards and increase the investment in safety products. The plan emphasizes the overall safety of manufacturing, with the aim of reducing accidents in the workplace through the adoption of new technologies and enforcement of regulation. The plan specifically mentions the upgrade of agricultural machinery and special equipment to satisfy the safety requirements.
- Growth in the construction output value associated with manufacturing plants in South and Southeast Asia is expected to drop in 2020, reflecting the major disruption caused by Covid-19, which may lay an impact on machine safety market growth.

Competitive Landscape

The machine safety market is highly competitive by nature and appears to be fragmented due to the presence of several prominent players. Key strategies traced from the analysis of recent developments of the market players include agreement & partnership, acquisition expansion, and product launch. These key players strive to deliver comprehensive safety solutions with adept technology and features. Growth in terms of product innovations and techniques in the market are also expected to create substantial investment opportunities for global players.

- May 2020 -- ABB announced the launch of its Induction xP Plus actuator for paper and packaging manufacturers seeking an efficient, powerful, rapid-acting, and safe method for controlling caliper on paper machines calendars. Induction xP Plus rapidly ensures efficient heating up to 100 kW/meter in a highly targeted area, providing unmatched flexibility for power density and heating zone width.
- December 2019 -- Rockwell Automation added three new members to the program, which connects companies and system integrators with expertise in current safety standards and a track record of designing safety systems. The program now consist of 45 members located around the world. New members include Matrix Technologies, Inc., Automation Group, and Factory Automation Systems.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr497422/machine-safety-market

Contact Us:
Poojan Dogra
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Statzy Market Research
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com

More About the Author

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.

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