Global Machine Safeguarding Solution Market was valued US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027 at a CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The driving factor for the global machine safeguarding solutions market is the increase in rules and regulations related to the safety of workers across all industries. Industries are adopting machine safeguarding solutions due to change in the operational process. Additionally, the rise in safety lifecycle management is expected to create a significant opportunity in the global machine safeguarding solutions during the 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.
Manufacturing of consumer and industrial goods requires several machining operations such as milling, grinding, boring, and bending. These operations are performed using machine tools such as mills, boring tools, cutting tools, and punching tools. Thus, with the growth in sales of machine tools and motion and drive systems, the demand for machine safeguarding solutions is increasing. Most of the developing countries are characterized by a poor track record of workplace safety regulations and their implementation. Therefore, the lack of well-defined regulations and enforcement agencies in developing countries hinders the growth of the global machine safeguarding solutions market.
Based on the 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 the Middle East & Africa and South America, the machine safeguarding solutions market is expected 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 expected to enhance the growth in this region. In Europe, the 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 the 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 the Asia Pacific such as China and India are projected to witness positive growth due to rapid industrialization.
Vendors in the global machine safeguarding solutions market have traditionally depended on conventional solutions like physical barriers, emergency stop switches, and two-hand control switches. Vendors in the market are increasingly offering products that increase the effectiveness of machine safeguarding solutions. These solutions automate the process of stopping machines and confirm the safety of workers. Light curtains, interlock switches, PLCs, and input/output blocks can send important data back and forth with this solution. Thus, machine safeguarding solutions are increasingly becoming a part of industrial automation systems.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by product type, end user, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the machine safeguarding solution market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of Global Machine Safeguarding Solution Market
Global Machine Safeguarding Solution Market, By Component
• Sensors
• Controllers
• Switches
• Others
Global Machine Safeguarding Solution Market, By Industry Vertical
• Manufacturing
• Automotive
• Mining
• Healthcare
• Others
Global Machine Safeguarding Solution Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Machine Safeguarding Solution Market
• ABB
• Honeywell International Inc.
• Rockwell Automation, Inc.
• Siemens AG
• Rockford Systems, LLC.
• Procter Bros Ltd.
• Uniguard Machine Guards
• Banner Engineering Corp.
• OMRON Scientific Technologies, Inc.
• Faztek, LLC.
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