The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. Key factors driving the demand for machine safety systems include strict safety mandates and high requirements for reliable safety systems to ensure personnel and asset protection. However, the high investment required for installing machine safety systems and lack of awareness and complexity of standards are the key factors restraining the machine safety market growth. The key challenges faced by machine safety manufacturers include the high complexity of safety applications and lack of machine safety certified workforce.
The market for programmable safety systems is expected to grow at the highest CAGR during the forecast period as manufacturers are replacing their existing systems to comply with strict machine safety regulatory standards. Programmable safety systems such as safety PLCs are an integral part of safety instrumented systems. Safety PLCs need to be certified with IEC 61508—the machine safety standard for electrical/electronic/programmable electronic safety-related systems. Moreover, the prominent players in the industryhave been affected owing to the outbreak of COVID-19. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the machine safetymarket in 2020.
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The robotics segment, by application, is expected to continue to hold the largest share of the machine safety market during the forecasted period. With technological advancements in the robotics industry, new collaborative robots are being introduced; due to this, safety regulations for robotics are being rewritten with new specifications.
The market for food & beverages is expected to grow at the highest CAGR during the forecast period. In food processing plants, several dangerous machines are used for which plant managers should follow safety regulations to avoid penalties. Nowadays, food & beverages manufacturers rely more on automated controls for production. Machine safety systems, such as safety PLCs, safety light curtains, and laser scanners, are used in manufacturing units for visual inspection of processes and for safeguarding workers from harming themselves while handling processes. These safety components are used on a large scale in the packaging segment of the food & beverages industry. Financial losses faced by US manufacturers due to COVID-19, will affect the production capacity and foreign trade operations in 2020. Thus, the economic slowdown is expected to impact the market for machine safety in 2020.
The machine safety market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the increasing number of oil & gas refineries, and significant growth in the chemicals industry is expected to lead the demand for machine safety in the next 5 years. The growing competition in the global market is forcing companies in the energy & power industry in this region to adopt innovative cost reduction techniques and solutions, along with increasing safety. However, lockdowns are being observed across countries, which has halted most economic activities. With many region- and country-level economic packages infusing money into the market to boost the economy to come out of recession brought on by COVID-19, recovery from world economic depression is expected between 2021 and 2022.