“âThe machine safety market is expected to witness significant growth in the coming yearsâ
The machine safety market is expected to reach USD 4.98 billion by 2020, at a CAGR of 7.5% between 2015 and 2020. The key driving factor for the growth of this market is the growing emphasis on industrial safety and proactive safety measures. In addition, mandatory safety regulations and improvement in performance and brand image of the company are likely to drive the market for machine safety systems in the coming years.
âThe market for integrated components is projected to grow rapidly in the coming yearsâ
The machine safety market is segmented on the basis of implementation of these systems. The market for machine integrated safety components is expected to grow at the highest CAGR in the coming years. The machine integrated safety solutions increase efficiency, provide better flexibility to the operators, and reduce downtimes. Therefore, machine manufacturers focus on embedding safety components in various machines, thereby, offering comprehensive solutions to the users.
âAPAC is expected to be the fastest-growing market for machine safety during the forecast periodâ
The market in APAC is expected to grow at the highest CAGR between 2015 and 2020. The major developing countries in the region, China and India, are expected to increasingly adopt the machine safety systems. Increasing emphasis on the machine and industrial safety regulations by various safety standard organizations, growing industrialization, and increasing adoption of safety cultures by multinational companies are projected to drive the market for machine safety systems in the region. The safety regulations in APAC are expected to become stringent for the organizations to follow. Thus, the market in APAC is likely to grow considerably in the coming years.
Break-up of profile of primary participants for the report as given below:
By Company Type – Tier 1 â49%, Tier 2 â 27%, and Tier 3 â 24%
By Designation â C-level â 54%, Director level â 25%, Manager level â 21%
By Region â North America – 35%, Europe â 20%, APAC â 37%, RoW â 8%
The key players in the market include ABB Ltd. (Switzerland), EUCHNER GMBH CO. KG (Germany), Honeywell International (U.S.), IDEC Corp. (Japan), Mitsubishi Electric Corp. (Japan), PHOENIX CONTACT GmbH & Co. KG (Germany), Pilz GmbH & Co. KG (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), and Siemens AG (Germany) among others.
Reasons to buy the report:
This report includes:
â¢ Market statistics pertaining to product, implementation, application, and region
â¢ Porterâs five forces framework, utilized along with the value chain analysis, to provide an in-depth insight of the machine safety systems market
â¢ Major drivers, restraints, and opportunities for the machine safety market
â¢ Analysis, forecast, illustrative segmentation of the market based on product, implementation, application, and geography
â¢ Detailed competitive landscape, in-depth analysis, and revenue of key players
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