Machine safety market expected to almost double in next decade

The increased use of safety sensors is driving demand for the machine safety market, which is expected to double in the next decade.

By Future Market Insights August 11, 2023
Courtesy: AutomationDirect, CFE Media's New Products for Engineers Database

The global machine safety market is expected to be worth $5.4 billion according to Future Industry Insights. The industry is estimated to develop at a 6.6% compound annual growth rate (CAGR) from 2023 to 2033, with a market value of $10.2 billion by the end of 2033.

The safety of cost-effective production and machinery is critical, as it is in the machine safety industry, where these safety measures assist car manufacturers in reaching and maintaining machine safety targets.

Robots are widely utilized nowadays to do jobs such as welding, painting, and so on in the automobile industry, where these robots are frequently outfitted with sensors and other safety measures to prevent accidents.

Key takeaways in the machine safety market include:

  • From 2018 to 2022, the worldwide machine safety market grew at a CAGR of 4.5%.

  • The worldwide machine safety market is likely to be dominated by presence-sensing safety sensors.

  • The automobile industry is predicted to have the highest sales in the worldwide machine safety markets.

  • The North American market for global banquet carts is expected to grow at a rate of 28.8%.

  • During the projected period, the United States alone is expected to grow at a rate of 16.7%.

  • The automobile category is reported to have a market share of 19.2%.

  • Presence-sensing safety sensors are said to have a market value of 20.7%.

  • The Indian market is considered to have a high need for machine safety systems, resulting in an 8.3% increase in demand.

  • During the projected period, the Chinese market for machine safety systems is expected to develop at a CAGR of 6.4%.

  • The Australian market for machine safety systems is estimated to have a 2.1% market share.

  • Japan is expected to have a 4.3% market share throughout the projection period.

  • The European area is expected to have a 22.1% market share for machine safety systems.

  • Germany is predicted to have an 8.1% market share.

  • The United Kingdom is expected to expand in the market for machine safety systems at a CAGR of 6.9%.

– Future Market Insights is a CFE Media and Technology content partner.