Machine Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machine Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06184964/?utm_source=GNW
Several countries across the world are working towards the 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.

Key Highlights
Industrialists are aiming to deploy advanced machinery to increase their productivity. They are mainly focusing on machine safety, not to impair the productivity of their machines. Though this is far from a new requirement, it has become far more critical in the age of Industry 4.0. 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 Asian countries such as India, in 2021, the Ahmedabad (Gujrat) rural police recovered almost 24,000 gallons of crude oil. They apprehended a man suspected from the Salaya Mathura pipeline (SMPL) project in Bareja village in Daskroi (Gujrat). The theft of the SMPL pipeline was first discovered in December 2020, when officials from the Indian Oil Corporation in Ahmedabad rural noticed low pressure in an SMPL pipeline section in Bareja village, Daskroi taluka. Officials discovered a breach in the pipeline with a valve attached and a two-inch diameter, 50-meter-long pipe put through a hole in the ground.?
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. The increasing adoption of innovative IoT solutions, including sensors in oil and gas, is creating considerable demand for automated safety systems, supporting the market’s growth. ?
With this technology, users can track the amount of oil in a truck and even discover leaks in pipelines that are located anywhere. It’s an IoT-powered device that uses volume measuring sensors to detect even the tiniest change in gasoline levels and warn authorities quickly. It also allows users to monitor gas concentrations in real-time, assuring the safety of equipment and workers in hazardous industrial environments. Furthermore, it assists personnel working underground, particularly in mines, in maintaining proper oxygen levels through gas detection sensors. ?

Asia Pacific to Hold Significant Share

Asia-pacific is expected to witness significant growth over the forecast period, primarily owing to the region’s significantly growing industrial sector investments.?
Countries in the region are actively promoting the manufacturing of in-home products. For instance, the "Made in China 2025"policy encourages advanced manufacturing, leading to an increased focus on safety. China is expected to be the largest market in the Asia-Pacific for machine safety products by revenue. In addition, the continuous improvement of technical safety standards, the constant strengthening of personal safety awareness in the country, and the constant participation of the state and enterprises in market promotion accelerated the country’s machine safety market.?
China is investing significantly in the automotive industry, increasing new projects. The development of electric vehicles considerably drove capital investment, with most of this focused on new machinery.?
Moreover, China’s 13th five-year plan is expected to drive the development of Chinese safety standards and increase investment in safety products. The plan emphasizes the overall safety of manufacturing, intending to reduce accidents in the workplace by adopting new technologies and enforcement of regulation. The plan explicitly mentions the upgrade of agricultural machinery and specialized equipment to satisfy the safety requirements.?
The US-China trade war led many companies with operations in the US to shift parts of their manufacturing either back to the US or Mexico or emerging markets in South and Southeast Asian countries. Shifting to other Asian countries is expected to augment the growth of the market studied.?
The COVID-19 outbreak is anticipated to accelerate this process further, as South Korean and Japanese companies are looking to diversify their production and reduce their overdependence on Chinese manufactured products.
?Additionally, the construction output value growth associated with South and Southeast Asian manufacturing plants dropped in 2020, reflecting the major disruption caused by COVID-19, impacting machine safety market growth. ?
Governments and manufacturers across the world are seriously pondering plans to decrease their over-dependence on Chinese production. The Japanese government, for example, was the first to take measures in this approach by unveiling a USD 2.2 billion aid package for domestic companies looking to move production away from China. The demand for machine safety is expected to increase due to such expenditures in establishing manufacturing facilities.

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 is also expected to create substantial investment opportunities for global players.

May 2021 - IDEC corporation added the SX5E-HU085B 8-port unmanaged industrial Ethernet switch to its product portfolio. The switch supports QoS, IGMP snooping, and broadcast storm protection functionalities and is aligned with the expansion of Ethernet, IoT, and IIoT devices used in critical and challenging commercial and industrial locations.
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.

Additional Benefits:

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