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The machine safeguarding solutions market share is expected to increase by USD 1.33 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.25%.
This machine safeguarding solutions market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers machine safeguarding solutions market segmentation by product (switches, controllers, sensors, and others) and geography (Europe, North America, APAC, MEA, and South America). The machine safeguarding solutions market report also offers information on several market vendors, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Honeywell International Inc., OMRON Corp., Rockford Systems LLC, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Uniguard Machine Guards among others.
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Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The growth of end-user industries is notably driving the machine safeguarding solutions market growth, although factors such as the poor implementation of workplace safety norms in developing countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the machine safeguarding solutions industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Machine Safeguarding Solutions Market Driver
One of the key factors driving the machine safeguarding solutions market is the growth of end-user industries. 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. Most of these machine tools pose a significant safety hazard to the operators handling the tools. The drive, motion, and transmission systems such as motors, gears, pulleys, belts, and flywheels also pose injury risks. These systems are used to operate machine tools, packaging lines, and auxiliary systems such as compressors and pumps. Manufacturing facilities with machines that have exposed moving, or machining parts require adequate machine safeguarding solutions to eliminate or reduce safety risks. Thus, with the growth in sales of machine tools and motion and drive systems, the demand for machine safeguarding solutions is increasing.
Key Machine Safeguarding Solutions Market Trend
The increasing use of robots in industrial manufacturing is another factor supporting the machine safeguarding solutions market growth in the forecast period. Robots are used extensively in automotive manufacturing for assembly, welding, and painting metal parts. However, vendors of industrial robots have introduced small and cost-effective industrial robots in the last few years. Therefore, industrial robots, which had a high adoption rate among OEMs in the automobile industry, are increasingly being purchased by tier 2 suppliers in the global automotive industry. Furthermore, the global electrical and electronics industry is also growing rapidly due to the growing demand for microchips, displays, and batteries for various consumer and industrial goods. The industry requires the careful handling of small and delicate parts such as silicon wafers. Human operators cannot handle these parts as swiftly as robots. Therefore, the availability of small robots is also increasing the purchases of industrial robots by electrical and electronic product manufacturers.
Key Machine Safeguarding Solutions Market Challenge
Poor implementation of workplace safety norms in developing countries will be a major challenge for the machine safeguarding solutions market during the forecast period. Most developing countries are characterized by a poor track record of workplace safety regulations and their implementation. Also, unlike the OSHA in the US and the HSE in the UK, which frame regulations, ensure strict implantation, and take punitive action against safety violations or accidents at workplaces, the enforcement of regulations in developing countries is not stringent. Moreover, in some countries, there are multiple agencies governing workplace safety, but none of them have a clearly defined role. For instance, in Kenya, there are three regulatory bodies that govern the health and safety issues of the oil and gas sector. This leads to uncoordinated supervision of sites, which eventually results in employers not being held liable for workplace safety violations. Therefore, the lack of well-defined regulations and enforcement agencies in developing countries hinders the growth of the global machine safeguarding solutions market.
This machine safeguarding solutions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global machine safeguarding solutions market as a part of the global electrical components and equipment market within the global electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the machine safeguarding solutions market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the machine safeguarding solutions market encompasses successful business strategies deployed by the key vendors. The machine safeguarding solutions market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The machine safeguarding solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the machine safeguarding solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electrical components and equipment market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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