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Global machine safety market: $4.2 billion industry forecast by 2018

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Machine Safety Market: 2013-2018 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-17 04:29:01
The global machine safety market is forecast to reach a value of around $4.19 billion by the end of 2018, growing at a CAGR growth rate of around 9% between 2013 and 2018.

Machine have been an important part of our lives since years, however, past fifty years have seen a rapid increase in the use of machines for industrial as well as our day-to-day activities. This growth was due to the advancements in technology and automation which helped to make machines efficient and safe. The advancements however, were helpful in preventing accidents only till certain limit, they were not completely foolproof. This issue gave rise to the machine safety components and solutions market.

In the aspect of geographical markets, the machine safety market is further driven by regional industrial and related activities and automotive production. The developed economies such as the U.S. and Germany currently form the major shareholders in the revenue of this devices, but the revenue is expected to increase rapidly over the years to come with focus on globalization and fast growing economies of developing nations such as China, India, and Brazil. The EU is the maximum revenue contributing to this market, where the achieved market penetration is the highest. The following tables show the global machine safety market in various products, end users across various geographies, along with estimates in 2012 and forecasts till 2018 with respective growth rates.

The machine safety technology is the process of safeguarding different machines, plants and human beings in contact with the machine and those operating on the machines. With safety being mandatory and stringent laws governing safety of human personnel and minimizing the cost of damage to plant and environment, many end users are giving machine safety prime importance into their projects and operations, considering the benefits it offers with safety being the prominent one. The different devices provide cost savings and benefits with increased efficiency and effective productivity.

Prime reason for increase in the adoption of this technology in different regions includes reach of safety manufacturers and awareness about safety standards. Some of the major safety devices include presence sensing safety devices such as sensors, safety modules such as controllers and relays, safety interlock switches, and safety PLCs. These devices are updated as per the safety standard norms of ISO and IEC. Adoption of new standards EN ISO 13849 and EN 62061 as per the machinery directives, major end users and industrial application have initialized the process to upgrade to the new safety devices as per these new standards.

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