Global machine safeguarding solutions market is expected to experience brisk growth over the forecast period due to rising government emphasis on safety in industries across the world. The increase in awareness towards safeguarding benefits is estimated to favor machine safeguarding solutions market growth over the forecast period.
Machine safeguarding solutions are protection devices which reduce the possible risks which arise due to faulty operation. These systems are aimed at establishing a safe working atmosphere and enhancing productivity. The efficient machine safeguard solutions improve device performance and ensure plant safety. Moreover, it increases operational competence by anticipating and removing possible risks that could cause severe casualties in workplaces.
Multinational companies across the globe have installed adequate protection systems in assembly setup during the factory construction process, in response to multiple safety standards. Functional stability has experienced a paradigm change to contemporary programmable protection PLCs from mechanical interlock switches. These products have become inexpensive due to technological advances resulting in decreased average price for basic circuits and chips.
Rising safety concerns related to worker safety in the factory is estimated to drive the machine safeguarding solutions market over the forecast period. Rapid industrialization across the world, particularly in the developing regions, is presumed to propel the demand for this market. Low labor cost in Asia Pacific has led to rapid industry expansion in this region which is estimated to contribute further to the regional industry growth. Government initiatives on implementing safety policies and standards are expected to boost the industry growth across the world. Several advantageous related to the machine safeguarding solution usage which includes an increase in operational efficiency and productivity advancement will further enhance the market growth in the next few years.
Infrastructure improvement is expected to push the industry participants to adopt machine safety solutions for safeguarding their plant. Furthermore, the increase in safety lifecycle management practice is presumed to contribute towards the market growth over the next eight years period. Technological advancements are assumed to fuel the demand for this market over the forecast period and offer abundant growth opportunities.
Reluctance on the part of the industry participants to migrate from current technologies to latest technologies is anticipated to be a major challenge for the market. Such reluctance stems from numerous technical concerns such as compatibility issues with the existing system, interoperability, and high transition cost. Lack of constant maintenance and support from vendors are expected to hinder the market growth over the forecast period. Better after sale support services provide by the vendors anticipated to open new opportunities over the next eight year period.
Major end-use industries include food & beverages, packaging & material handling, automotive, mining, printing, machine tools, pharmaceuticals, and semiconductors. Key applications include inspection, positioning, measurement, identification, and analysis. Principal components of the machine safeguarding solutions market are controllers, relays, switches, interlocks, sensors, and other electronic devices.
Key regional markets include North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. North America and Europe captured the largest share of the global market for the last few years. Government initiatives and stringent rules & regulations related to labor safety are expected to fuel the industry demand over the forecast period. Developing regions such as Asia Pacific and the Middle East & Africa are projected to experience rapid growth in the industry owing to rising awareness about the benefits related to these solutions in the next few years. Emerging economies including India and China are estimated to witness positive growth due to rapid industrialization over the next eight year period. Innovation and development towards better safeguarding solutions are anticipated to enhance further the growth in this region in near future.
Implementation of such systems requires huge initial investment and a major restructuring of operations. Suppliers are investing on research and development initiatives to generate improved solutions which give them a competitive advantage over other competitors and to provide a stronger foothold in the industry. Companies are projected to engage in several mergers and acquisitions over the forecast period with an aim to increase their production capacity. The companies are expected to take active measures to gain market share and to deliver diversified product portfolio. Prominent industry participants include ABB, Eaton, Honeywell, Schneider Electric, Ametek, Emerson Electric, Rockwell Automation, and Siemens.
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