The machine safety market has witnessed significant growth over the last few years owing to growing emphasis on safety in the industrial sector backed by strong government regulations. Functional safety has undergone a paradigm shift from mechanical interlock switches to contemporary programmable safety PLCs which have become affordable owing to semiconductor companies’ efforts to reduce average price of basic chips and circuits. Key end-use industries adopting safety measures include automotive, food & beverages, machine tools, packaging & material handling, pharmaceuticals, printing, and semiconductor.
MNCs diversifying geographically install adequate safety systems in machines and assembly setup during the factory/plant construction process, adhering to safety standards synonymous to their headquarters. Such adoption of standards irrespective of government involvement is expected to drive the machine safety market over the forecast period. Companies involved in automotive, manufacturing, mining, and pharmaceutical sectors lay prime importance on safety as there is a high degree of risk involved.
Manufacturers have recognized the importance that safety plays in building a good public image which can give them a competitive advantage, as a result of which they opt for machine safety systems. Machine safety systems reduce the probability of work-related injuries, thereby enhancing machine operators’ efficiency.
The economic downturn has forced manufacturers to reduce operation and maintenance costs, leading to declining investments in secondary domains for plant operation, which include machine safety. Non-adherence to safety policies in developing countries curbs investment in safety systems, consequently resulting in lower sales and slow technology development.
The machine safety market can be segmented on the basis of components involved into controllers, interlocks, relays, sensors, switches, and other electronic devices. Based on application, the market can be sub-divided into inspection, identification, positioning, controlling, and measurement.
Key industry participants include ABB, Ametek, Eaton, Emerson Electric, Honeywell, Rockwell Automation, Schneider Electric, and Siemens.
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