The machine safeguarding solutions market size is expected to increase by USD 1.34 billion from 2020 to 2025, registering a CAGR of 6.25%, according to the latest research report from Technavio. The machine safeguarding solutions market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.
Market Drivers and Trends
The growth of end-user industries will be crucial in fueling the growth of the market over the forecast period. There is an increasing demand for adequate machine safeguarding solutions as more and more machine tools are being deployed in the automotive and industrial machinery sector. In addition, the increasing use of robots in industrial manufacturing will further drive the machine safeguarding solutions market growth during the forecast period.
Furthermore, the ability and availability of small robots in the automotive industry has driven the need for sophisticated safeguarding equipment including laser scanners, safety light curtains, and perimeter guards However, poor implementation of workplace safety norms in developing countries may impede the market growth.
Subscribe to our “Lite Plan” billed annually at USD 3000 to join our community and view 3 reports monthly and download 3 reports annually.
Market Segmentation
The machine safeguarding solutions market is segmented by Product (Switches, Controllers, Sensors, and Others) and Geography (Europe, North America, APAC, MEA, and South America). The Switches segment led the market share in 2020 and will continue to maintain its dominance in the market during the forecast period. In terms of geography, 34% of the growth will originate from Europe with Germany and UK emerging as the key revenue-generating economies across the globe. This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Market Scope
The machine safeguarding solutions market covers the following areas:
Machine Safeguarding Solutions Market Sizing
Machine Safeguarding Solutions Market Forecast
Machine Safeguarding Solutions Market Analysis
Companies Mentioned
- ABB Ltd.
- Eaton Corp. Plc
- Emerson Electric Co.
- Honeywell International Inc.
- OMRON Corp.
- Rockford Systems LLC
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Uniguard Machine Guards
Check Out The New Martech Cube Podcast. For more such updates, follow us on Google News Martech News