The global machine safeguarding solutions market size is poised to grow by USD 774.41 million during 2020-2024, progressing at a CAGR of almost 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Machine Safeguarding Solutions Market 2020-2024 (Graphic: Business Wire)
The machine safeguarding solutions market is driven by the growth of end-users. Several machining operations that are carried out in the automotive and industrial machine manufacturing industry involve bending, boring, grinding, and milling. Manufacturers use transmission systems such as flywheels, belts, pulleys, motors, and gears to operate auxiliary systems such as compressors and pumps, machine tools, and packaging lines. The increased use of these tools and systems can pose a significant safety hazard to the operators and stimulate the need for adequate machine safeguarding solutions to eliminate or reduce safety risks.
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The major machine safeguarding solutions market growth came from the switches segment and the segment is expected to witness the fastest growth during the next five years.
Europe was the largest machine safeguarding solutions market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the growing adherence to strict compliances with workplace safety regulations.
The global machine safeguarding solutions market is fragmented. 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. are some of the major market participants. To help clients improve their market position, this machine safeguarding solutions market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global machine safeguarding solutions market 2020-2024 is expected to witness negative growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to reevaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/machine-safeguarding-solutions-market-industry-analysis
Increasing use of robots in industrial manufacturing will be a Key Market Trend
Numerous industries including electrical and electronics and automotive manufacturing sectors are increasingly deploying industrial robots to carry out various manufacturing processes. Robots are cost-effective and can handle small and delicate parts such as silicon wafers. However, they may pose a threat to operators or maintenance personnel who may experience injuries. This is resulting in an increased demand for sophisticated safeguarding equipment such as perimeter guards, laser scanners, safety light curtains, and pressure sensitive mats to prevent potential injuries by these robots to the operators or maintenance personnel.
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Machine Safeguarding Solutions Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist machine safeguarding solutions market growth during the next five years
Estimation of the machine safeguarding solutions market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the machine safeguarding solutions market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of machine safeguarding solutions market vendors
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Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Product
Comparison by Product
Switches - Market size and forecast 2019-2024
Controllers - Market size and forecast 2019-2024
Sensors - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by Product
Europe - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market drivers – Demand led growth
Market positioning of vendors
Eaton Corp. Plc
Emerson Electric Co.
Honeywell International Inc.
Rockford Systems LLC
Rockwell Automation Inc.
Schneider Electric SE
Uniguard Machine Guards
Scope of the report
Currency conversion rates for US$
List of abbreviations
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