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Machine Safety Market
The global machine safety market is expected to witness a CAGR of 6.2% during the forecast period. The machine’s safety system reduces the possibility of work-related injuries, thus, increasing the efficiency of machine operators. Strict machine safety mandates, high requirements for reliable safety systems to ensure personnel and asset protection are the factors that drive the demand for the machine safety market. Moreover, the increase in workplace accidents due to unsafe machine conditions and increase in demand for automobiles owing to an increase in population and purchasing power are boosting the growth of the machine safety market.
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Developed countries such as Germany and U.S. are the key players in the machine safety market and the fast-growing economies such as China, India is projected to play a significant role in the market in the future. Manufacturers have realized the importance of safety in establishing a good public image, which can give them a competitive advantage, so they have opted for a machine safety system.
The Covid-19 outburst has disrupted the supply chain across various industries worldwide. But pharmaceuticals and food & beverage are the two industries that manufacture essential goods and their manufacturing facilities cannot be closed. So, there is a demand for machine safety solutions in these industries.
The oil & gas is expected to have a high CAGR due to the rising demand for industrial automation products. It can upgrade existing machines, thus creating a demand for new machine safety devices that can meet the requirement of the updated equipment. Moreover, safety factors can also affect the demand for machine safety equipment, especially in the oil and gas industry. For example, in a country like Mexico, pipelines are often vulnerable to insurgency attacks and theft, so there is a growing demand for automated and robust emergency stop systems and equipment to support remote operations.
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Europe is a leading producer of products related to machine safety. European legislation governs the machine safety requirements in Europe which focus on harmonization with a combination of safety and health requirements. It is a mandatory directive that ensures the protection of machines and workers in the organization. The growing automation in the automotive industry is focused on machine safety and worker safety. Thus, will drive the machine safety market in the region.
Some of the major players in the global machine safety market include ABB, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., Siemens, Yokogawa Electric Corporation, OMRON Corporation, KEYENCE CORPORATION, Mitsubishi Electric Corporation, and SICK AG.
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VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that include comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across a wide range of industries.
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