Table of Content

1 INTRODUCTION 32
1.1 STUDY OBJECTIVES 32
1.2 MARKET DEFINITION AND SCOPE 33
1.3 INCLUSIONS AND EXCLUSIONS 33
1.4 STUDY SCOPE 34
1.4.1 MARKETS COVERED 34
1.4.2 YEARS CONSIDERED 35
1.5 CURRENCY CONSIDERED 35
1.6 LIMITATIONS 35
1.7 STAKEHOLDERS 35
1.8 SUMMARY OF CHANGES 36
1.8.1 RECESSION IMPACT 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 1 MACHINE SAFETY MARKET: RESEARCH DESIGN 37
2.1.1 SECONDARY DATA 38
2.1.1.1 Major secondary sources 38
2.1.1.2 Key data from secondary sources 39
2.1.2 PRIMARY DATA 39
2.1.2.1 Breakdown of primaries 39
2.1.2.2 Key data from primary sources 40
2.1.3 SECONDARY AND PRIMARY RESEARCH 41
2.1.3.1 Key industry insights 42
2.2 MARKET SIZE ESTIMATION 42
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE FROM MACHINE SAFETY COMPONENTS 43
2.2.1 BOTTOM-UP APPROACH 44
2.2.1.1 Bottom-up approach used to arrive at market size 44
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 44
2.2.2 TOP-DOWN APPROACH 44
2.2.2.1 Top-down approach used to arrive at market size 45
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 45
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 46
FIGURE 5 MARKET BREAKDOWN AND DATA TRIANGULATION 46
2.4 RESEARCH ASSUMPTIONS 47
FIGURE 6 ASSUMPTIONS FOR RESEARCH STUDY 47
2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON
MACHINE SAFETY MARKET 47
2.6 RISK ASSESSMENT 48
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS 48
3 EXECUTIVE SUMMARY 49
FIGURE 7 SYSTEMS SEGMENT TO HOLD LARGER MARKET SHARE IN 2023 49
FIGURE 8 PRESENCE DETECTION SENSORS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023 50
FIGURE 9 PROCESS INDUSTRY SEGMENT TO CAPTURE LARGER MARKET SHARE IN 2028 50
FIGURE 10 POWER GENERATION SEGMENT TO HOLD LARGEST SHARE OF PROCESS INDUSTRIES IN MACHINE SAFETY MARKET IN 2023 51
FIGURE 11 AEROSPACE SEGMENT TO HOLD LARGEST SHARE OF DISCRETE INDUSTRIES IN MACHINE SAFETY MARKET IN 2023 52
FIGURE 12 ASIA PACIFIC TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD 52
4 PREMIUM INSIGHTS 54
4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN MACHINE SAFETY MARKET 54
FIGURE 13 THRIVING FOOD & BEVERAGE INDUSTRY TO CREATE LUCRATIVE OPPORTUNITIES FOR PLAYERS IN MACHINE SAFETY MARKET 54
4.2 MACHINE SAFETY MARKET, BY OFFERING 54
FIGURE 14 SYSTEMS SEGMENT TO COMMAND MACHINE SAFETY MARKET THROUGHOUT FORECAST PERIOD 54
4.3 MACHINE SAFETY MARKET, BY COMPONENT 55
FIGURE 15 PRESENCE DETECTION SENSORS SEGMENT TO CAPTURE MAJORITY OF MACHINE SAFETY MARKET SHARE IN 2028 55
4.4 MACHINE SAFETY MARKET, BY INDUSTRY 55
FIGURE 16 PROCESS INDUSTRY SEGMENT TO EXHIBIT HIGHER CAGR IN MACHINE SAFETY MARKET DURING FORECAST PERIOD 55
4.5 MACHINE SAFETY MARKET, BY PROCESS INDUSTRY 56
FIGURE 17 POWER GENERATION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE FOR PROCESS INDUSTRIES IN 2023 56
4.6 MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY 56
FIGURE 18 AEROSPACE SEGMENT TO HOLD LARGEST MARKET SHARE FOR DISCRETE INDUSTRIES IN 2028 56
4.7 MACHINE SAFETY MARKET, BY REGION 57
FIGURE 19 EUROPE TO HOLD LARGEST SHARE OF GLOBAL MACHINE SAFETY MARKET IN 2028 57
4.8 MACHINE SAFETY MARKET, BY COUNTRY 57
FIGURE 20 US TO RECORD HIGHEST CAGR IN GLOBAL MACHINE SAFETY MARKET FROM 2023 TO 2028 57
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5 MARKET OVERVIEW 58
5.1 INTRODUCTION 58
5.2 MARKET DYNAMICS 58
FIGURE 21 MACHINE SAFETY MARKET DYNAMICS 58
5.2.1 DRIVERS 59
5.2.1.1 Focus of industrial sector on personnel and asset protection 59
5.2.1.2 Enforcement of stringent machinery and equipment safety regulations 59
5.2.1.3 Adoption of automation to improve efficiency and productivity 60
FIGURE 22 DRIVERS FOR MACHINE SAFETY MARKET AND THEIR IMPACT 60
5.2.2 RESTRAINTS 60
5.2.2.1 Huge capital requirement to install and automate machine safety systems 60
5.2.2.2 Complexities associated with machine safety systems 61
FIGURE 23 RESTRAINTS FOR MACHINE SAFETY MARKET AND THEIR IMPACT 61
5.2.3 OPPORTUNITIES 61
5.2.3.1 Increasing awareness about workplace safety standards in emerging economies 61
5.2.3.2 Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets 62
FIGURE 24 OPPORTUNITIES FOR MACHINE SAFETY MARKET AND THEIR IMPACT 62
5.2.4 CHALLENGES 62
5.2.4.1 Difficulties in designing machine safety products due to ongoing technological advancements 62
5.2.4.2 Failure to assess and anticipate all potential risks associated with machinery setup 63
FIGURE 25 CHALLENGES FOR MACHINE SAFETY MARKET AND THEIR IMPACT 63
5.3 VALUE CHAIN ANALYSIS 63
FIGURE 26 MACHINE SAFETY VALUE CHAIN ANALYSIS 64
5.3.1 RAW MATERIAL PROVIDERS 64
5.3.2 COMPONENT MANUFACTURERS 64
5.3.3 SYSTEM INTEGRATORS 64
5.3.4 DISTRIBUTORS AND RETAILERS 64
5.3.5 END-USER INDUSTRIES 64
5.3.6 POST-SALES SERVICE PROVIDERS 65
5.4 ECOSYSTEM MAPPING 65
FIGURE 27 GLOBAL MACHINE SAFETY MARKET: ECOSYSTEM 65
TABLE 2 ROLE OF PLAYERS IN ECOSYSTEM 66
5.5 PRICING ANALYSIS 67
5.5.1 AVERAGE SELLING PRICE OF MACHINE SAFETY COMPONENTS OFFERED BY MAJOR PLAYERS 67
FIGURE 28 AVERAGE SELLING PRICES OF COMPONENTS OFFERED BY KEY PLAYERS 67
TABLE 3 AVERAGE SELLING PRICE OF MACHINE SAFETY COMPONENTS PROVIDED BY KEY PLAYERS (USD) 68
TABLE 4 AVERAGE SELLING PRICES OF PROGRAMMABLE SAFETY SYSTEMS, BY REGION (USD) 68
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 68
FIGURE 29 TRENDS/DISRUPTION IMPACTING CUSTOMER BUSINESS 68
5.7 PORTER’S FIVE FORCES ANALYSIS 69
FIGURE 30 MACHINE SAFETY MARKET: PORTER’S FIVE FORCES ANALYSIS 69
TABLE 5 IMPACT OF PORTER’S FIVE FORCES ON MACHINE SAFETY MARKET 70
5.7.1 THREAT OF NEW ENTRANTS 70
5.7.2 THREAT OF SUBSTITUTES 70
5.7.3 BARGAINING POWER OF SUPPLIERS 70
5.7.4 BARGAINING POWER OF BUYERS 70
5.7.5 INTENSITY OF COMPETITIVE RIVALRY 71
5.8 CASE STUDY ANALYSIS 71
5.8.1 ELOPAK INSTALLS FULLY ASEPTIC FILLING MACHINE FOR GABLE TOP PACKAGING WITH ROBUST PNEUMATICS FROM EMERSON AVENTICS 71
5.8.2 MP EQUIPMENT JOINS HANDS WITH ROCKWELL AUTOMATION SAFETY CONSULTANTS TO RE-EVALUATE PROTEIN PORTIONING MACHINE DESIGN 72
5.8.3 MOLLART ENGINEERING SELECTS PROCTER MACHINE SAFETY’S ENCLOSED GUARDS TO INSTALL IN ITS MACHINE TOOLS 72
5.9 TECHNOLOGY TRENDS 73
5.9.1 COMPUTER VISION 73
5.9.2 AUTOMATED MACHINE LEARNING 73
5.9.3 INTERNET OF THINGS 73
5.9.4 VIRTUAL REALITY 73
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 74
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 74
FIGURE 31 INFLUENCE OF STAKEHOLDERS FROM TOP 3 INDUSTRIES ON BUYING PROCESS 74
TABLE 6 INFLUENCE OF STAKEHOLDERS FROM TOP 3 INDUSTRIES ON BUYING MACHINE SAFETY SYSTEMS 74
5.10.2 BUYING CRITERIA 75
FIGURE 32 BUYING CRITERIA OF TOP 3 INDUSTRIES 75
TABLE 7 KEY BUYING CRITERIA OF TOP 3 INDUSTRIES 75
5.11 TRADE ANALYSIS 76
5.11.1 TRADE ANALYSIS FOR HS CODE 8536 76
FIGURE 33 IMPORT DATA FOR HS CODE 8536, BY KEY COUNTRY, 2017–2021 (USD MILLION) 76
FIGURE 34 EXPORT DATA FOR HS CODE 8536, BY KEY COUNTRY, 2017–2021 (USD MILLION) 77
5.12 PATENT ANALYSIS 77
FIGURE 35 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 77
FIGURE 36 PATENT ANALYSIS RELATED TO MACHINE SAFETY MARKET 78
5.12.1 LIST OF MAJOR PATENTS 79
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5.13 KEY CONFERENCES AND EVENTS, 2023–2024 81
TABLE 8 MACHINE SAFETY MARKET: REGION-WISE LIST OF KEY CONFERENCES AND EVENTS 81
5.14 STANDARDS AND REGULATORY LANDSCAPE 82
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 9 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 10 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
TABLE 11 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 84
TABLE 12 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 84
5.14.2 MACHINE SAFETY-RELATED STANDARDS FOR PROCESS INDUSTRIES 85
5.14.2.1 I EC 61508 85
5.14.2.2 I EC 61511 85
5.14.3 MACHINERY 85
5.14.3.1 IEC 62061 85
6 IMPLEMENTATION TYPES OF MACHINE SAFETY PRODUCTS 86
6.1 INTRODUCTION 86
FIGURE 37 IMPLEMENTATION TYPES OF MACHINE SAFETY SYSTEMS 86
6.2 INDIVIDUAL 86
6.2.1 EASY TO INSTALL AND CONTROL FEATURES TO BOOST DEMAND 86
6.3 EMBEDDED 87
6.3.1 BETTER PERFORMANCE AND ADVANCED SAFETY FEATURES TO DRIVE MARKET 87
7 INSIGHTS ON SALES CHANNELS OF MACHINE SAFETY COMPONENTS 88
7.1 INTRODUCTION 88
FIGURE 38 MACHINE SAFETY SALES CHANNEL OUTLOOK 88
7.2 DIRECT 88
7.3 INDIRECT 88
8 APPLICATIONS OF MACHINE SAFETY COMPONENTS 89
8.1 INTRODUCTION 89
FIGURE 39 MACHINE SAFETY SYSTEM APPLICATIONS 89
8.2 ASSEMBLY 89
8.2.1 FOCUS ON ASSEMBLY LINE SAFETY AND SECURITY TO BOOST DEMAND FOR MACHINE SAFETY MEASURES 89
8.3 ROBOTICS 90
8.3.1 SAFETY REGULATIONS TO PROMPT DEPLOYMENT OF MACHINE SAFETY SYSTEMS IN ROBOTICS APPLICATIONS 90
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8.4 PACKAGING 90
8.4.1 INCREASING NUMBER OF MACHINERY-RELATED ACCIDENTS WHILE HANDLING PACKAGING MACHINES TO PROMOTE ADOPTION OF MACHINE SAFETY SYSTEMS 90
8.5 MATERIAL HANDLING 91
8.5.1 REDUCTION IN RISK OF DAMAGING MATERIAL-HANDLING EQUIPMENT TO ENCOURAGE USE OF MACHINE SAFETY SOLUTIONS 91
8.6 METALWORKING 91
8.6.1 ELIMINATION OF MECHANICAL HAZARDS IN METALWORKING TO DRIVE ADOPTION OF MACHINE SAFETY MEASURES 91
8.7 WELDING & SHIELDING 92
8.7.1 LIGHT CURTAINS, PROTECTIVE SHIELDS, AND SAFETY INTERLOCK FEATURES TO DRIVE DEMAND FOR WELDING & SHIELDING APPLICATIONS 92
9 MACHINE SAFETY MARKET, BY COMPONENT 93
9.1 INTRODUCTION 94
FIGURE 40 MACHINE SAFETY MARKET, BY COMPONENTS 94
FIGURE 41 PRESENCE DETECTION SENSORS TO HOLD LARGEST SHARE OF MACHINE SAFETY MARKET IN 2028 95
TABLE 13 MACHINE SAFETY MARKET, BY COMPONENT, 2019–2022 (USD MILLION) 95
TABLE 14 MACHINE SAFETY MARKET BY COMPONENT, 2023–2028 (USD MILLION) 95
TABLE 15 MACHINE SAFETY MARKET, BY COMPONENT, 2022 (THOUSAND UNITS) 96
9.2 PRESENCE DETECTION SENSORS 96
TABLE 16 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 97
TABLE 17 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 97
TABLE 18 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 97
TABLE 19 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 98
TABLE 20 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 98
TABLE 21 PRESENCE DETECTION SENSORS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 98
9.2.1 SAFETY EDGES 99
9.2.1.1 Need to safeguard closing edges at potential crushing or shearing points to promote use of safety edges 99
9.2.2 LASER SCANNERS 99
9.2.2.1 Adoption of laser scanners to prohibit entry of unauthorized entities to drive segmental growth 99
9.2.3 SAFETY LIGHT CURTAINS 99
9.2.3.1 Necessity to prevent external threats to machinery and other tools to increase demand for safety light curtains 99
9.2.3.2 Light-emitting diodes (LEDs) 100
9.2.3.3 Photoelectric cells 100
9.2.3.4 Control units 100
9.2.3.5 Displays 100
9.2.3.6 Enclosures 100
9.2.4 SAFETY MATS 101
9.2.4.1 Focus on safeguarding workers handling textile machines, water jet machines, etc., to stimulate demand for safety mats 101
9.2.5 OTHER DEVICES 101
9.3 PROGRAMMABLE SAFETY SYSTEMS 101
9.3.1 DEPLOYMENT OF PROGRAMMABLE SAFETY SYSTEMS FOR PREVENTION OF ACCIDENTS IN INDUSTRIAL SETTINGS TO BOOST SEGMENTAL GROWTH 101
TABLE 22 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 102
TABLE 23 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 102
TABLE 24 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 102
TABLE 25 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 103
TABLE 26 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 103
TABLE 27 PROGRAMMABLE SAFETY SYSTEMS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 103
9.4 SAFETY CONTROLLERS/MODULES/RELAYS 104
9.4.1 UTILIZATION OF SAFETY CONTROLLERS/MODULES/RELAYS FOR EMERGENCY SHUTDOWN OF EQUIPMENT TO FUEL DEMAND 104
TABLE 28 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 104
TABLE 29 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 105
TABLE 30 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 105
TABLE 31 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 105
TABLE 32 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 106
TABLE 33 SAFETY CONTROLLERS/MODULES/RELAYS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 106
9.5 SAFETY INTERLOCK SWITCHES 106
9.5.1 ELECTROMECHANICAL SWITCHES 107
9.5.1.1 Use of electromechanical switches to lock equipment doors and panels in closed positions during equipment operations 107
9.5.2 HINGE PIN SWITCHES 107
9.5.2.1 Integration of tamper-resistant actuators into hinge pin switches for hinging machine guards 107
9.5.3 LIMIT SWITCHES 107
9.5.3.1 Adoption of limit switches to break connection between machine and power supplies 107
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9.5.4 NON-CONTACT INTERLOCK SWITCHES 107
9.5.4.1 Installation of non-contact safety interlock switches wherein implementation of safety systems is difficult 107
9.5.5 TONGUE INTERLOCK SWITCHES 107
9.5.5.1 Execution of tongue interlock switches to detect movement of hinged, sliding, or lift-off guard 107
9.5.6 TRAPPED KEY INTERLOCK SWITCHES 108
9.5.6.1 Use of trapped key switches in applications wherein equipment to be started or shut down in prescribed sequence 108
TABLE 34 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 108
TABLE 35 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 108
TABLE 36 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 109
TABLE 37 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 109
TABLE 38 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 109
TABLE 39 SAFETY INTERLOCK SWITCHES: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 110
9.6 EMERGENCY STOP CONTROLS 110
TABLE 40 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 110
TABLE 41 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 111
TABLE 42 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 111
TABLE 43 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 111
TABLE 44 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 112
TABLE 45 EMERGENCY STOP CONTROLS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 112
9.6.1 PUSH BUTTONS 112
9.6.1.1 Compact housing and easy connection and troubleshooting features to increase adoption of push buttons 112
9.6.2 ROPE (CABLE) PULL BUTTONS 113
9.6.2.1 Immediate plant shutdown using rope pull buttons in case of emergency to drive segmental growth 113
9.7 TWO-HAND SAFETY CONTROLS 113
9.7.1 USE OF TWO-HAND SAFETY CONTROLS IN POWER GENERATION APPLICATIONS TO PROPEL MARKET 113
TABLE 46 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 113
TABLE 47 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 114
TABLE 48 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 114
TABLE 49 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 114
TABLE 50 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 115
TABLE 51 TWO-HAND SAFETY CONTROLS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 115
10 MACHINE SAFETY MARKET, BY INDUSTRY 116
10.1 INTRODUCTION 117
FIGURE 42 MACHINE SAFETY MARKET, BY INDUSTRY 117
FIGURE 43 PROCESS INDUSTRY SEGMENT TO DOMINATE MACHINE SAFETY MARKET THROUGHOUT FORECAST PERIOD 117
TABLE 52 MACHINE SAFETY MARKET, BY INDUSTRY, 2019–2022 (USD MILLION) 118
TABLE 53 MACHINE SAFETY MARKET, BY INDUSTRY, 2023–2028 (USD MILLION) 118
10.2 PROCESS INDUSTRY 118
TABLE 54 MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 118
TABLE 55 MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 119
10.2.1 CHEMICAL 119
10.2.1.1 Need for safe and reliable operations in chemical industry to propel growth 119
TABLE 56 CHEMICAL: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 57 CHEMICAL: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 120
10.2.2 FOOD & BEVERAGE 120
10.2.2.1 Process automation in food & beverage industry to fuel demand for machine safety systems 120
TABLE 58 FOOD & BEVERAGE: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 121
TABLE 59 FOOD & BEVERAGE: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 121
10.2.3 METAL & MINING 121
10.2.3.1 Installation of machine safety systems to prevent hazardous gas leakage to stimulate segmental growth 121
TABLE 60 METAL & MINING: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 122
TABLE 61 METAL & MINING: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 122
10.2.4 OIL & GAS 122
10.2.4.1 Stringent regulations and standards to drive requirement for machine safety systems in oil & gas plants 122
TABLE 62 OIL & GAS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 123
TABLE 63 OIL & GAS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 123
10.2.5 PHARMACEUTICAL 124
10.2.5.1 Deployment of machine safety measures to improve plant efficiency and productivity to fuel market growth 124
TABLE 64 PHARMACEUTICAL: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 65 PHARMACEUTICAL: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 124
10.2.6 POWER GENERATION 125
10.2.6.1 Adoption of machine safety measures to ensure well-being of workers and efficient functioning of equipment to boost market 125
TABLE 66 POWER GENERATION: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 125
TABLE 67 POWER GENERATION: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 126
10.2.7 OTHER PROCESS INDUSTRIES 126
TABLE 68 OTHER PROCESS INDUSTRIES: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 127
TABLE 69 OTHER PROCESS INDUSTRIES: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 127
10.3 DISCRETE INDUSTRY 127
TABLE 70 MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 127
TABLE 71 MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 128
10.3.1 AEROSPACE 128
10.3.1.1 Automated processes in aerospace manufacturing plants to create opportunities for machine safety system providers 128
TABLE 72 AEROSPACE: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 128
TABLE 73 AEROSPACE: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 129
10.3.2 AUTOMOTIVE 129
10.3.2.1 Use of machine safety systems by automakers to prevent unsafe conditions by overreliance on IT capabilities to foster growth 129
TABLE 74 AUTOMOTIVE: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 130
TABLE 75 AUTOMOTIVE: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 130
10.3.3 SEMICONDUCTOR & ELECTRONICS 130
10.3.3.1 Increased use of safety light curtains in semiconductor fabs to boost market 130
TABLE 76 SEMICONDUCTOR & ELECTRONICS: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 77 SEMICONDUCTOR & ELECTRONICS: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 131
10.3.4 OTHER DISCRETE INDUSTRIES 131
TABLE 78 OTHER DISCRETE INDUSTRIES: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 79 OTHER DISCRETE INDUSTRIES: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 132
11 MACHINE SAFETY MARKET, BY REGION 133
11.1 INTRODUCTION 134
FIGURE 44 MACHINE SAFETY MARKET, BY REGION 134
FIGURE 45 MACHINE SAFETY MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 135
TABLE 80 MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 135
TABLE 81 MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 135
11.2 NORTH AMERICA 136
11.2.1 IMPACT OF RECESSION ON MACHINE SAFETY MARKET IN NORTH AMERICA 136
FIGURE 46 NORTH AMERICA: SNAPSHOT OF MACHINE SAFETY MARKET 137
TABLE 82 NORTH AMERICA: MACHINE SAFETY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 137
TABLE 83 NORTH AMERICA: MACHINE SAFETY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 138
TABLE 84 NORTH AMERICA: MACHINE SAFETY MARKET, BY COMPONENT, 2019–2022 (USD MILLION) 138
TABLE 85 NORTH AMERICA: MACHINE SAFETY MARKET, BY COMPONENT, 2023–2028 (USD MILLION) 138
TABLE 86 NORTH AMERICA: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 139
TABLE 87 NORTH AMERICA: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 139
TABLE 88 NORTH AMERICA: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 139
TABLE 89 NORTH AMERICA: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 140
11.2.2 US 140
11.2.2.1 Implementation of machine safety measures to avoid injuries and fatalities to drive market 140
11.2.3 CANADA 140
11.2.3.1 Enforcement of strict government regulations to ensure workplace safety to boost demand for machine safety measures 140
11.2.4 MEXICO 141
11.2.4.1 Industrial growth and technological advancements to accelerate market growth 141
11.3 EUROPE 141
11.3.1 IMPACT OF RECESSION ON MACHINE SAFETY MARKET IN EUROPE 141
FIGURE 47 EUROPE: SNAPSHOT OF MACHINE SAFETY MARKET 142
TABLE 90 EUROPE: MACHINE SAFETY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 143
TABLE 91 EUROPE: MACHINE SAFETY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 143
TABLE 92 EUROPE: MACHINE SAFETY MARKET, BY COMPONENT, 2019–2022 (USD MILLION) 143
TABLE 93 EUROPE: MACHINE SAFETY MARKET, BY COMPONENT, 2023–2028 (USD MILLION) 144
TABLE 94 EUROPE: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 144
TABLE 95 EUROPE: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 144
TABLE 96 EUROPE: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 145
TABLE 97 EUROPE: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 145
11.3.2 UK 145
11.3.2.1 Solid legal framework for workplace safety to drive demand for machine safety systems 145
11.3.3 GERMANY 146
11.3.3.1 Adoption of automation in manufacturing processes to drive need for machine safety measures 146
11.3.4 FRANCE 146
11.3.4.1 Implementation of occupational health and safety policy to fuel growth 146
11.3.5 REST OF EUROPE 146
11.4 ASIA PACIFIC 147
11.4.1 IMPACT OF RECESSION ON MACHINE SAFETY MARKET IN ASIA PACIFIC 147
FIGURE 48 ASIA PACIFIC: SNAPSHOT OF MACHINE SAFETY MARKET 148
TABLE 98 ASIA PACIFIC: MACHINE SAFETY MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 149
TABLE 99 ASIA PACIFIC: MACHINE SAFETY MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 149
TABLE 100 ASIA PACIFIC: MACHINE SAFETY MARKET, BY COMPONENT, 2019–2022 (USD MILLION) 149
TABLE 101 ASIA PACIFIC: MACHINE SAFETY MARKET, BY COMPONENT, 2023–2028 (USD MILLION) 150
TABLE 102 ASIA PACIFIC: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 150
TABLE 103 ASIA PACIFIC: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 150
TABLE 104 ASIA PACIFIC: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 151
TABLE 105 ASIA PACIFIC: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 151
11.4.2 CHINA 151
11.4.2.1 Growth of manufacturing sector to drive market 151
11.4.3 JAPAN 152
11.4.3.1 Fast-growing process industries to fuel adoption of machine safety products 152
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11.4.4 INDIA 152
11.4.4.1 Power for All and Make in India initiatives by Indian government to boost deployment of machine safety systems 152
11.4.5 SOUTH KOREA 153
11.4.5.1 Enforcement of KOSHA and Machine Safety and Health Law to drive need for machine safety measures 153
11.4.6 REST OF ASIA PACIFIC 153
11.5 ROW 153
11.5.1 IMPACT OF RECESSION ON MACHINE SAFETY MARKET IN ROW 154
FIGURE 49 SOUTH AMERICA TO WITNESS HIGHER CAGR IN MACHINE SAFETY MARKET IN ROW DURING FORECAST PERIOD 154
TABLE 106 ROW: MACHINE SAFETY MARKET, BY REGION, 2019–2022 (USD MILLION) 154
TABLE 107 ROW: MACHINE SAFETY MARKET, BY REGION, 2023–2028 (USD MILLION) 155
TABLE 108 ROW: MACHINE SAFETY MARKET, BY COMPONENT, 2019–2022 (USD MILLION) 155
TABLE 109 ROW: MACHINE SAFETY MARKET, BY COMPONENT, 2023–2028 (USD MILLION) 155
TABLE 110 ROW: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2019–2022 (USD MILLION) 156
TABLE 111 ROW: MACHINE SAFETY MARKET, BY PROCESS INDUSTRY, 2023–2028 (USD MILLION) 156
TABLE 112 ROW: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2019–2022 (USD MILLION) 156
TABLE 113 ROW: MACHINE SAFETY MARKET, BY DISCRETE INDUSTRY, 2023–2028 (USD MILLION) 157
11.5.2 SOUTH AMERICA 157
11.5.2.1 South America to emerge as lucrative market for machine safety solution providers 157
11.5.3 MIDDLE EAST & AFRICA 158
11.5.3.1 Oil & gas industry registered largest share of Middle Eastern market in 2022 158
12 COMPETITIVE LANDSCAPE 159
12.1 INTRODUCTION 159
TABLE 114 KEY DEVELOPMENTS IN MACHINE SAFETY MARKET, 2021–2022 159
12.2 REVENUE ANALYSIS OF TOP 5 COMPANIES 162
FIGURE 50 MACHINE SAFETY MARKET: REVENUE ANALYSIS, 2022 162
12.3 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2022 162
TABLE 115 MACHINE SAFETY MARKET: DEGREE OF COMPETITION 163
FIGURE 51 MACHINE SAFETY MARKET: MARKET SHARE ANALYSIS, 2022 163
12.4 COMPETITIVE EVALUATION QUADRANT, 2022 165
12.4.1 STARS 165
12.4.2 EMERGING LEADERS 165
12.4.3 PERVASIVE PLAYERS 165
12.4.4 PARTICIPANTS 165
FIGURE 52 MACHINE SAFETY MARKET (GLOBAL) COMPANY EVALUATION QUADRANT, 2022 166
12.5 SMALL AND MEDIUM-SIZED ENTERPRISES EVALUATION QUADRANT, 2022 166
12.5.1 PROGRESSIVE COMPANIES 166
12.5.2 RESPONSIVE COMPANIES 166
12.5.3 DYNAMIC COMPANIES 167
12.5.4 STARTING BLOCKS 167
FIGURE 53 MACHINE SAFETY MARKET (GLOBAL) SME EVALUATION QUADRANT, 2022 167
12.5.5 MACHINE SAFETY MARKET: COMPANY FOOTPRINT 168
TABLE 116 COMPANY COMPONENT FOOTPRINT 168
TABLE 117 COMPANY INDUSTRY FOOTPRINT 169
TABLE 118 COMPANY PROCESS INDUSTRY FOOTPRINT 170
TABLE 119 COMPANY DISCRETE INDUSTRY FOOTPRINT 171
TABLE 120 COMPANY REGION FOOTPRINT 172
TABLE 121 COMPANY FOOTPRINT 173
12.6 COMPETITIVE BENCHMARKING 174
12.6.1 MACHINE SAFETY MARKET: LIST OF KEY STARTUPS/SMES 174
TABLE 122 KEY STARTUPS 174
12.6.2 MACHINE SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY INDUSTRY 175
TABLE 123 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY TYPE 175
12.6.3 MACHINE SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PROCESS INDUSTRY 176
TABLE 124 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PROCESS INDUSTRY 176
12.6.4 MACHINE SAFETY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY DISCRETE INDUSTRY 176
TABLE 125 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY DISCRETE INDUSTRY 176
12.6.5 MACHINE SAFET



14 ADJACENT AND RELATED MARKETS 237
14.1 INTRODUCTION 237
14.2 STUDY LIMITATIONS 237
14.3 HIGH-INTEGRITY PRESSURE PROTECTION SYSTEM (HIPPS) MARKET, BY OFFERING 237
14.3.1 INTRODUCTION 237
TABLE 175 HIPPS MARKET, BY OFFERING, 2018–2021 (USD MILLION) 238
TABLE 176 HIPPS MARKET, BY OFFERING, 2022–2027 (USD MILLION) 238
14.4 COMPONENTS 238
TABLE 177 HIPPS MARKET, BY COMPONENT, 2018–2021 (USD MILLION) 239
TABLE 178 HIPPS MARKET, BY COMPONENT, 2022–2027 (USD MILLION) 239
TABLE 179 HIPPS MARKET FOR COMPONENT, BY INDUSTRY, 2018–2021 (USD MILLION) 239
TABLE 180 HIPPS MARKET FOR COMPONENT, BY INDUSTRY, 2022–2027 (USD MILLION) 239
14.4.1 FILED INITIATORS 240
14.4.1.1 Pressure transmitters function as field initiators for HIPPS 240
14.4.2 LOGIC SOLVERS 240
14.4.2.1 Solid-state logic solvers 240
14.4.2.1.1 Featured with superior fault tolerance and high reliability 240
14.4.2.2 Others 241
TABLE 181 HIPPS MARKET FOR LOGIC SOLVERS, BY TYPE, 2018–2021 (USD MILLION) 241
TABLE 182 HIPPS MARKET FOR LOGIC SOLVERS, BY TYPE, 2022–2027 (USD MILLION) 241
14.4.3 FINAL CONTROL ELEMENTS 241
14.4.3.1 Valves 241
14.4.3.1.1 Key component of HIPPS 241
14.4.3.2 Actuators 242
14.4.3.2.1 Enable valves to perform closing and opening functions 242
14.4.4 OTHER COMPONENTS 242
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14.5 SERVICES 242
TABLE 183 HIPPS MARKET, BY SERVICE, 2018–2021 (USD MILLION) 242
TABLE 184 HIPPS MARKET, BY SERVICE, 2022–2027 (USD MILLION) 243
TABLE 185 HIPPS MARKET FOR SERVICE, BY INDUSTRY, 2018–2021 (USD MILLION) 243
TABLE 186 HIPPS MARKET FOR SERVICE, BY INDUSTRY, 2022–2027 (USD MILLION) 243
14.5.1 TESTING, INSPECTION, AND CERTIFICATION (TIC) 243
14.5.1.1 Reliance of end users on testing, inspection, and certification services to examine quality of HIPPS before implementation to boost demand 243
14.5.2 MAINTENANCE 244
14.5.2.1 Focus on ensuring efficient functionality of HIPPS over extended period to drive need for regular maintenance 244
14.5.3 TRAINING & CONSULTATION 244
14.5.3.1 Requirement for customized systems to fuel demand for consultation services 244
15 APPENDIX 245
15.1 INSIGHTS FROM INDUSTRY EXPERTS 245
15.2 DISCUSSION GUIDE 245
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 248
15.4 CUSTOMIZATION OPTIONS 250
15.5 RELATED REPORTS 250
15.6 AUTHOR DETAILS 251