Global Machine Safety Market Forecasted at $4.98B by 2020

The global market for machine safety equipment, including controllers, emergency stop controls, and safety sensors, is expected to reach a value of $4.98 billion by 2020, growing at a compound annual growth rate (CAGR) of 7.5% between 2015 and the end of the forecast period, new research from business insights firm Markets and Markets said.

The Asia-Pacific region (APAC) is anticipated to lead the global market in terms of CAGR growth during the period, researchers said, as it is one of the largest industrial markets around the world and the region held the third largest market share for machine safety systems in 2014.

“The developing countries in the region such as China and India are expected to increasingly adopt machine safety systems in the coming years. Apart from this, factors such as developing industrialization, increasing emphasis on the machine and industrial safety regulations by various safety standard organizations, and adoption of safety systems by multinational companies are driving the market for machine safety systems in APAC,” a Markets and Markets press release noted.

Researchers identified the following firms as leaders in the global machine safety systems market: ABB Ltd., EUCHNER GmbH, Honeywell International, IDEC Corp., Mitsubishi Electric Corp., Phoenix Contact GmbH, Pilz GmbH, Rockwell Automation, Schneider Electric SE, Siemens AG, and others.

The report noted that, of all equipment types examined, safety sensors held the largest market share in 2014, with products used in a variety of industries including assembly, material handling, metal working, packaging, and robotics.

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