Invention of machines has great significance in the process of human evolution. Machines play a vital role in the modern lifestyle, making numerous day-to-day activities brisk and trouble free. Considering their wide presence across the globe, safety of machines and people using them has become equally essential. During the initial days of their invention, machine safety was a constant topic of debate, especially with the large number of mishaps associated with them. As a result, researchers are keen on providing the best possible solutions to all the safety concerns associated with machines and their usage. All these factors have influenced the global machine safety market, which is making swift progress since past few years. If the recent research reports are to be believed, the industry is expected to continue its growth with increasing demand from developed as well as developing parts of the world.
Overview of Market for Machine Safety
Use of advanced machinery is no more restricted to certain industries, which is positively influencing global machine safety market. Development of different industrial verticals and increasing demand to meet their requirements is driving demand in this industry. This in fact is one of the strongest drivers for the machine safety industry. Apart from demand, advancements in technology are also triggering growth in the industry. Globalization also plays an essential role in the demand and supply ratio for the industry.
Segments and Categories
Machine safety market is largely segmented based on the types of basic components, their applications and demand from different industries and geographic regions. Following are the details of the sub-segments in the industry:
- Components: Switches, sensors, controllers, relays, interlocks and electronic devices
- Applications: Controlling, positioning, inspection, measuring and identifying
- Geography: Asia Pacific, North America, Europe and rest of the world
- Industries: packaging, material handling, machine tools, printing, automotive, pharmaceuticals, healthcare, semiconductor, electronics and food and beverages
As mentioned before rising demand from developed regions like North America and Europe and other emerging markets like Asia Pacific and Latin America are driving current growth in machine safety market. Based on recent market research reports, global market for machine safety is expected to maintain a healthy compound annual growth rate of over 9% during the forecasting period. From 2013, the industry is expected to grow from $4,197.04 Million by the end of 2018. Geographically, Europe is expected to dominate the global industry. Europe is expected to maintain a CAGR of over 14% during the forecasting period. Asia Pacific market on the other hand is expected to be the most rapidly emerging regions across all the segments.
Check out more similar stories from Semiconductor Market: