Machinery of all kinds has been an essential part of human lives, since their discovery. Be it industrial activities or day-to-day chores, use of machines has rapidly increased over the past century. As the days progressed, machines have become safer to use, thanks to numerous technological advancements in the field. Such advancements controlled accidents but they were not foolproof, which gave rise to machine safety components and products. Increasing dependency of machinery is the basic driver for the global machine safety market, which is also getting major boost from constant advancements in terms of technology and its applications.
Segmentation in Machine Safety Market
Global market for machine safety and services is segmented based on four components. These four segments include the types of applications, components, utilization in the types of business verticals and growing demands in different geographical regions. Following are the details of the segmentation in the market:
- Components: The component segment includes different types of switches, sensors, relays, interlocks, controllers and all the other electronic devices.
- Applications: The applications segment includes different operations performed with help of the machine safety components. This segment is sub-segmented into inspection, controlling, positioning and identification components, etc.
- Verticals: Machine safety market provides service to a variety of industrial verticals, including, packaging and material handling, automotive, electronics, semi conductors, pharmaceuticals, machine tools, food and beverages, printing and others.
- Geography: Based on geographical locations, the global marketplace is divided into four basic segments, namely, Europe, North America, Asia Pacific (APAC) and rest of the world (RoW).
Forecasting Reports for Global Machine Safety Market
All the aforementioned segments need careful analysis in order to attain significant results related to current market trends and future prospects. Based on the detailed study of different segments of the market, from 2013 to 2018, researchers have come to definite conclusions about machine safety components and services. Based on these conclusions, researchers claim that the global market is expected to grow at an estimated CAGR of 14.16% from 2013 to 2018. Based on these reports, Europe was the largest marketplace for machine safety in 2012. However, as far as forecasting reports are concerned, Asia Pacific region is expected to grow at a remarkable rate. Rest of the world segment is also expected to witness strong growth by 2018.
Increasing rate of globalization and rapidly growing economies in developing countries are major drivers for the industry. Along with key players like Germany and US, other regions of the world are expected to mark their presence in terms of demands and growing investments.