The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. Key factors driving the demand for machine safety systems include strict machine safety mandates, and high requirements for reliable safety systems to ensure personnel and asset protection.
Market Dynamics:
Restraint: Requirements for huge capital to install and automate machine safety systems
Machine safety systems are required to be installed as a safety measure for safeguarding employees, machines, and production lines in an emergency situation. However, the cost of machine safety components, and installation, maintenance and repair costs put a substantial burden on the organizational budget. Though large organizations can manage these expenses, it can be difficult for small and mid-sized organizations. Investments for safety equipment were never considered in budget allocations for building plants and production facilities until now, despite the installation and maintenance of machine safety systems adding a substantial economic burden. The aforesaid is a critical factor restraining the growth of the machine safety market.
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Opportunity: Increasing use of IIoT to ensure better management and improved performance of machine assets
IIoT is offering new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors and send the collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency situation. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real time. IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement.
Challenge: Suspension in machine activities due to COVID-19 and subsequent decline in machine safety market
A few companies have completely stopped their manufacturing operations, which has disrupted the supply chain. Social distancing is also being observed in other parts of the manufacturing ecosystem, including transportation. This further brings commercial activities to a standstill, thereby negatively affecting the growth of the market, especially in the manufacturing sector.
COVID-19 impact on the machine safety market
Machine safety systems are aggressively being used for fire and gas monitoring as they offer a platform to enhance operational efficiencies and increase productivity while safeguarding workers. Due to the outbreak of COVID-19, the adoption of these systems will increase in the future as companies will adopt automation at large to ensure continuity of business operations even during crises. Most of the industries are affected by supply chain disruptions worldwide. Medical devices and pharmaceuticals industries are striving to yield maximum output to cater to the needs of patients in various regions. Pharmaceuticals and food & beverage are the industries that manufacture essential goods and their manufacturing facilities cannot be shut. During this pandemic, these are the 2 industries providing essential items to people. Thus, it is expected that these industries will generate more demand for machine safety solutions.