The global machine safety market is expected to reach a market size of USD 7.25 Billion at a revenue CAGR of 5.3% during the forecast period, according to the latest analysis by Emergen Research. Key factors driving the market growth include strict machine safety regulations by global safety standard agencies such as International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO), and need for efficient and cost effective safety systems for personnel and asset protection. In the age of Industry 4.0, industries are focusing on acquiring advanced machinery in order to increase their productivity. Advanced machineries are required to be monitored on a daily basis to avoid unforeseen incidents such as accidents and breakdowns. This makes machine safety systems a necessity in any industry. Rapid industrialization across the globe is another factor responsible for increase in demand for machine safety systems. New technological advancements in machine safety systems also contribute to the market growth. For instance, in June 2019, Schneider Electric launched Smart Factory in the US with an objective of demonstrating the effectiveness of its EcoStruxure architecture.
The report pays special attention to the key elements of the market, such as drivers, restraints, opportunities, threats, risks, limitations, and other aspects. The report covers a comprehensive analysis of the competitive landscape with a detailed analysis of the company profiles, product portfolio, and business expansion strategies. The research study also provides a complete analysis of the market drivers, restraints, limitations, threats, risks, and growth opportunities.
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Key Players operating in the industry are:
ABB Ltd. , Emerson Electric Co. , General Electric Co. , Honeywell International Inc. , Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Yokogawa Electric Corp., Omron Corporation, Keyence Corporation
Radical Features of the Machine Safety Market Report:
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Segmentation:
Regional Analysis Covers:
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