Machine safeguarding solutions are safety devices that reduce the potential risk that may arise due to faulty operation of a machine in a workplace or on a production line. They are aimed at developing a safe working environment for enhanced productivity. Thus, these solutions enable risk-free and safe applications such as assembly and disassembly, pressing, molding, fabrication, stamping, and forming. These solutions are used across industries including Automotive, Food and Beverages, Machine Building, Wood Working, Electrical and Electronics, Plastic, Textile, and other engineering industries.
The Global Machine Safeguarding Solution market is expected to grow at a steady rate during the period 2014-2018. The market was dominated by the EMEA region in 2013, followed by the Americas. Some of the major vendors in the Global Machine Safeguarding Solution market are ABB Ltd., Honeywell International Inc., Siemens AG, and Rockwell Automation Inc. The overall market is expected to grow at a CAGR of 11.13 percent during the forecast period.
The Global Machine Safeguarding Solution market has many growth drivers. One of the major drivers is the need for increased workplace safety. The effective deployment of machine safeguard solutions ensures plant safety and also enhances a machines performance. It also improves the operational efficiency by anticipating and eliminating potential hazards that could lead to casualties occurring in workplaces. In addition, the increasing importance of safety lifecycle management is another major factor contributing to the growth of the market.
Despite the Global Machine Safeguarding Solution market witnessing a steady growth rate, it faces some serious challenges that can hinder its growth. A major challenge in the market is the reluctance to migrate to the latest technology. Several industries across the globe find it difficult to shift from their legacy systems to the latest technology because of various technical issues such as interoperability and compatibility with existing systems. Another major challenge for the market is the lack of continuous support and maintenance of vendors.
Despite these challenges, the Global Machine Safeguarding Solution market exhibits immense potential for growth, and it is expected to grow steadily in the near future because of the presence of several emerging trends in the market. One of the major trends is the increasing demand for safety systems from industries in the APAC region. The emerging MSME sector is expected to increase its focus toward machine safeguarding solutions to enable it to scale up in line with global operational standards. Thus, the future of the Global Machine Safeguarding Solution market looks promising, with many innovative and efficient machine safeguarding solutions expected to be introduced by market vendors during the forecast period.
Key questions answered in this report:
What will the market size be in 2016 and at what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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