LONDON–(BUSINESS WIRE)–Oct 7, 2020–
The global machine safeguarding solutions market size is poised to grow by USD 774.41 million during 2020-2024, progressing at a CAGR of almost 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Machine Safeguarding Solutions Market 2020-2024 (Graphic: Business Wire)
The machine safeguarding solutions market is driven by the growth of end-users. Several machining operations that are carried out in the automotive and industrial machine manufacturing industry involve bending, boring, grinding, and milling. Manufacturers use transmission systems such as flywheels, belts, pulleys, motors, and gears to operate auxiliary systems such as compressors and pumps, machine tools, and packaging lines. The increased use of these tools and systems can pose a significant safety hazard to the operators and stimulate the need for adequate machine safeguarding solutions to eliminate or reduce safety risks.
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- The major machine safeguarding solutions market growth came from the switches segment and the segment is expected to witness the fastest growth during the next five years.
- Europe was the largest machine safeguarding solutions market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the growing adherence to strict compliances with workplace safety regulations.
- The global machine safeguarding solutions market is fragmented. ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Honeywell International Inc., OMRON Corp., Rockford Systems LLC, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Uniguard Machine Guards. are some of the major market participants. To help clients improve their market position, this machine safeguarding solutions market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global machine safeguarding solutions market 2020-2024 is expected to witness negative growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to reevaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/machine-safeguarding-solutions-market-industry-analysis
Increasing use of robots in industrial manufacturing will be a Key Market Trend
Numerous industries including electrical and electronics and automotive manufacturing sectors are increasingly deploying industrial robots to carry out various manufacturing processes. Robots are cost-effective and can handle small and delicate parts such as silicon wafers. However, they may pose a threat to operators or maintenance personnel who may experience injuries. This is resulting in an increased demand for sophisticated safeguarding equipment such as perimeter guards, laser scanners, safety light curtains, and pressure sensitive mats to prevent potential injuries by these robots to the operators or maintenance personnel.
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Machine Safeguarding Solutions Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist machine safeguarding solutions market growth during the next five years
- Estimation of the machine safeguarding solutions market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the machine safeguarding solutions market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of machine safeguarding solutions market vendors
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View market snapshot before purchasing
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Switches – Market size and forecast 2019-2024
- Controllers – Market size and forecast 2019-2024
- Sensors – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Eaton Corp. Plc
- Emerson Electric Co.
- Honeywell International Inc.
- OMRON Corp.
- Rockford Systems LLC
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Uniguard Machine Guards
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 10/07/2020 10:15 PM/DISC: 10/07/2020 10:15 PM
Copyright Business Wire 2020.