The machine safety market is observing substantial growth. It is anticipated to observe USD 4,197 million by 2018. This is owing to strong governmental regulations and safety concerns regarding men and machines in industrial sectors. Rising consumer industries, such as food & beverages, automotives, pharmaceuticals and others are likely to boost the demand for the machine safety market over the coming years.
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The key factors steering the market are strong pressure from government & legislation, increasing worldwide vehicle production and safety measures for workers. However, the huge costs of machine safety equipments and lack of skilled people and awareness are likely to hinder the market.
The machine safety market is fragmented into four key categories. These are components, applications, consumers and geographical regions. The components market can be divided into controllers, sensors, electric devices, relays, switches and interlocks.
The machine safety market, on the basis of applications, can be segmented into measuring, identification, controlling, inspection and positioning. The consumers market includes packaging & material handling, pharmaceuticals, food & beverages, printing, machine tools, automotives, and semiconductors & electronics.
Geographically, the machine safety market is segmented on the basis of four regions, including Asia Pacific, North America, Europe and ROW (rest of the world). Europe dominated the market in 2012 and was followed by North America and Asia Pacific. It captured about 52 percent of the total market share.
North America and Asia Pacific captured around 22 and 20 percent of the total share in the market respectively. Asia Pacific is the fastest expanding economy for the machine safety market. This is owing to its emerging countries, China and India.
Information Source: Grand View Research