DUBLIN, November 23, 2021--(BUSINESS WIRE)--The "Machine Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The machine safety market is anticipated to witness a CAGR of over 6.3% during the forecast period (2021 - 2026). The need for the industries and manufacturing facilities to comply with the standards and regulations across the regions has been driving the market for machine safety.
Companies Mentioned
Key Market Trends
Oil and Gas Industry to Hold a Significant Share
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The growing demand for industrial automation products in the oil and gas industry is also expected to create opportunities for machine safety. It enables the upgradation of existing machinery, thereby creating demand for new machine safety equipment that can comply with the upgraded equipment.
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With the US Department of the Interior, under the national outer continental shelf oil and gas leasing program (National OCS Program) for 2019-2024, planning to enable offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, the oil and gas sector in the region is anticipated to open up new opportunities to the market.
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Further, in several cases, security factors also impact the demand for machine safety equipment, especially in the oil and gas industry. For instance, in countries like Mexico, where the pipelines are often prone to insurgent attacks and theft, there is an increased need for automated and robust emergency stop systems and devices that support remote operations.
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In Asian countries such as India, in 2021, the Ahmedabad (Gujrat) rural police recovered almost 24,000 gallons of crude oil. They apprehended a man suspected from the Salaya Mathura pipeline (SMPL) project in Bareja village in Daskroi (Gujrat). The theft of the SMPL pipeline was first discovered in December 2020, when officials from the Indian Oil Corporation in Ahmedabad rural noticed low pressure in an SMPL pipeline section in Bareja village, Daskroi taluka. Officials discovered a breach in the pipeline with a valve attached and a two-inch diameter, 50-meter-long pipe put through a hole in the ground.
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In such cases, the governments are increasingly spending on process automation related to pipeline security, which is expected to raise the demand for advanced emergency shutdown systems. The increasing adoption of innovative IoT solutions, including sensors in oil and gas, is creating considerable demand for automated safety systems, supporting the market's growth.
Asia Pacific to Hold Significant Share
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Asia-pacific is expected to witness significant growth over the forecast period, primarily owing to the region's significantly growing industrial sector investments.
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Countries in the region are actively promoting the manufacturing of in-home products. For instance, the "Made in China 2025" policy encourages advanced manufacturing, leading to an increased focus on safety. China is expected to be the largest market in the Asia-Pacific for machine safety products by revenue. In addition, the continuous improvement of technical safety standards, the constant strengthening of personal safety awareness in the country, and the constant participation of the state and enterprises in market promotion accelerated the country's machine safety market.
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China is investing significantly in the automotive industry, increasing new projects. The development of electric vehicles considerably drove capital investment, with most of this focused on new machinery.
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Moreover, China's 13th five-year plan is expected to drive the development of Chinese safety standards and increase investment in safety products. The plan emphasizes the overall safety of manufacturing, intending to reduce accidents in the workplace by adopting new technologies and enforcement of regulation. The plan explicitly mentions the upgrade of agricultural machinery and specialized equipment to satisfy the safety requirements.
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The US-China trade war led many companies with operations in the US to shift parts of their manufacturing either back to the US or Mexico or emerging markets in South and Southeast Asian countries. Shifting to other Asian countries is expected to augment the growth of the market studied.
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The COVID-19 outbreak is anticipated to accelerate this process further, as South Korean and Japanese companies are looking to diversify their production and reduce their overdependence on Chinese manufactured products.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Assessment of Impact of COVID-19 on the Machine Safety Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Number of Industrial Accidents
5.1.2 Stringent Government Regulations and Mandatory Safety
Standards
5.2 Market Restraints
5.2.1 Additional Costs Associated with Machine Safety Systems
6 MARKET SEGMENTATION
6.1 Implementation
6.2 Component
6.3 End-User
6.4 Geography
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 FUTURE OF THE GLOBAL MACHINE SAFETY MARKET
For more information about this report visit https://www.researchandmarkets.com/r/lmcji2
View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005707/en/
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