The total value of the machine safety market was USD 5,150.6 million in 2023, and it will touch USD 7,479.6 million by 2030, powering at a compound annual growth rate of 5.6% by the end of this decade.
This can be credited to the surge in the requirement for competence and safety in industries for example automotive, semiconductors, and food & beverage, accompanied by the surge in the consciousness of the fact that the machine condition can influence safety of the workers.
The development of this industry can be credited to the growing requirement for packaged and processed food, increasing emphasis on guaranteeing the safety of workers, and extensive acceptance of automation.
Furthermore, national and international agencies impose safety guidelines and standards to avert contamination, sustain hygiene standards, and safeguard workers from possible hazards. These guidelines are intended to guarantee the security and integrity of products, procedures, and personnel in industries, including F&B manufacturing.
Moreover, the disposition of Industry 4.0 technologies and the growing consciousness of worker safety are contributing to the industry growth.
For example, ABB India has enlarged and advanced its smart power factory in Bengaluru because of an increase in the requirement for its equipment. This cutting-edge facility leverages collaborative robots, AI, and further cutting-edge digital technologies to improve human–machine collaboration.
Furthermore, the LATAM will grow at a rate of 5.4% in the years to come as well. The main reason for the development is the growing consciousness amongst industries with regards to the implication of worker safety.
It is because of the growing automotive industry all over the world, the demand for machine safety solutions is on the rise. This trend will continue in the years to come as well.
