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