Northbrook, IL 60062 -- (SBWire) -- 12/01/2022 --The machine safety market is projected to grow from USD 4.5 billion in 2020 to USD 6.0 billion by 2025, at a CAGR of 6.1% between 2020-2025.

APAC is one of the major machine markets in the world. Various factors are responsible for the market's growth in the region, such as increased acceptance of international machine safety standards, rising adoption of automated machines, and the influence of multinational companies in adopting safety systems.

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The growth of the machine safety market is attributed to the rising emphasis on asset and personnel protection and stringent safety regulations. Companies are adopting safety-certified systems in their production lines to reduce industrial accidents.

Major Key Players:

Schneider Electric

Schneider Electric offers energy and automation solutions. It also provides hardware, software, and services related to energy management and automation. It is strategically positioned to provide software solutions for visualization and supervisory control, real-time operation management, asset management, and information management in process industry plants. Schneider Electric operates through 2 main business segments: Energy Management and Industrial Automation. The company offers machine safety solutions under its Industrial Automation business segment.

Honeywell International, Inc.

Honeywell International, Inc. is a leading player in the field of industrial automation. The company offers aerospace products and services; control, sensing, and security technologies for homes, buildings, and industry; performance material; and safety and productivity solutions. The company operates through 4 business segments—Aerospace, Performance Material and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions. It also offers automotive products, specialty chemicals, turbochargers, and electronic materials, including electronic chemicals and polymers, targets, coil sets, metals, and advanced materials, such as environmentally preferable refrigerants and chemical and analytical reagents. Honeywell offers a wide range of solutions related to machine safety through its Safety and Productivity Solutions segment.

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Based on industry, the energy and power segment dominated the machine safety market

Based on industry, the machine safety market has been segmented into oil & gas, energy & power, aerospace & defense, chemicals, healthcare & pharmaceuticals, metals & mining, semiconductor & electronics, food & beverages, and others. The global energy demand is increasing rapidly. This pushes the energy & power industry to utilize available resources efficiently and reduce asset downtime while enhancing their performance. New techniques reduce the environmental burden of coal-fired power plants and allow higher efficiencies with a better conversion of heat to electrical energy. With technological changes, the requirement for related safety systems is also expected to change; hence, the energy & power sector will likely generate sizable demand for machine safety systems during the forecast period.