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The machine safety market is expected to be valued at USD 4.5 billion in 2020 and is projected to reach USD 6.0 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025.
Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years. In addition, the establishment of standards such as IEC 61508 and IEC 61511 has led to increased adoption of machine safety systems to attain the mandatory risk reduction targets. IEC 61508 and IEC 61511 are performance-based standards that promote the concept of the machine safety life cycle.