Growth Predicted for Global Machine Safety Market
The global machine safety market earned over $1.27 billion in 2011 and is estimated to reach $1.75 billion in 2016, according to a report from Frost & Sullivan.
"Safety systems monitor health of plant equipment to reduce its exposure to damage and lengthen its life-cycle," said Anna Mazurek, research analyst for Frost & Sullivan. "In addition, they decrease the probability of work-related injuries, allowing machine operators to work more efficiently. This drives end users to employ machine safety solutions."
The new safety regulations create safer working environments for employees while also creating more business opportunities for machine safety vendors and its end users.
Manufacturers have been forced to pay closer attention to operating and maintenance costs as a result of the economic downturn that has lead to a loss of investments in certain areas of plant operation, such as machine safety.
Developing countries that view machine safety as non-critical do not adequately execute safety policies, which has lead to lower sales and slower technology development. It is crucial for manufacturers and end users to understand that working in a safe environment is not optional, but required by law.
"To drive adoption, suppliers need to educate potential customers on the full range of safety benefits offered through the advancements in plant networking devices and control systems," Mazurek said. "To optimise their investment, end users must know how to assess the risk of injury and opt for solutions that can address those specific needs."