Increasing penetration of industrial IoT and upgradation of existing machinery are driving the demand of Philippines Machine Safety Market in the forecast period, 2023-2027.
According to TechSci Research report, “Philippines Machine Safety Market By Region, Competition Forecast & Opportunities, 2027”, the Philippines machine safety market is expected to grow robust CAGR during the forecast period, 2023-2027. Machine safety system monitors the health and functioning of equipment and machines to enhance their lifecycle and reduce the chances of damage to the machines. These aid in lowering the amount of waste generated and increase machine efficiency and safety, which saves the costs incurred due to mistakes or accidents. Machine safety systems are in high demand from prominent industry verticals such as healthcare, oil & gas, automotive, mining, etc.
Machines ease the task and help in achieving higher efficiency in the workplace. However, the moving parts, sharp edges, and hot surfaces can harm the workers who work in close proximity. Industrial safety and functional workplace safety are major reasons of concern in the manufacturing and process industries. Growing demand for safety sensors, emergency stop controls, and safety interlock switches for the safety of workers are bolstering the demand for the Philippines machine safety market in the next five years. Market players are focusing on adopting flexible and cost-effective solutions for the safety of workers and assets.
However, the requirement of high initial capital to set up the machine safety system may restrain the Philippines machine safety market growth in the forecast period.
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The Philippines machine safety market is segmented on the basis of component, implementation, end user, competitional landscape, and regional distribution.
On the basis of the component, the Philippines machine safety market is divided into presence sensing safety sensors, emergency stop devices, safety interlock switches, safety controllers, and others. The presence sensing safety sensors are expected to have the largest market share in the forecast period, 2023-2027. Presence sensing safety sensors are used to sense products, items, people for machine safeguarding, and the availability of the different types of sensors used in the machines such as human sensing & motion sensor, occupancy sensor, photoelectric sensor can be used to enhance the safety at the workplace. Safety standards and machine safety regulations emphasizing the safety of production units and workers are fueling the demand for the presence sensing safety sensors. Industries are employing robots to increase the speed and accuracy of packaging, which also lowers the need for human employees, thereby saving operational and maintenance costs. Need for efficient allocation of resources and boost the production volume, industries are adopting the automation technology, and the growing number of accidents in industries are fostering the growth of the presence sensing safety sensors segment in the country.
On the basis of the end user, the Philippines machine safety market is divided into electronics and semiconductors, oil and gas, healthcare, food and beverage, automotive, and others. The food and beverage industry is expected to witness the fastest incremental growth in the next five years. Adoption of the machine safety system ensures high operational transparency across the production lines and the safety of the workers. The high demand for machine safety systems by food and beverage market players to increase accuracy and flexibility during the production process contributes to the increased market demand. Food and beverage market players look for affordable solutions to achieve high quality and constant production volume. The adoption of automation technology by the food and beverage industry for better safety and control results in high profitability and production volume, boosting the Philippines machine safety market.
Major market players operating in the Philippines machine safety market are:
- ABB Limited
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Siemens AG
- TUV Rheinland Group
- ROHM Electronics Philippines Inc.
- Rite-Hite
- Rockwell Automation
- General Electric
- Emerson Electric
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“The rise in personal safety awareness and the ongoing advancements in the technical safety standards, such as interactive technologies to enhance the interaction between the workers and machines, is creating tremendous growth potential for the Philippines machine safety market. The demand for machines providing real-time insights to monitor and analyze and the availability of intelligent and affordable safety solutions is influencing the market demand. Market players are focusing on the research and development activities to find innovative technologies to lower the probability of work-related injuries are expected to propel the growth of the Philippines machine safety market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Philippines Machine Safety Market By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Philippines Machine Safety market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Philippines Machine Safety market.
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