The Global Machine Risk Assessment Market size is expected to reach $7.8 billion by 2028, rising at a market growth of 5.8% CAGR during the forecast period.
Risk assessment is a methodical procedure made up of consecutive processes, including risk calculation,removal, reduction,identification,and evaluation, that enables consumers to determine whether the machinery or assembly that has to be put into use is secure. When creating new machines or changing old ones, machine risk assessments are crucial. The market is heavily influenced by safety regulations.
Machine risk assessment offers fundamental recommendations for evaluating and lowering machine-related hazards in the workplace. With the advice of particular design safety practices and machine ergonomics requirements, safeguarding principles lay out strategies for the best risk prevention. They include instructions on designing, making, integrating, and installing machinery properly. Potential threats to the safety and health of workers using stated machinery in close proximity can be reduced by following the safeguarding standards.
Guidelines for the assessment and testing of radiation and other potentially harmful compounds released by machinery aid in this procedure. Machine risk assessments are often termed design risk assessments (DRA)because these assessments are mainly conducted prior to construction and throughout the design phase.
In order to demonstrate in the technical construction file (TCF) that appropriate protective measures have been implemented following a proper analysis of the risks unique to that machine, DRAis required during variousconformity assessment procedures. The most crucial phase of machine risk assessments has to start with the design stage of any significant alteration or brand-new machine construction and proceed methodically through the construction and commissioning phases.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Keyence Corporation is the major forerunner in the Machine Risk Assessment Market. Companies such as Rockwell Automation, Inc., Omron Corporation, Stantec, Inc. are some of the key innovators in Machine Risk Assessment Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Keyence Corporation, Omron Corporation, Sick AG, Rockwell Automation, Inc., Stantec, Inc., TÜV Nord Group, Rockford Systems, LLC, UL LLC, Advanced Technology Services, Inc./ATS (WestView Capital Partners) and Pilz GmbH & Co. KG.
Risk assessment is a methodical procedure made up of consecutive processes, including risk calculation,removal, reduction,identification,and evaluation, that enables consumers to determine whether the machinery or assembly that has to be put into use is secure. When creating new machines or changing old ones, machine risk assessments are crucial. The market is heavily influenced by safety regulations.
Machine risk assessment offers fundamental recommendations for evaluating and lowering machine-related hazards in the workplace. With the advice of particular design safety practices and machine ergonomics requirements, safeguarding principles lay out strategies for the best risk prevention. They include instructions on designing, making, integrating, and installing machinery properly. Potential threats to the safety and health of workers using stated machinery in close proximity can be reduced by following the safeguarding standards.
Guidelines for the assessment and testing of radiation and other potentially harmful compounds released by machinery aid in this procedure. Machine risk assessments are often termed design risk assessments (DRA)because these assessments are mainly conducted prior to construction and throughout the design phase.
In order to demonstrate in the technical construction file (TCF) that appropriate protective measures have been implemented following a proper analysis of the risks unique to that machine, DRAis required during variousconformity assessment procedures. The most crucial phase of machine risk assessments has to start with the design stage of any significant alteration or brand-new machine construction and proceed methodically through the construction and commissioning phases.
COVID-19 Impact Analysis
Since many businesses had to adopt new safety procedures to stop the virus's spread, the pandemic also brought attention to the significance of workplace safety. As a result, there was a rise in the demand for machine risk assessment services as businesses ensured their equipment and procedures were secure for workers. The pandemic also caused a greater emphasis on automation across various industries as businesses sought to minimize human-to-human interaction and uphold social distance. In sectors including manufacturing, logistics, and healthcare, the demand for these services resulted in a consequent rise. Therefore, the pandemic favorably impacted the machine risk assessment market.Market Growth Factors
Increasing workplace safety and precautionary rules mandated by governments
Governments worldwide have increased their focus on occupational safety in hazardous locations to avert catastrophic incidents that cause considerable human deaths. As a result, firms are now bound by strict rules that must be followed to safeguard the welfare of construction employees. As a result, this trend is projected to have a substantial impact on the deployment of machine risk assessment systems in the construction industry. Therefore, the increasing compliance of industries with government mandated safety standards are propelling the growth of the market in the coming years.Integration of technology in machine risk assessment systems
Technology is advancing quickly, and machines now havesmart gadgets and sophisticated sensorsthat can report on their health and operation in real-time and enable the Internet of Things communication (IoT). These machine-embedded technologies introduce new factors that must be considered during risk analysis, which leads to a review and/or the creation of new fundamental standards for health and safety. In order to achieve this, a few Industry 4.0 enablers related to Artificial Intelligence (AI),Human-Robot Collaboration (HRC), and Augmented Reality (AR) have immensepotential effects on safety issues. This will aid in expanding the machine risk assessment market in the coming years.Market Restraining Factors
Lack of awareness about the importance of machine safety and the complexity of machine safety systems
The lack of understanding among consumers regarding the benefits of employing these systems is one of the most significant problems impeding the expansion of the market. In emerging economies, there is still a lack of awareness regarding providing safety equipment that protects workers and machinery. The vast majority of manufacturers do not employ safety experts who can offer advice on the implementation of the appropriate safety measures in each equipment or process. Therefore, these complexities of the machine risk assessment products may hamper the market expansion during the forecasted period.Type Outlook
Based on type, the machine risk assessment market is categorized into equipment-based and task-based. The task-based machine risk management segment procured a considerable growth rate in the machine risk assessment market in 2021. The segment is growing because more customers are employing this method. The task-based approach guarantees worker safety and reduces the possibility of injuries or incidents while carrying out specific duties. The assessment may include examining the work, identifying potential hazards, assessing the risk posed by each hazard, and developing mitigation or prevention plans for those risks.
Enterprise Size Outlook
On the basis of enterprise size, the machine risk assessment market is divided into SMEs and large enterprises. The large enterprises segment acquired the largest revenue share in the machine risk assessment market in 2021. Large corporations have long used machine risk assessment as a normal procedure. However, complex machinery, as well as automation systems used by large businesses, put employees and equipment in greater danger. Therefore, it is essential for protecting worker safety and avoiding damage to equipment and machinery.Vertical Outlook
Based on vertical, the machine risk assessment market is segmented into automotive, food & beverages, consumer electronics, industrial, medical, and others. The automotive segment garnered a remarkable growth rate in the machine risk assessment market in 2021. The automotive sector mainly relies on machinery to create automobiles and parts, which can present serious risks to workers if they break down. As a result, machine risk assessment is crucial for preserving a secure workplace and averting mishaps. It is utilized by the automotive industry to guarantee employee safety, adhere to laws, and enhance quality.Regional Outlook
On the basis of region, the machine risk assessment market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the highest revenue share in the machine risk assessment market in 2021. Many stakeholders, including producers, government agencies, and sector experts, evaluate the risk of the North American regional market. Many techniques, including failure mode and effects analysis (FMEA), hazard analysis,as well as fault tree analysis, are used to undertake risk assessments. The evaluations seek to identify potential risks related to machine use and create plans to lessen these risks.The Cardinal Matrix - Machine Risk Assessment Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Keyence Corporation is the major forerunner in the Machine Risk Assessment Market. Companies such as Rockwell Automation, Inc., Omron Corporation, Stantec, Inc. are some of the key innovators in Machine Risk Assessment Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Keyence Corporation, Omron Corporation, Sick AG, Rockwell Automation, Inc., Stantec, Inc., TÜV Nord Group, Rockford Systems, LLC, UL LLC, Advanced Technology Services, Inc./ATS (WestView Capital Partners) and Pilz GmbH & Co. KG.
Strategies Deployed in Machine Risk Assessment Market
Partnerships, Collaborations and Agreements:
- Nov-2022: Omron Healthcare came into partnership with CardioSignal, a device-less remote patient monitoring platform developer, for early detection of cardiovascular disease, facilitating clinicians in easy health management of patients. With this partnership, Omron's Connect Premium Service, an app that gathers data from Omron devices to provide users insights about their heart health, power would be integrated with CardioSignal's medical application that allows smartphones to identify the sign of atrial fibrillation, to develop digital health solutions useful in workflow process optimization for lifestyle chronic diseases with the use of motion sensor and ECG technologies.
- Aug-2022: Rockwell Automation came into partnership with Bravo Motor Company, an automotive manufacturing company, to deliver Rockwell's customers powerful manufacturing solutions for batteries and electric vehicles. Through this partnership, Bravo Motor's innovative automotive solutions would provide strength to Rockwell Automation in offering advanced solutions in the domain of manufacturing batteries and electric vehicles facilitating Rockwell to better serve manufacturers.
- Jan-2021: Rockford Systems signed a partnership with ISS Safety, a distributor of machine safeguarding solutions, to meet the requirements of safeguarding customers worldwide. With this partnership, Rockford systems would leverage ISS experience and deep expertise in delivering machine safety standards and applications, to provide its safeguarding customers a platform consisting of assessment policies, training modules, safeguarding hardware, and installation techniques which would empower them to easily track risk status and machine safety.
Product Launches and Product Expansions:
- Oct-2022: Rockwell Automation unveiled 'My Equipment Digital', a solution that uses the power of network-based devices to update industrial automation asset data. My Equipment Digital possess firmware insights and a one-time susceptible assessment, allowing customers to easily self-manage and keep a record of their installed base automation assets.
- Apr-2022: Omron announced the launch of the K7TM condition monitoring device, a condition monitoring device that automatically measures the appropriate resistance value of heaters. The K7TM condition monitoring device is a fusion of robust sensing technology and algorithms detecting the abnormal conditions of heaters helpful in reducing production downtime that usually occurs with regular heater maintenance. Moreover, the device would be easily integrated with existing equipment.
- Feb-2022: Rockford Systems unveiled the Machine Safeguarding Annual Verification Audit service, to validate that safeguarded equipment is working as designed and serving for the protection of the workforce in unsafe environments.
Acquisitions and Mergers:
- Mar-2023: Rockwell Automation, Inc. took over Knowledge Lens, an enterprise that provides business insights from organization data using digital technologies, to provide insightful data to manufacturers. Through this acquisition, Knowledge Lens' capabilities in offering hidden and required insights from business data would empower Rockwell to serve businesses across the globe, helping manufacturers to advance transformational outputs.
- Sep-2021: Rockwell Automation, Inc. acquired Plex Systems, a cloud-driven manufacturing platform, for delivering cloud-based solutions to its customers. With this acquisition, Rockwell's expertise in providing integrated control and information solutions would be combined with Plex's potential in offering advanced software enabling Rockwell to better serve its customers by allowing them to easily transform industrial applications to the cloud.
- Jul-2021: UL completed the acquisition of Method Park, a specialist in software and systems engineering, to extend UL's automotive and medical device sector safety and security expertise. Through this acquisition, Method Park's capabilities in offering complex process engineering-derived solutions would support UL to provide its customers with a better experience by delivering advanced innovative safety, business transformational, and regulatory and standards-compliant offerings.
Scope of the Study
By Enterprise Size
- Large Enterprises
- SMEs
By Type
- Equipment-Based
- Task-Based
By Vertical
- Industrial
- Consumer Electronics
- Food & Beverages
- Medical
- Automotive
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Keyence Corporation
- Omron Corporation
- Sick AG
- Rockwell Automation, Inc.
- Stantec, Inc.
- TÜV Nord Group
- Rockford Systems, LLC
- UL LLC
- Advanced Technology Services, Inc./ATS (WestView Capital Partners)
- Pilz GmbH & Co. KG
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Machine Risk Assessment Market by Enterprise Size
Chapter 5. Global Machine Risk Assessment Market by Type
Chapter 6. Global Machine Risk Assessment Market by Vertical
Chapter 7. Global Machine Risk Assessment Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Keyence Corporation
- Omron Corporation
- Sick AG
- Rockwell Automation, Inc.
- Stantec, Inc.
- TÜV Nord Group
- Rockford Systems, LLC
- UL LLC
- Advanced Technology Services, Inc./ATS (WestView Capital Partners)
- Pilz GmbH & Co. KG
Methodology
LOADING...
Related Reports
From
From
Hybrid Additive Manufacturing Machine Market Report: Trends, Forecast and Competitive Analysis to 2030
- Report
- 150 Pages
- Global
From
From
This product is a market research report. Each license type allows a set number of users to access the report. Please select an option from the list below. This product is a market research report. This is a single user license, allowing one user access to the product. The product is a PDF. This product is a market research report. This is a site license, allowing all users within a given geographical location of your organization access to the product. The product is a PDF. This product is a market research report. This is an enterprise license, allowing all employees within your organization access to the product. The product is a PDF. 
