Machine Risk Assessment Market Size, Share, Growth, Trends | Report 2023-2032
The global machine risk assessment market was valued at USD 6 billion in 2022 and it is predicted to surpass around USD 10.86 billion by 2032 with a CAGR of 6.11% from 2023 to 2032.
Key Pointers
Report Scope of the Machine Risk Assessment Market
| Report Coverage | Details |
| Market Size in 2022 | USD 6 billion |
| Revenue Forecast by 2032 | USD 10.86 billion |
| Growth rate from 2023 to 2032 | CAGR of 6.11% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Advanced Technology Services, Inc.; Keyence Corp.; OMRON Corp.; Pilz GmbH & Co. KG; Rockford Systems LLC; Rockwell Automation, Inc.; SICK AG; Stantec; TÜV NORD GROUP; UL LLC |
Risk assessment is a systematic process consisting of sequential steps like risk estimation, identification, removal, reduction, and evaluation, enabling customers to judge whether the machinery/assembly that must be put into operation is safe. Machine risk assessments are essential when designing new machines or modifying existing ones. Mandates for safety play a significant role in the market. The governments of the U.S. and various European countries are undertaking effective measures to prevent accidents by implementing personnel and process safety restrictions and installing certified equipment, including actuators, switches, and explosion-proof sensors, in hazardous locations.
Advanced technologies, such as machine learning (ML), predictive analytics, and artificial intelligence (AI), enable more accurate and efficient machine risk assessments. These technologies can process large amounts of data and identify patterns that humans may be unable to detect. Real-time monitoring technologies like the internet of things (IoT) and sensors enable real-time monitoring of machines. This allows for the continuous assessment of machine risks, enabling quick identification of potential issues and prompt action to prevent accidents. Virtual simulations and digital twins can simulate various scenarios and identify potential risks. This can help in designing safer machines and processes, as well as assessing the risks associated with existing machines.
Recent developments have been made in the market to improve accuracy, efficiency, and safety. One notable development is the integration of AI and ML algorithms into machine risk assessment processes, allowing for more accurate and efficient assessments. Augmented reality (AR) technology is also utilized to create interactive training programs that simulate machine risks and improve safety. Cloud-based solutions are becoming more popular due to their flexibility and scalability. Predictive maintenance techniques are widely used to prevent machine failures and reduce the risk of accidents. Lastly, virtual and remote machine risk assessments are becoming more common, allowing assessments without physical access to the machines, reducing the risk of accidents during assessments, and saving time and resources.
The COVID-19 pandemic had a significant impact on the global industry. With many countries implementing lockdowns and travel restrictions, many organizations had to adjust their operations and adopt remote work policies. This led to a significant shift in how machine risk assessments were conducted. Instead of on-site assessments, remote assessments became the norm. The use of technologies, such as Virtual Reality (VR) and remote monitoring tools became increasingly popular, as they allowed for assessments to be conducted without the need for physical presence.
The pandemic also highlighted the importance of workplace safety, as many organizations had to adapt to new safety protocols to prevent the spread of the virus. This led to an increased demand for machine risk assessment services as organizations sought to ensure their machinery and processes were safe for their employees. In addition, the pandemic led to an increased focus on using automation in various industries as organizations looked for ways to reduce human-to-human contact and maintain social distancing. This led to an increased demand for these services in industries, such as manufacturing, logistics, and healthcare.
Machine Risk Assessment Market Segmentations:
| By Type | By Enterprise Size | By Vertical |
|
Equipment-Based Machine Risk Management Task-Based Machine Risk Management |
SMEs Large Enterprises |
Automotive Food & Beverages Consumer Electronics Industrial Healthcare Others |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Type Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Machine Risk Assessment Market
5.1. COVID-19 Landscape: Machine Risk Assessment Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Machine Risk Assessment Market, By Type
8.1. Machine Risk Assessment Market, by Type, 2023-2032
8.1.1 Equipment-Based Machine Risk Management
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Task-Based Machine Risk Management
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Machine Risk Assessment Market, By Enterprise Size
9.1. Machine Risk Assessment Market, by Enterprise Size, 2023-2032
9.1.1. SMEs
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Large Enterprises
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Machine Risk Assessment Market, By Vertical
10.1. Machine Risk Assessment Market, by Vertical, 2023-2032
10.1.1. Automotive
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Food & Beverages
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Consumer Electronics
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Industrial
10.1.4.1. Market Revenue and Forecast (2020-2032)
10.1.5. Healthcare
10.1.5.1. Market Revenue and Forecast (2020-2032)
10.1.6. Others
10.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Machine Risk Assessment Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Vertical (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Vertical (2020-2032)
Chapter 12. Company Profiles
12.1. Advanced Technology Services, Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Keyence Corp.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. OMRON Corp.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Pilz GmbH & Co. KG
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Rockford Systems LLC
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Rockwell Automation, Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. SICK AG
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Stantec
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. TÜV NORD GROUP
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. UL LLC
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers