The global machine risk assessment market size is expected to reach USD 9.51 billion by 2030, registering a CAGR of 6.1% over the forecast period. Risk assessment is a systematic process consisting of sequential steps like risk estimation, risk identification, risk removal, risk reduction, and risk 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 machines. Mandates for safety play a significant role in the market for machine risk assessment.
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 in assessing the risks associated with existing machines. Recent developments have been made in the industry 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 risk 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 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.
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 in assessing the risks associated with existing machines. Recent developments have been made in the industry 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 risk 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 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.
Machine Risk Assessment Market Report Highlights
- In recent years, there has been a growing focus on workplace safety and compliance with regulatory requirements, driving the demand for machine risk assessment services in Europe
- Advancements in technology have also led to the development of automated risk assessment tools that use ML algorithms to analyze data and identify potential hazards
- The equipment-based machine risk management segment dominated the industry in 2022 and will expand further at a steady CAGR from 2023 to 2030
- The automotive vertical segment is projected to register the fastest growth rate during the forecast period
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
1.3.1. Information analysis
1.3.2. Market formulation & data visualization
1.3.3. Data validation & publishing
1.4. Research Scope and Assumptions
1.4.1. List to Data Sources
Chapter 2. Executive Summary
2.1. Market Summary
2.2. Market Snapshot
2.3. Segment Snapshot
2.4. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope Outlook
3.1. Market Lineage Outlook
3.2. Machine Risk Assessment Market - Value Chain Analysis
3.3. Machine Risk Assessment Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Market Opportunity Analysis
3.4. Machine risk assessment Market - Porter's Five Forces Analysis
3.4.1. Supplier power
3.4.2. Buyer power
3.4.3. Substitution threat
3.4.4. Threat from new entrant
3.4.5. Competitive rivalry
3.5. Machine Risk Assessment Market - PEST Analysis
3.5.1. Political landscape
3.5.2. Economic landscape
3.5.3. Social landscape
3.5.4. Technology landscape
3.6. COVID-19 Impact Analysis
Chapter 4. Machine Risk Assessment Market Type Outlook
4.1. Machine Risk Assessment Market, By Type Analysis & Market Share, 2022 & 2030
4.2. Equipment-Based Machine Risk Management
4.2.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
4.2.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
4.3. Task-Based Machine Risk Management
4.3.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
4.3.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
Chapter 5. Machine Risk Assessment Market Enterprise Size Outlook
5.1. Machine Risk Assessment Market, By Enterprise Size Analysis & Market Share, 2022 & 2030
5.2. SME
5.2.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
5.2.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
5.3. Large Enterprises
5.3.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
5.3.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
Chapter 6. Machine Risk Assessment Market Vertical Outlook
6.1. Machine Risk Assessment Market, By Vertical Analysis & Market Share, 2022 & 2030
6.2. Automotive
6.2.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.2.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
6.3. Food & Beverages
6.3.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.3.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
6.4. Consumer Electronics
6.4.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.4.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
6.5. Industrial
6.5.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.5.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
6.6. Healthcare
6.6.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.6.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
6.7. Others
6.7.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
6.7.2. Market estimates and forecasts, By Region, 2017 - 2030 (USD Million)
Chapter 7. Machine risk assessment market: Regional Estimates & Trend Analysis
7.1. Machine risk assessment market Share by Region, 2022 & 2030
7.2. North America
7.2.1. Market estimates and forecasts, 2017 - 2030
7.2.2. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.2.3. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.2.4. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.2.5. U.S.
7.2.5.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.2.5.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.2.5.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.2.6. Canada
7.2.6.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.2.6.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.2.6.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.3. Europe
7.3.1. Market estimates and forecasts, 2017 - 2030
7.3.2. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.3.3. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.3.4. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.3.5. Germany
7.3.5.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.3.5.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.3.5.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.3.6. U.K.
7.3.6.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.3.6.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.3.6.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.3.7. France
7.3.7.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.3.7.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.3.7.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4. Asia Pacific
7.4.1. Market estimates and forecasts, 2017 - 2030
7.4.2. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.3. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.4. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4.5. China
7.4.5.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.5.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.5.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4.6. Japan
7.4.6.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.6.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.6.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4.7. India
7.4.7.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.7.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.7.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4.8. South Korea
7.4.8.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.8.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.8.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.4.9. Australia
7.4.9.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.4.9.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.4.9.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.5. Latin America
7.5.1. Market estimates and forecasts, 2017 - 2030
7.5.2. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.5.3. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.5.4. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.5.5. Brazil
7.5.5.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.5.5.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.5.5.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.5.6. Mexico
7.5.6.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.5.6.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.5.6.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.6. Middle East & Africa
7.6.1. Market estimates and forecasts, 2017 - 2030
7.6.2. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.6.3. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.6.4. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.6.5. Saudi Arabia
7.6.5.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.6.5.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.6.5.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.6.6. UAE
7.6.6.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.6.6.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.6.6.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
7.6.7. South Africa
7.6.7.1. Market estimates and forecasts, By Type, 2017 - 2030 (USD Million)
7.6.7.2. Market estimates and forecasts, By Enterprise Size, 2017 - 2030 (USD Million)
7.6.7.3. Market estimates and forecasts, By Vertical, 2017 - 2030 (USD Million)
Chapter 8. Machine risk assessment Market Competitive Landscape
8.1. Key Market Participants
8.1.1. Advanced Technology Services, Inc.
8.1.2. KEYENCE CORPORATION
8.1.3. OMRON Corporation
8.1.4. Pilz GmbH & Co. KG
8.1.5. Rockford Systems LLC
8.1.6. Rockwell Automation, Inc.
8.1.7. SICK AG
8.1.8. Stantec
8.1.9. TÜV NORD GROUP
8.1.10. UL LLC
8.2. Key Company Market Share Analysis, 2022
8.3. Company Categorization/Position Analysis, 2022
8.4. Strategic Mapping
8.4.1. Expansion
8.4.2. Acquisition
8.4.3. Collaborations
8.4.4. Product/service launch
8.4.5. Partnerships
List of Tables
Table 1 Global Machine Risk Assessment Market Revenue Estimates and Forecast, By Type, 2017 - 2030 (USD Million)
Table 2 Global Machine Risk Assessment Market Revenue Estimates and Forecast, By Enterprise Size, 2017 - 2030 (USD Million)
Table 3 Global Machine Risk Assessment Market Revenue Estimates and Forecast, By Vertical, 2017 - 2030 (USD Million)
Table 4 Company Heat Map Analysis
Table 5 Key Companies undergoing acquisition.
Table 6 Key Companies launching new products & developing the existing products.
Table 7 Key Companies undertaking other strategies.
List of Figures
Fig. 1 Machine Risk Assessment Market Segmentation
Fig. 2 Information Procurement
Fig. 3 Data Analysis Models
Fig. 4 Market Formulation and Validation
Fig. 5 Data Validating & Publishing
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot
Fig. 8 Segment Snapshot
Fig. 9 Competitive Landscape Snapshot
Fig. 10 Machine Risk Assessment Components - Industry Value Chain Analysis
Fig. 11 Machine Risk Assessment Market Dynamics
Fig. 12 Machine Risk Assessment Market: PORTER’s Analysis
Fig. 13 Machine Risk Assessment Market: PESTEL Analysis
Fig. 14 Machine Risk Assessment Market, by Type: Key Takeaways
Fig. 15 Machine Risk Assessment Market, by Type: Market Share, 2022 & 2030
Fig. 16 Equipment-based Machine Risk Management Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 17 Task-based Machine Risk Management Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 18 Machine Risk Assessment Market, by Enterprise Size: Key Takeaways
Fig. 19 Machine Risk Assessment Market, by Enterprise Size: Market Share, 2022 & 2030
Fig. 20 SME Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 21 Large Enterprise Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 22 Machine Risk Assessment Market, by Vertical: Key Takeaways
Fig. 23 Machine Risk Assessment Market, by Vertical: Market Share, 2022 & 2030
Fig. 24 Automotive Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 25 Food and Beverages Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 26 Consumer electronics Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 27 Industrial Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 28 Healthcare Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 29 Others Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 30 Global Machine Risk Assessment Market revenue, by region, 2022 & 2030 (USD Million)
Fig. 31 North America Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 32 U.S. Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 33 Canada Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 34 Europe Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 35 U.K. Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 36 Germany Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 37 France Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 38 Asia Pacific Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 39 China Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 40 India Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 41 Japan Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 42 South Korea Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 43 Australia Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 44 Latin America Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 45 Brazil Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 46 Mexico Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 47 Middle East & Africa (MEA) Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 48 Saudi Arabia Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 49 UAE Machine Risk Assessment Market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 50 Key Company Categorization
Fig. 51 Company Market Share Analysis, 2022
Fig. 52 Strategic framework
Companies Mentioned
- Advanced Technology Services, Inc.
- KEYENCE CORPORATION
- OMRON Corporation
- Pilz GmbH & Co. KG
- Rockford Systems LLC
- Rockwell Automation, Inc.
- SICK AG
- Stantec
- TÜV NORD GROUP
- UL LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 5.98 Billion |
| Forecasted Market Value ( USD | $ 9.51 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
