Product Code: PM3076
The global machine risk assessment market size is expected to reach USD 9.75 billion by 2032, according to a new study by Polaris Market Research. The report "Machine Risk Assessment Market Share, Size, Trends, Industry Analysis Report, By Type (Task-Based Machine Risk Management, Equipment-Based Machine Risk Management), By Enterprise Size, By Vertical, By Region, Segments & Forecast, 2019 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Machine Risk Assessment Market is expected to grow at a fastest rate over the forecast period owing to factors including of increasing focus on workplace safety, the adoption of automation in manufacturing and logistics industries, technological advancements, regulatory compliance, and a growing emphasis on sustainability, have driven the market.
Machine risk assessment is a systematic process to ensuring workplace safety in industries that use heavy machinery and equipment. The systems help to ensure that appropriate measures are taken to mitigate these risks, reducing the potential for accidents and injuries in the workplace. The assessments are essential when designing new machines or modifying existing ones.
New-age technologies such as machine learning (ML), Artificial Intelligence (AI), and others enable accurate and effective risk assessments, increasing the usage rate in the last few years. The technology can improve the accuracy and efficiency of risk assessments and allow for more effective risk mitigation strategies.
Machine learning algorithms analyze data from sensors and other sources to identify potential hazards and risks associated with industrial machinery. Real-time monitoring technologies and sensors allow for constant assessment of machine risks and quick identification of potential issues.
Some of the factors, expected to limit the growth of machine risk assessment market includes lack of skilled professionals, high implementation costs, limited understanding, and regulatory hurdles. Implementing risk assessment technologies and processes can be expensive, especially for small and medium-sized businesses needing more resources to invest in these technologies.
Report Highlights:
The COVID-19 pandemic had a moderate impact on the market owing to slowing down or suspended operations due to lockdowns, travel restrictions, and supply chain disruptions. It has led to delays in implementing new risk assessment technologies and processes. In contrast, the pandemic has also highlighted the importance of worker safety in industrial settings and has led to increased scrutiny of risk assessment practices. In the long run, companies continue to invest in new technologies and processes to ensure worker safety in the post-pandemic world.
The equipment-based machine risk management segment is projected to dominate the market in 2022. Major reasons behind constituting the major share including need to mitigate the risks during equipment use. Organizations can reduce the probability of equipment-related accidents by identifying potential risks, developing risk management plans, and ensuring workers' safety.
The large enterprises segment accounted for a major share in 2022. Rising risk of using large and complex machineries poses a higher risk to workers and compelled various tools and solutions to conduct various risk assessments for identifying potential hazards.
Greater reliance on machineries and automated systems by industrial segment for production, has increased the likelihood of potential hazards in the workplace, and increasing the demand for machine risk assessment.
North American region is leading the market in terms of revenue share for the year 2022 and the coming years. The major factors for the region's growth are increasing adoption of automation and robotics in manufacturing, automotive, and healthcare industries and the rising demand for workplace safety and compliance.
Asia Pacific is expected to be the fastest-growing region in the Machine Risk Assessment Market due in part to the rapid industrialization and adoption of automation in countries such as China and India.
Polaris Market Research has segmented the Machine Risk Assessment Market report based on type, enterprise size, vertical, and region:
Machine Risk Assessment Market, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Task-Based Machine Risk Management
Equipment-Based Machine Risk Management
Machine Risk Assessment Market, Enterprise Size Outlook (Revenue - USD Billion, 2019 - 2032)
SMEs
Large Enterprises
Machine Risk Assessment Market, Vertical Outlook (Revenue - USD Billion, 2019- 2032)
Automotive
Consumer Electronics
Food & Beverages
Industrial
Others
Machine Risk Assessment Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Machine Risk Assessment Market Insights
- 4.1. Machine Risk Assessment Market - Vertical Snapshot
- 4.2. Machine Risk Assessment Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increasing focus on safety standards in the workplace
- 4.2.1.2. Rising adoption of automation in industries
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Issues associated with risk management
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Machine Risk Assessment Market Vertical Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Machine Risk Assessment Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 5.3. Task-Based Machine Risk Management
- 5.3.1. Global Machine Risk Assessment Market, by Task-Based Machine Risk Management, by Region, 2019-2032 (USD Billion)
- 5.4. Equipment-Based Machine Risk Management
- 5.4.1. Global Machine Risk Assessment Market, by Equipment-Based Machine Risk Management, by Region, 2019-2032 (USD Billion)
6. Global Machine Risk Assessment Market, by Enterprise Size
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 6.3. SMEs
- 6.3.1. Global Machine Risk Assessment Market, by SMEs, by Region, 2019-2032 (USD Billion)
- 6.4. Large Enterprises
- 6.4.1. Global Machine Risk Assessment Market, by Large Enterprises, by Region, 2019-2032 (USD Billion)
7. Global Machine Risk Assessment Market, by Vertical
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 7.3. Automotive
- 7.3.1. Global Machine Risk Assessment Market, by Automotive, By Region, 2019-2032 (USD Billion)
- 7.4. Consumer Electronics
- 7.4.1. Global Machine Risk Assessment Market, by Consumer Electronics, By Region, 2019-2032 (USD Billion)
- 7.5. Food & Beverages
- 7.5.1. Global Machine Risk Assessment Market, by Food & Beverages, By Region, 2019-2032 (USD Billion)
- 7.6. Industrial
- 7.6.1. Global Machine Risk Assessment Market, by Industrial, By Region, 2019-2032 (USD Billion)
- 7.7. Others
- 7.7.1. Global Machine Risk Assessment Market, by Others, By Region, 2019-2032 (USD Billion)
8. Global Machine Risk Assessment Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Machine Risk Assessment Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Machine Risk Assessment Market - North America
- 8.3.1. North America: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.3.2. North America: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.3.3. North America: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.3.4. Machine Risk Assessment Market - U.S.
- 8.3.4.1. U.S.: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.3.5. Machine Risk Assessment Market - Canada
- 8.3.5.1. Canada: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4. Machine Risk Assessment Market - Europe
- 8.4.1. Europe: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.3. Europe: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.4. Machine Risk Assessment Market - UK
- 8.4.4.1. UK: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.5. Machine Risk Assessment Market - France
- 8.4.5.1. France: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.5.3. France: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.6. Machine Risk Assessment Market - Germany
- 8.4.6.1. Germany: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.7. Machine Risk Assessment Market - Italy
- 8.4.7.1. Italy: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.8. Machine Risk Assessment Market - Spain
- 8.4.8.1. Spain: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.9. Machine Risk Assessment Market - Netherlands
- 8.4.9.1. Netherlands: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.4.10. Machine Risk Assessment Market - Russia
- 8.4.10.1. Russia: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5. Machine Risk Assessment Market - Asia Pacific
- 8.5.1. Asia Pacific: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.4. Machine Risk Assessment Market - China
- 8.5.4.1. China: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.4.3. China: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.5. Machine Risk Assessment Market - India
- 8.5.5.1. India: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.5.3. India: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.6. Machine Risk Assessment Market - Malaysia
- 8.5.6.1. Malaysia: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.7. Machine Risk Assessment Market - Japan
- 8.5.7.1. Japan: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.8. Machine Risk Assessment Market - Indonesia
- 8.5.8.1. Indonesia: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.5.9. Machine Risk Assessment Market - South Korea
- 8.5.9.1. South Korea: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.6. Machine Risk Assessment Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.6.4. Machine Risk Assessment Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.6.5. Machine Risk Assessment Market - UAE
- 8.6.5.1. UAE: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.6.6. Machine Risk Assessment Market - Israel
- 8.6.6.1. Israel: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.6.7. Machine Risk Assessment Market - South Africa
- 8.6.7.1. South Africa: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.7. Machine Risk Assessment Market - Latin America
- 8.7.1. Latin America: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.7.4. Machine Risk Assessment Market - Mexico
- 8.7.4.1. Mexico: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.7.5. Machine Risk Assessment Market - Brazil
- 8.7.5.1. Brazil: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
- 8.7.6. Machine Risk Assessment Market - Argentina
- 8.7.6.1. Argentina: Machine Risk Assessment Market, by Type, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Machine Risk Assessment Market, by Vertical, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Machine Risk Assessment Market, by Enterprise Size, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Rockwell Automation, Inc
- 10.1.1. Company Overview
- 10.1.2. Financial PerEnterprise Sizeance
- 10.1.3. Enterprise Size Benchmarking
- 10.1.4. Recent Development
- 10.2. Rockford Systems LLC
- 10.2.1. Company Overview
- 10.2.2. Financial PerEnterprise Sizeance
- 10.2.3. Enterprise Size Benchmarking
- 10.2.4. Recent Development
- 10.3. TUV NORD GROUP
- 10.3.1. Company Overview
- 10.3.2. Financial PerEnterprise Sizeance
- 10.3.3. Enterprise Size Benchmarking
- 10.3.4. Recent Development
- 10.4. Advanced Technology Services, Inc
- 10.4.1. Company Overview
- 10.4.2. Financial PerEnterprise Sizeance
- 10.4.3. Enterprise Size Benchmarking
- 10.4.4. Recent Development
- 10.5. Keyence Corp
- 10.5.1. Company Overview
- 10.5.2. Financial PerEnterprise Sizeance
- 10.5.3. Enterprise Size Benchmarking
- 10.5.4. Recent Development
- 10.6. OMRON Corp
- 10.6.1. Company Overview
- 10.6.2. Financial PerEnterprise Sizeance
- 10.6.3. Enterprise Size Benchmarking
- 10.6.4. Recent Development
- 10.7. SICK AG
- 10.7.1. Company Overview
- 10.7.2. Financial PerEnterprise Sizeance
- 10.7.3. Enterprise Size Benchmarking
- 10.7.4. Recent Development
- 10.8. Pilz GmbH & Co. KG
- 10.8.1. Company Overview
- 10.8.2. Financial PerEnterprise Sizeance
- 10.8.3. Enterprise Size Benchmarking
- 10.8.4. Recent Development
- 10.9. Stantec
- 10.9.1. Company Overview
- 10.9.2. Financial PerEnterprise Sizeance
- 10.9.3. Enterprise Size Benchmarking
- 10.9.4. Recent Development
- 10.10. ABB
- 10.10.1. Company Overview
- 10.10.2. Financial PerEnterprise Sizeance
- 10.10.3. Enterprise Size Benchmarking
- 10.10.4. Recent Development
- 10.11. Intertek Group plc
- 10.11.1. Company Overview
- 10.11.2. Financial PerEnterprise Sizeance
- 10.11.3. Enterprise Size Benchmarking
- 10.11.4. Recent Development