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Dublin, May 08, 2023 (GLOBE NEWSWIRE) — The “Global Machine Risk Assessment Market Size, Share & Industry Trends Analysis Report by Enterprise Size, Type, Vertical, Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
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.
Key Market Players
- Keyence Corporation
- Omron Corporation
- Sick AG
- Rockwell Automation, Inc.
- Stantec, Inc.
- TUV Nord Group
- Rockford Systems, LLC
- UL LLC
- Advanced Technology Services, Inc./ATS (WestView Capital Partners)
- 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, DRA is required during various conformity 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.
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 have smart gadgets and sophisticated sensors that 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 immense potential 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.
Scope of the Study
By Enterprise Size
- Large Enterprises
- Consumer Electronics
- Food & Beverages
For more information about this report visit https://www.researchandmarkets.com/r/tqp319
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