Machine Risk Assessment

Global Machine Risk Assessment Market to Reach US$9.9 Billion by 2030

The global market for Machine Risk Assessment estimated at US$7.3 Billion in the year 2024, is expected to reach US$9.9 Billion by 2030, growing at a CAGR of 5.3% over the analysis period 2024-2030. Equipment-based Machine Risk Management, one of the segments analyzed in the report, is expected to record a 4.4% CAGR and reach US$6.2 Billion by the end of the analysis period. Growth in the Task-based Machine Risk Management segment is estimated at 7.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.9 Billion While China is Forecast to Grow at 5.2% CAGR

The Machine Risk Assessment market in the U.S. is estimated at US$1.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.6 Billion by the year 2030 trailing a CAGR of 5.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.6% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR.

Global Machine Risk Assessment Market – Key Trends & Drivers Summarized

Why Is Machine Risk Assessment Gaining Popularity?

With the increasing reliance on automation and industrial machinery in manufacturing, construction, healthcare, and other sectors, ensuring machine safety has become a top priority. Machine risk assessment is a critical process used to evaluate potential hazards, operational failures, and compliance with safety regulations. The rapid expansion of Industry 4.0, which integrates robotics, AI, and IoT-enabled smart manufacturing systems, has further highlighted the need for advanced risk assessment methods to minimize workplace accidents and machine downtime. Businesses are also recognizing that effective risk assessment not only enhances safety but also improves operational efficiency and reduces liability costs.

Regulatory agencies such as the Occupational Safety and Health Administration (OSHA), European Machinery Directive, and International Organization for Standardization (ISO) require strict compliance with machine safety standards. As industries adopt more complex and interconnected automated systems, the demand for AI-powered risk assessment tools is growing. These tools help companies predict failures, prevent malfunctions, and ensure compliance with global safety regulations, making them essential in modern industrial operations.

How Are Innovations Enhancing the Performance of Machine Risk Assessment?

Technological advancements are revolutionizing machine risk assessment by leveraging AI, machine learning, and real-time data analytics. Predictive maintenance systems powered by AI can analyze vast amounts of operational data to identify patterns that indicate potential failures or safety risks. Augmented reality (AR) and digital twin technology are being used to simulate risk scenarios and optimize machine design before deployment. IoT-enabled sensors provide continuous real-time monitoring of machinery, allowing companies to detect performance anomalies early and take preventive measures before failures occur.

Automated risk assessment software solutions are also gaining traction, replacing traditional manual audits with digital platforms that generate comprehensive risk reports, suggest corrective actions, and maintain historical safety data for compliance audits. These innovations not only improve worker safety but also reduce operational costs by preventing unplanned downtime and enhancing machine reliability.

What Are the Key Market Drivers?

Several factors are driving the growth of the machine risk assessment market. The increasing complexity of industrial automation, coupled with stringent regulatory frameworks, is compelling companies to adopt more advanced risk assessment solutions. Rising workplace safety concerns and legal liabilities associated with machinery accidents have also increased investments in risk mitigation strategies. Additionally, as businesses continue to integrate AI and IoT into their operations, the need for automated and data-driven safety assessment tools is growing.

The demand for smart factories and digital transformation initiatives is further propelling market expansion. With more companies seeking to implement predictive analytics and real-time monitoring solutions, machine risk assessment technologies are becoming essential for optimizing industrial processes.

What Challenges and Future Opportunities Exist?

Despite its growing importance, machine risk assessment faces challenges such as high implementation costs, resistance to technological adoption in traditional industries, and data security concerns. Some businesses still rely on outdated manual risk assessment procedures, making the transition to AI-powered solutions slower. However, opportunities lie in the increasing adoption of cloud-based risk assessment platforms, AI-driven automation, and blockchain technology for data security and compliance tracking.

The future of machine risk assessment will be shaped by advancements in AI, digital twins, and remote monitoring technologies. As industries continue to evolve, automated safety solutions will play a critical role in ensuring worker protection, minimizing operational risks, and enhancing overall efficiency.

SCOPE OF STUDY:

The report analyzes the Machine Risk Assessment market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Equipment-based Machine Risk Management, Task-based Machine Risk Management); Organization (Small & Medium-Sized Enterprise, Large Enterprises); Vertical (Automotive Vertical, Food & Beverages Vertical, Consumer Electronics Vertical, Industrial Vertical, Healthcare Vertical, Other Verticals)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 42 Featured) -

• ABB Ltd
• Advanced Technology Services, Inc.
• Bureau Veritas
• DEKRA SE
• EAD Corporate
• Honeywell International Inc.
• Intertek Group plc
• Machine Safety Specialists
• Omron Corporation
• Pilz GmbH & Co. KG
• Quad Plus
• Rockwell Automation
• Schneider Electric
• SGS SA
• SICK AG
• Siemens AG
• Stantec Inc.
• Stronghold Safety Engineering
• TÜV Rheinland
• UL LLC

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.