Manufacturing Industry
Machine safeguarding outlook: general economic trends, cost savings, safety networks and standards all serve to boost future prospects for the machine automatic safeguarding market.(MARKET FORECAST)
Packaging Digest, May, 2005
The North American machine automatic safeguarding market totaled $250.2 million in 2004 and is forecast to reach $356 million in 2007, increasing at a compound annual growth rate of 12.5%, according to "The North American Market for Machine Automatic Safeguarding Equipment" report from Venture Development Corp. (VDC).
Nearly all of the surveyed North American users in VDC's study identified protection of personnel as a primary reason for purchasing machine automatic safeguarding products. A majority also indicated meeting OSHA requirements as a reason. Nearly 50% of respondents indicated liability/legal issues and protection of equipment.
According to VDC, factors contributing to the expected high growth rate for this equipment sector include: ...
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