Safety Switches Market

Safety Switches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

SR496623 | 26-Mar-2021 | 120 Pages | Mordor Intelligence |

Summary

The Safety Switches market is expected to grow at a CAGR of 4.11% over the forecast period (2021 - 2026). Operator safety is of utmost importance for any robot and machine installations, and safety switches are expected to provide the expected level of protection. Safety switches play a significant role in automated production equipment.

- Different categories of personnel work on automated production equipment, ranging from production workers to engineers. This wide range and increasing automation are demanding for products from various end-user industries, like food and beverage, oil and gas, pharmaceuticals, aerospace, etc.
- Technological advancements are increasing the demand for manufacturing plants with heavy machinery. The growing economies of various developing and emerging economies such as Brazil, China, and India are creating opportunities for setting up of more production facilities and manufacturing plants. Hence, driving the market for safety switches, globally.
- The key factors contributing to the growth of the safety switches market are the need and flexibility of usage in a wide range of applications, high market demand for safer equipment, miniaturization of devices, and industrial safety standards.

Key Market Trends

Safety Switches for Industrial Application to Show Significant Growth

- Industrial applications, such as in oil and gas, manufacturing, material handling, and power generation industries show significant growth for safety switches. As in a single machine, it is common that various kinds of safety switches are used such as emergency shutdown switches or safety limit switches.
- The need for a safer working environment is driving the market for safety switches. In hazardous locations in industries like grain elevators, offshore drilling, petrochemical, and waste treatment plants, paint booths and hazardous waste handling facilities, these safety switches are the key players for safe and efficient work.
- The fatalities have been increasing over the years. In 2017, the mining and construction industry led in record with a total of over 450 accident incidents, according to JISHA (Japan Industrial Health and Safety Association).

Asia-Pacific to Witness the Fastest Growth

- Asia-Pacific is estimated to be the fastest-growing region for the safety switches market. The industries are adopting automation, thus making the machines more complex. This ultimately demands more sensors and safety switches applications.
- The presence of a large number of domestic and international manufacturing companies in the emerging economies of Asia-Pacific, rapid industrialization, and expanding manufacturing activities are projected to drive the machine condition monitoring activities on the industry floor and is expected to drive the safety switches market in this region.
- Strong demand for consumer automobiles, medium and heavy buses, and trucks are estimated to drive the demand for non-destructive testing equipment and services in this region. To safeguard such high-value industrial assets the market is expected to continue to generate the demand over the forecast period. For instance, the market for new vehicles in Asia-Pacific, which includes passenger vehicles, buses, and trucks, crossed 40 million units in 2017, driven strongly by countries such as China and India.

Competitive Landscape

The availability of several players offering safety switches has intensified the competition in the market. Therefore, the market is fragmented with many companies developing expansion strategies.

- July 2018 - ABB announced the acquisitions of General Electric Industrial solutions division. This USD 2.6 billion transactions is creating value for ABB and is also creating potential opportunities by coupling its digital offerings.
- July 2017 - Rockwell Automation introduced advanced cable-pull E-stop with patented, microprocessor-based technology. This product provides continued access to E-stop function, hence stopping machine risks with a simple pull of attached cables.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support