Market Size of Asia Pacific Safety Switches Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Safety Switches Market Analysis
The Asia Pacific Safety Switches Market is expected to grow by registering a CAGR of 5.2% during the forecast period. For robot and machine installations, operator safety is of the utmost importance, and safety switches are anticipated to offer the expected level of protection. Safety switches are crucial components of automated industrial machinery. Hence, many factors drive the market for safety switches.
- The increasing incidence of worker accidents in businesses and factories is driving the installation of safety switches. According to the International Labor Organization (ILO), nearly 2.3 million people die yearly from work-related accidents or diseases, equating to over 6000 deaths daily.
- Technological advancements are increasing the demand for manufacturing plants with heavy machinery. The growing economies of various developing and emerging economies, such as Japan, China, and India, are creating opportunities to set up more production facilities and manufacturing plants.
- The increasing use of automation in potentially dangerous industrial settings, increased government involvement in efforts to ensure the equipment and personnel safety of businesses, and rising demand for non-contact door switches to increase the stability of doors and guards are the main factors propelling the growth of this market.
- In addition, the Indian government is anticipated to play a vital role in modernizing the country's energy infrastructure, particularly at the provincial level, through smart city programs and the National Smart Grid Mission. The NSGM is a framework for modernizing the country's smart grid infrastructure over the next ten years by using innovative technologies to improve utility company operations.
- The outbreak of COVID-19 has forced multiple industries to halt almost every industrial operation globally. Also, amidst the pandemic spread, the market for safety switches that significantly relies on the manufacturer and end-user verticals and substantial adoption at the industrial front is likely to be impacted, as the pandemic has resulted in changes in the planned investments of multiple companies over the forecast period.
