Market Size of Europe Safety Switches Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Safety Switches Market Analysis
The use of safety switches In this region is increasing in various industries such as oil and gas, energy and electricity, chemical, pharmaceutical, food processing, metallurgy, and mining. Various trade fairs and exhibitions have also helped safety switch companies expand their customer base and significantly contribute to the growth of the safety switch market.
- Increasing use of safety switches in industries such as food and beverage, mining, and automotive are driving the market growth. Sales of these switches are also increasing with the introduction of energy-efficient and environmentally friendly systems.
- In addition, governments in this region and across the globe are implementing safety standards that have a positive impact on the market as well, and many organizations use safety switches in the workplace to prevent work-related hazards, protect employees, and meet necessary corporate safety standards.
- The development of new industrial infrastructure, including power plants for stable and safe operation, is expected to drive market growth. Increasing investment in renewable energy and government-friendly regulations supporting new technologies is expected to boost the industry.
- Europe currently plans to increase the capacity of offshore wind turbines by 25 times by 2050. According to the European Commission, the 'Offshore Renewable Energy Strategy' shares plans to achieve 40 GW of offshore energy such as wave and tidal power in the same period.
- Due to the sudden outbreak of the COVID-19 pandemic, strict quarantine rules have been implemented in several countries, halting the import and export of safety switches. The fall in electricity demand and focus on higher renewable production has driven non-renewable generation down in the European Union. The share of various renewable energy sources in the electricity mix in several EU countries, especially Spain, Italy, and Germany, set records during the lockdown period. The share of renewables remained high as lockdown measures were softened.
