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Safety Switches Market - Growth, Trends, and Forecast (2020 - 2025)
The Safety Switches Market is Segmented by Type (Electromagnetic, Non-contact), End-User (Industrial, Commercial, Oil and Gas), and Geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2019-2025
Base Year:
2019
Fastest Growing Market:
Asia Pacific
Largest Market:
North America
CAGR:
6.0 %
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Market Overview
The Safety Switches market was valued at USD 1.45 billion in 2019 and is expected to reach USD 2.03 billion by 2025, at a CAGR of 6% over the forecast period 2020 - 2025. 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.
Scope of the Report
In the study of the safety switches market, a different type of switches is considered according to its applications. 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. Thus, segmentation by end users is also covered in the market studied.
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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).
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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 40Â million units in 2017, driven strongly by countries such as China and India.
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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.
Table Of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increased Emphasis on Workplace Safety
4.3.2 Stringent Regulations on Machine and Personnel Safety
4.4 Market Restraints
4.4.1 Product Compatibility with Different Existing Platforms
4.5 Industrial Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Electromagnetic
5.1.2 Non-contact
5.1.3 Other Types
5.2 By End Users
5.2.1 Industrial
5.2.2 Commercial
5.2.3 Healthcare
5.2.4 Oil and Gas
5.2.5 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Argentina
5.3.4.4 Rest of Latin America
5.3.5 Middle East & Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Schneider Electric
6.1.2 Rockwell Automation Inc.
6.1.3 Banner Engineering Corp.
6.1.4 Eaton Corporation
6.1.5 Euchner GmbH
6.1.6 SICK AG
6.1.7 Pilz GmbH & Co. KG
6.1.8 Siemens AG
6.1.9 Omron Electronics LLC
6.1.10 Honeywell International Inc.
6.1.11 Murrelektronik GmbH
6.1.12 Parmley Graham Ltd
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
*List Not Exhaustive
** Subject to Availability
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