The North America safety I/O modules market is estimated to be worth USD XX billion in 2016 and is projected to witness a CAGR of XX.XX% during the forecast period to reach USD XX billion by 2021.
The safety input-output modules provide all the basic advantages that the traditional distributed input/output safety systems provide. With the help of these new modules, one can control and monitor their safety devices. One can also detect a failure at input/output and field device levels, along with enhancing the operator protection. The growing technological advancements have improved the safety parameters associated with these input/output modules, making their use in the hazardous zones even more feasible. This technological growth is bound to bring more improvements in the quality of the safety in input/output modules in the future.
North America Safety I/O Modules Market-Market Dynamics
The US is one of the top five countries that import the highest number of high-voltage protection equipment as well as low-voltage equipment, accounting for an import value of nearly USD 718 million (for high-voltage protection equipment) and a USD 9.26 billion (for low-voltage protection equipment). The US has the largest and most technologically developed economy in the world, with a positive per capita GDP. Business firms in the US enjoy a greater degree of flexibility compared to businesses in Japan and Western Europe in terms of innovation and expansion. Canada is equipped with a high-tech industrial economy and resembles the US in its market-oriented economic system, production pattern, and high living standards.
Drivers
The key factors contributing to the growth of the North America safety input/output modules market are:
- Demand for intrinsically safe I/O modules
- Compulsory industrial or government safety standards
- Miniaturization of devices
- Demand for reduced wiring cost
- Reduced start-up machine time
Restraints
Weak domestic demand and inadequate exports business are some of the key challenges for the North America safety I/O modules market.
The North America safety input/output modules market is broadly segmented based on types, end-users, and countries. Based on types, the market is segmented into analogue module (I/O), digital module (I/O), network adaptor, power supply & chassis, and intelligent I/O. Based on its verticals, the market is explained under automotive, energy & power, manufacturing, pharmaceutical, semiconductors, transportation, oil & gas, and others.
Some of the key market players mentioned in the report are:
- ABB
- Bihl+Wiedemann GmbH
- Rockwell Automation
- Schneider Electric
- Siemens
What the Report Offers
- Market definition for safety I/O modules along with identification of key drivers and restraints for the market
- Market analysis of the North America safety I/O modules market, with region-specific assessments
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a global and regional scale
- Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share
- Identification and analysis of the macro and micro factors that affect the North America safety I/O modules market on both the global and regional scale
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
