The North American safety switches market is estimated to be worth USD XX billion in 2015 and is projected to grow at a CAGR of XX.XX% during the forecast period to reach USD XX billion by 2021.
The strength of the North American market lies in the in-depth experience of their engineering solutions. Unlike other geographic regions where the plant manager is responsible for any uncertain incidents in the factory, North American industries hold the company responsible for employee safety. In North America, UL and Canadian Standard Association (CSA) introduced regulations for safety switches such as compliance with ‘End of Life Provision’ and ‘Miswire Prevention Feature’.
Safety switches are technically referred to as Residual Current Switches (RCD). The word ‘safety switch’ has been adopted by Australia and Queensland, and widely used in the North America region. Safety is the first and foremost task undertaken by a plant manager in a factory and includes precautions in a manufacturing plant avoid disastrous situations. Any uncertain occurring can lead to loss of productivity.
North America Safety Switches Market-Market Dynamics
Industrial equipment safety has been going through a major transformation in the past couple of years and with several governments and agencies pushing for stricter regulations regarding the workplace safety, the safety switches market will experience growth over the next five years. The safety switches being manufactured today fit all the required industrial safety standards. They are reliable, stable, and can be used at different hazardous locations. Given the unavoidable hazardous areas in core industrial sectors, the need for adopting safe methods or using safe equipment has become a top priority for enterprises operating in these sectors.
Some of the factors driving the market include:
The complexity of standards, lack of product awareness, and associated high product costs are the key challenges of the market.
The North America safety switches market is broadly segmented on the basis of types, end-users, and territories. On the basis of types, the market has been segmented into safety limit switches, emergency stop switches, and safety interlock switches. On the basis of its end-users, its applications could be explained under segments such as automobile, energy & power, chemical, pharmaceutical, oil & gas, food & beverages, semiconductors, and others.
Some of the market players mentioned in the report are:
What the Report Offers
and Forecasts (2016 - 2021)
2. Research Methodology
3. Executive Summary
4. Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat from New Entrants
4.3.4 Threat from Substitute Products
4.3.5 Competitive Rivalry within the Industry
4.4 Industry Policies
5. MARKET DYNAMICS
5.2.1 Flexible for Use in Various Applications
5.2.2 High Market Demand for Intrinsically Safe Equipment
5.2.3 Miniaturization of Devices
5.2.4 Industrial Safety Standards
5.3.1 Complexity of Standards
5.3.2 Lack of Product Awareness
5.3.3 Associated Product Costs
5.4.1 Sophisticated Technology Forms
6. Technology Snapshot
7. North America Safety Switches Market Products Market Segmentation, Forecasts, and Trends
7.1 North America Safety Switches Market - Segmented By Types
7.1.1 Safety Limit Switches
7.1.2 Emergency Stop Switches
7.1.3 Safety Interlock Switches
7.2 North America Market - Segmented By End-Users
7.2.2 Energy & Power
7.2.5 Oil & Gas
7.2.6 Food & Beverages
7.3 North America Market – Segmented By Territory
8. North America Vendor Market Share Analysis
9. Competitive Intelligence - Company Profiles
9.1 Rockwell Automation
9.4 Scientific Technologies Inc.
9.5 Banner Engineering
9.8 Schneider Electric
9.10 OMRON Industrial Automation
10. Investment Analysis
10.1 Investment Scenario and Opportunities
11. Future of North America Safety Switches Market