Safety Switches Market

Safety Switches Market was estimated at USD 1,100 Million in 2019 and anticipated to grow at 4.5% CAGR during forecast period.

Introduction of the Global Safety Switches Market Report

A safety switch refers to a device that switches off the electricity supply if an electrical fault is detected. It helps in minimizing the risk of electricity-related fires, electric shock, injury, and death. If a person makes direct contact with electricity, it is directed away from its main path in the electrical circuit rather than going through the person’s body to the earth. This switch detects the changes in the electrical circuit and switches the power off in around 0.3 seconds.

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Market Dynamic

Key Drivers and Emerging Trends

One of the major factors that is contributing to the growth of the global safety switches market size includes the strong demand for safety switches in sectors such as food and beverages, automotive, and mining. As safety is becoming one of the important aspects of the hygiene-compliant food and beverage industry, the safety systems are the trending go-to-equipment for the leading food and beverage companies to increase production precision, efficiency, and flexibility. It improves the operational transparency across production lines and reduces the compliance costs for timely corrective actions. Additionally, the growing customer awareness related to the benefits offered by safety switch which include its ability to provide real-time electrical feedback on machine component positions and simplifies machine troubleshooting. Thus, this will boost the growth of the safety switches market share in the coming years.

The increasing demand for safety switches owing to the rising industrialization in developed and developing economies is driving the market growth. For example, the introduction of the Saudi Industrial Development Fund (SIDF) along with National Industrial Development and Logistics Program (NIDLP) and Saudi Vision 2030, is supporting the installation of safety switches in the country. In addition to this, the rising number of worker’s accidents in industries or factories is further encouraging the installation of safety switches. As per the International Labour Organization, around 2.3 million people around the world succumb to work-related accidents or diseases every year, which amounts to over 6000 deaths each day.

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End Users – Segment Analysis

Based on the end-users, the industrial segment is projected to grow at a higher CAGR during the forecast period. The rising applications in oil and gas, manufacturing, material handling, and power generation industries is driving the growth of the market. Moreover, the growing emphasis on improving the safety of the working environment is further driving the growth of the market. In hazardous locations such as grain elevators, offshore drilling, waste treatment plants, paint booths, and hazardous waste handling facilitates, the safety switches play an important role in ensuring safety. The rising number of industrial accidents is further surging the demand for safety switches. As per the JISHA (Japan Industrial Health and Safety Association), in 2017, the mining and construction sector recorded a total of over 450 incidents.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the market during the forecast period. This is mainly due to the increasing adoption of safety switches in industries along with the presence of a large number of domestic and international manufacturing organizations, especially in the developing countries of the region. Schneider Electric, one of the major leading players in the market, is providing various types of safety sensors and switches such as Preventa XY2 C – ATEX D, Preventa XCS, among others. Additionally, the strong demand for consumer automobiles, medium and heavy buses, and trucks is indirectly surging the demand for safety switches in the manufacturing/ production plants. As per the IBEF, the domestic automobile production rises at 2.36% CAGR between FY 2016-2020, with around 26.36 million vehicles manufactured in India in FY2020.

Top Market Players

Some of the leading players operating in the market include Schneider Electric, Rockwell Automation, Inc., Banner Engineering Corp., Eaton, EUCHNER GmbH + Co. KG, ABB, Pilz GmbH & Co. KG, Siemens, OMRON Corporation, and Honeywell International Inc., among others. 

Key Developments:

• • In 2017, Rockwell Automation, Inc., launched the cable-pull E-stop with microprocessor-based technology. This product offering offers access to E-stop function, thus stopping machine risks with simple pull of attached cables.

Segments covered in the Report:

The global safety switches market has been segmented on the basis of type, end users, and regions. Based on Type, the market is segmented into electromagnetic, non-contact, and others. Based on End users, the market is segmented into industrial, commercial, healthcare, oil and gas, and others. 

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Key questions answered in this research report:

• • At what pace is the global safety switches market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global safety switches market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global safety switches market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end users areas of the global safety switches market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Safety Switches Market by Type

• • Electromagnetic
  • Non-Contact
  • Others

Global Safety Switches Market by End users

• • Industrial
  • Commercial
  • Healthcare
  • Oil and Gas
  • Others

Global Safety Switches Market by Region

• • North America Safety Switches Market (Option 1: As a part of the free 25% customization)
    • North America Safety Switches Market by Type
    • North America Safety Switches Market by End users
    • US Safety Switches Market All-Up
    • Canada Safety Switches Market All-Up
  • Europe Safety Switches Market (Option 2: As a part of the free 25% customization)
    • Europe Safety Switches Market by Type
    • Europe Safety Switches Market by End users
    • UK Safety Switches Market All-Up
    • Germany Safety Switches Market All-Up
    • France Safety Switches Market All-Up
    • Spain Safety Switches Market All-Up
    • Rest of Europe Safety Switches Market All-Up
  • Asia-Pacific Safety Switches Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Safety Switches Market by Type
    • Asia-Pacific Safety Switches Market by End users
    • China Safety Switches Market All-Up
    • India Safety Switches Market All-Up
    • Japan Safety Switches Market All-Up
    • Rest of APAC Safety Switches Market All-Up
  • RoW Safety Switches Market (Option 4: As a part of the free 25% customization)
    • RoW Safety Switches Market by Type
    • RoW Safety Switches Market by End users
    • Brazil Safety Switches Market All-Up
    • South Africa Safety Switches Market All-Up
    • Saudi Arabia Safety Switches Market All-Up
    • UAE Safety Switches Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Safety Switches Market All-Up

Major Players Operating in the Global Safety Switches Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Schneider Electric
  • Rockwell Automation, Inc.
  • Banner Engineering Corp.
  • Eaton
  • EUCHNER GmbH + Co. KG
  • ABB
  • Pilz GmbH & Co. KG
  • Siemens
  • OMRON Corporation
  • Honeywell International Inc.