The safety switch market in countries such as China, India, Japan, and South Korea is expected to grow at a high rate due to the increasing deployment of automated technologies to reduce operational costs, enhance productivity, and ensure functional safety.
The safety switch market 2023 is Overview of Growth Factors and Future Prospects report added on RnRMarketResearch.com. The Safety Switch Market is expected to grow at a CAGR of 4.5% between 2018 and 2023, reaching from USD 1.24 billion in 2018 to USD 1.55 billion by 2023.
The key players operating in the safety switch market are General Electric (US), Schneider Electric (France), Rockwell (US), Siemens (Germany), ABB (Switzerland), Eaton (Republic of Ireland), Honeywell (US), Omron (Japan), Pilz (Germany), SICK (Germany), Banner Engineering (US), BERNSTEIN (Germany), Emerson (US), EUCHNER (Germany), Fortress Interlocks (UK), IDEC (Japan), IDEM (UK), Pepperl+Fuchs (Germany), Schmersal (Germany), and Stahl (Germany).
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The key factors driving the growth of the safety switch market are the development strategies implemented by the players operating in the safety switch market, such as agreements, product launches and developments, partnerships, collaborations, and mergers & acquisitions; growing adoption of automation in hazardous industrial areas; increasing government intervention for equipment and personnel safety in industries; and rising demand for non-contact door switches to improve the stability of doors and guards. The major restraining factor for the growth of this market is the high investment required for automation implementation and maintenance of equipment in hazardous environments.
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“Contact safety switch expected to hold a larger share of the safety switch market during the forecast period”
The contact safety switch market is expected to hold a larger share than non-contact safety switch market. The larger market share of contact safety switches can be attributed to its predominant use in every industry and lower cost as compared to non-contact switches.
“Safety switch market in Asia Pacific expected to grow at the highest rate during the forecast period”
The safety switch market in Asia Pacific (APAC) is expected to grow at the highest rate between 2018 and 2023.
The break-up of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 –15%, Tier 2 –55%, Tier 3 –30%
- By Designation: C-Level Executives –10%, Managers – 35%, Others–55%
- By Region: Americas–35%, APAC –50%, and Europe – 15%.
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