The safety relay market is estimated to grow at a CAGR of 7.43% to reach a market size of US$838.575 million in 2027, from US$505.807 million in 2020. The market is expected to grow at a significant pace due to its immense end-use applications in varied end-use industry verticals. The presence of stringent regulations such as the OSHA and Machinery Directive is also boosting market demand, with the safety of industrial operations and personnel in mind.
Furthermore, growing concerns about the safety and security of industry personnel are providing additional impetus to market growth during the forecast period. Furthermore, the market is projected to augment at a significant pace due to the adoption of automation solutions in hazardous industrial environments. On the basis of relay configuration, the safety relay market has been segmented into single-channel relays and dual-channel relays.
Single relays are used for controlling the lighting, electrical, and other equipment via the digital I/O port. Some of the applications include solenoid valves, lamps, motors, and other high current and high voltage devices. Hence, with the growing trend of home automation, the market for single-channel relays may find suitable growth prospects in the forecast period and in the upcoming years.
On the basis of application, the safety relay market has been categorized into light curtains, magnetic switches, safety mats, emergency stop buttons, and others. Stopping a movement in a controlled and safe manner, monitoring the position of movable guards, and emergency stops are some of the functions of safety relays. In the current era, these are found in every requirement available in the practical world. This is because of the fact that safety relays are easy and convenient to operate and have a clear structure. In addition, these do not require any skilled training. The only requirements for operating a safety relay are basic general knowledge and a little awareness about the current standards to comply with, in a particular situation.
The utilization of safety relays has become popular due to their compact design, high reliability, and one of the most important reasons being that these safety relays meet all of the required standards. Hence, these have become an integral safety component of a new plant or machinery requiring safety functions.
On the basis of the end-user industry, the safety relay market has been broadly segmented into transportation, construction, chemical, power, and others. Safety relay market growth holds strong potential in the energy and power industry owing to the high risks involved with the working of personnel in a hazardous environment. The growing global energy demand is further bourgeoning the market growth in this segment.
Also, the growing concerns about the depletion of fossil fuels and the increasing exploration of renewable alternatives are further providing an impetus for the market to thrive in the forecast period.
Geographically, the safety relay market has been segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and the South American region. The Asia-Pacific region is projected to grow at a rapid pace during the forecast period. This is majorly attributed to the growing utilization of complex machinery, keeping in view the high demand for products to be manufactured for a large consumer base in the region.
The growing middle-class population is adding to the increasing consumer base with increasing family income and growing disposable income. The growing industrial automation with the advent of industry 4.0, the increasing urban population with rapid urbanization, and the expansion of manufacturing activities are poised to drive the growth of the global safety relay market in the forecast period.
The presence of strict regulations on industrial safety serves as a major factor in driving the growth of the global safety relay market in the forecast period.
In order to maintain a safe and healthy working environment, it becomes important for the industries to comply with the regulatory standards, failing which would lead to harmful effects, resulting in loss to the organization and the workers. There are pieces of incidents from the past regarding the killing of people at industrial sites, hence, leading to suffering from work-related disabilities. Hence, this further resulting in poor work output and contributes to huge losses. It is, however, impossible to eliminate the causes of accidents, but significant efforts are being made to provide safety measures in order to avoid mishappenings. Examples of regulatory standards include
The trend of industry 4.0 is paving the way for the use of safety relay devices in the forecast period and in the coming years.
Industrial automation worldwide is projected to surge in the upcoming years. This is due to the increasing inclination towards adopting digital technologies, hence contributing to industrial automation growth. The increasing labour charges are further fueling the market demand in the forecast period and in the upcoming years. Additionally, the soaring need to reduce the risk of accidents in industrial sites is fueling the demand for industrial automation, hence driving the market demand as well.
Furthermore, automation is allowing organizations to gain real-time information related to industrial operations, thus, making the continuous monitoring of operations possible. The introduction of connected technologies such as the industrial internet of things (IIoT) is further poised to bolster automation in industries in the forecast period and in the upcoming years.
The outbreak of the Covid-19 Pandemic has slowed down the overall market growth in 2020 due to the lockdown restrictions. The industries such as construction, energy and power, manufacturing and the automotive sector were severely hit by the pandemic which has declined the safety relays market growth. However, the market is all set to grow back due to the rapid developments in all the end-user industries and the driving power sector is further expected to drive the market growth in the coming years.
|Market Size Value in 2020||US$505.807 million|
|Market Size Value in 2027||US$838.575 million|
|Growth Rate||CAGR of 7.43% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Relay Configuration, Applicatiopn, End User Industry, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Siemens, ABB, Rockwell Automation, Inc., Schneider Electric, SICK AG, Panasonic Corporation, Phoenix Contact, OMRON Corporation, Pilz GmbH & Co. KG|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the safety relays market size by 2027?
A1. The safety relays market is estimated to reach a total market size of US$838.575 million in 2027.
Q2. What are the growth prospects for the safety relays market?
A2. The global safety relay market is estimated to grow at a CAGR of 7.43% during the forecast period.
Q3. What is the size of the global safety relays market?
A3. Safety Relays Market was valued at US$505.807 million in 2020.
Q4. What factors are anticipated to drive the safety relays market growth?
A4. The safety relays market is expected to grow at a significant pace due to its immense end-use applications in varied end-use industry verticals.
Q5. Which region holds the largest market share in the safety relays market?
A5. The Asia Pacific region holds a noteworthy share in the global safety relays market.
Rockwell Automation, Inc.
Pilz GmbH & Co. KG
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