The safety relays market is estimated to grow at a CAGR of 5.23% to reach a market size of US$741.356 million in 2025 from US$545.996 million in 2019. 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 burgeoning the market demand keeping in view the safety of the industrial operation and the personnel. Additionally, the increasing concerns regarding the safety and security of industry personnel are further providing an impetus in propagating the 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 the hazardous industrial environment. On the basis of relay configuration, the safety relays 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 relays 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 stop 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 in operation and have a clear structure. In addition, these do not require any skilled training. The only requirement for operating a safety relay is basic general knowledge and a little awareness about the current standards to comply with, in a particular situation. The utilization of the safety relays has become popular due to their compact design, high reliability, and one of the most important reasons include 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 relays market has been broadly segmented into transportation, construction, chemical, power, others. Safety relays 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 for the depletion of fossil fuels and increasing exploration of renewable alternatives is further providing an impetus for the market to thrive in the forecast period.
Geographically, the safety relays 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 high 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 is poised to drive the growth of the global safety relays market in the forecast period.
The presence of strict regulations on industrial safety serves as a major driver in driving the growth of the global safety relays 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 causing 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 the industrial sites, hence, leading to suffering from work-related disabilities. Hence, further resulting in poor work output and contributing to huge losses. It is however impossible to eliminate the causes of accidents but significant efforts are being made for providing safety measures in order to avoid mishappenings. The examples of regulatory standards include
The trend of industry 4.0 is paving 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 in adopting digital technologies, hence contributing to industrial automation growth. The increasing labor charges are further fueling the market demand in the forecast period and in the upcoming years. Additionally, the soaring need for reducing the risk of accidents in the industry sites is fueling the demand for industrial automation, hence driving the market demand as well.
Furthermore, automation is allowing organizations in gaining real-time information related to industrial operations, hence, leading to 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.
|Market size value in 2019||US$545.996 million|
|Market size value in 2025||US$741.356 million|
|Growth Rate||CAGR of 5.23% from 2019 to 2025|
|Forecast Unit (Value)||USD Million|
|Segments covered||Relay Configuration, Application, 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|
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Pilz GmbH & Co. KG
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