Safety Switches Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Fusible Safety Switch, Non-Fusible Safety Switch), By Installation Type (Switchboard Safety Switches, Powerpoint Safety Switches, Portable Safety Switches), By Product Type (Electro-mechanical Safety Switches, Non-contact Safety Interlock Switches, Safety Locking Devices, Safety Command Devices, Others), By Application (Light Duty Applications, Heavy Duty Applications), By End-User (Industrial, Commercial, Residential), And By Geography- Forecasts From 2022 To 2027
- Published : Sep 2022
- Report Code : KSI061611489
- Pages : 129
The safety switches market is anticipated to grow at a CAGR of 8.52% in order to attain a market size of US$3.062 billion by 2027, from US$1.728 billion in 2020. The market is expected to grow at a significant pace owing to immense application in various end-use industry verticals.
The potential application of safety switches in service entrances or providing protection against faults is driving the market demand in the forecast period. The growing concerns regarding the safety and security of industry personnel are further providing an impetus to burgeoning market growth during the forecast period. Furthermore, the market is projected to grow at a significant pace due to the adoption of automation solutions in hazardous industrial environments.
Also, the presence of stringent regulations for the safety of equipment and personnel is adding to the market’s growth. The increasing adoption of non-contact switches across various industries in high-safety areas will further boost market growth over the next five years.
On the basis of product type, the safety switch market has been segmented into electro-mechanical safety switches, non-contact safety interlock switches, safety locking switches, and safety command devices, among others.
Non-contact safety interlock switches are extensively used across industries owing to their compactness and the non-contact way to interlock doors, guards, gates, etc. These switches are suitable in areas where a high level of protection against tampering is required, machine doors are subject to heavy vibration, precise door guide is not possible, and in wet, dusty, and oily environments.
On the basis of application, the safety switch market has been broadly segmented into light-duty applications and heavy-duty applications.
Heavy-duty safety switches hold a significant share in the market as they are used for commercial and industrial applications where safety, high performance, and continuity of service are essential. These switches provide increased safety with the whole range of fusible and non-fusible safety switches and are easy to install and easy to maintain.
On the basis of end-user, the safety switch market has been broadly segmented into industrial, commercial, and residential. Safety switches are increasingly used in industrial automation, which includes manufacturing, healthcare, and the oil & gas industry, among other industries. The installation of safety switches as per the requirement is done to ensure the safety of people and equipment at the place. Big industries, such as the manufacturing industry, and the oil & gas industry, utilize high-performance safety switches to ensure the safety and continuity of machinery.
Geographically, the safety switch market has been segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and the South American region.
The Asia-Pacific region is expected to grow at a fast pace over the forecast period owing to the increasing use of complex machinery so as to meet the rising demand for various products, having a high consumer base. The burgeoning automation in industries, rapid urbanization, and expanding manufacturing activities will drive the growth of the safety switch market in the region.
The presence of stringent regulations on industrial safety is driving the market’s growth in the forecast period.
It is important to maintain a safe and healthy working environment, and in order to achieve these conditions, the industries must comply with the government regulatory standards, failing which may lead to deleterious effects for the company and the individual. Many people are killed every year on industrial sites, and many more suffer from work-related disabilities. This results in no or poor work output, thus bringing in a loss to the company and business. However, it is not possible to eliminate the cause of accidents, but one can make arrangements to provide shielding in order to provide safety and avoid such mishappenings. Thus, regulatory standards provide safety against these untoward incidents.
One of the examples includes the Occupational Safety and Health Act (OSHA), which came into force in 1970. The role of OSHA is to help ensure safe workplaces for men and women in America. Under the Act, workers receive training and education regarding hazards in workplaces, prevention methods, and OSHA standards applicable to a particular workplace. All businesses are required to comply with OSHA standards.
The OSH Act covers most of the private sector employers and their workers, also some of the public employers and workers in the 50 states; and certain territories and jurisdictions fall under the federal authority. The jurisdictions include the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, the Northern Mariana Islands, Wake Island, Johnston Island, and the Outer Continental Shelf Lands as defined in the Outer Continental Shelf Lands Act.
Growing industrial automation will pave the way for the use of safety switch devices in the upcoming years.
Global industrial automation is expected to soar in the upcoming years with the growing inclination towards the adoption of digitized technologies. Also, with the growing labour charges, there is a high demand for creating automated solutions for failure management in the future.
The growing need for the reduction of the risk of accidents in industrial sites is fueling the market demand in the coming years, with burgeoning high demand for effective automation solutions such as the use of an automated safety switch. With advancements in technology, the market is expected to see robust growth in the upcoming years.
Furthermore, the increasing need to cut the overall cost of production is augmenting the market demand, with growing automation in industries. Hence, automation allows organizations to get real-time information regarding processes, and hence, continuous monitoring is also possible. The emergence of the industrial internet of things (IIoT) is further supporting the use of automation in industries, promoting market growth as well in the coming years.
Rapid urbanization is fueling the market demand in the forecast period.
Rapid urbanization, along with the global population rise, has resulted in the expansion of cities, complex infrastructure development, rapid industrialization, and technological advancements to meet the evolving needs of consumers. This is due to the changing living conditions of the urban population in order to keep pace with the fast life of the cities.
Additionally, as the bigger cities demand more energy in order to satisfy the needs of their large populations, there is a high demand for facilities as well. With developments in the infrastructure sector (residential, commercial, and industrial), the market demand for safety switches is expected to surge in the forecast period and in the upcoming years.
As per the United Nations estimates, by 2030, around USD57 trillion is required for urban infrastructure investment. The number of people in housing is estimated to grow from over 1 billion in 2017 to 3 billion in 2030, with the rise of the urban population.
Covid-19 Impact on Safety Switches Market:
The Covid-19 Pandemic has negatively impacted the overall market growth in 2020 due to the massive slowing of the supply chain, market volatility, and decreased investments by major vendors in their product capabilities and business expansion. However, the market has seen a massive upsurge in 2021 and will likely grow in the coming years as well. The growing investments in electricity grids are expected to drive market growth in the coming years. Investments in electricity grids have increased by 10% in 2021 with growing infrastructure spending in the countries like China, the US, and Europe. Investments in the electricity grid were estimated to grow from US$ 270 billion in 2019 to US$ 290 billion in 2021 (Source: IEA). Moreover, the rising infrastructure development such as the development of smart cities and various government schemes like Make in India or Digital India has further boosted the demand for safety switches.
- Mar 2021: Siemens AG, a Germany-based multinational conglomerate corporation has announced its acquisition of C&S Electric for $296.21 million. This acquisition is a part of the company’s expansion strategy. The s focused on expanding its business presence in various sectors across India, including home-building, construction, infrastructure, and other sectors.
- Oct 2020: Rockwell Automation has announced the launch of two new safety switches, the 440G-MZ and the 440G-EZ to complement their existing safety switch range. They have a cost-effective interlock solution that combines a power-to-lock magnetic locking function featuring a 500N holding force.
Safety Switches Market Scope:
|Market Size Value in 2020||US$1.728 billion|
|Market Size Value in 2027||US$3.062 billion|
|Growth Rate||CAGR of 8.52% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Installation Type, Product Type, Application, End-User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||OMRON Corporation, ABB, Schneider Electric, SICK AG, Panasonic Corporation, Honeywell International Inc., Rockwell Automation, Inc., IDEC Corporation, Siemens, Leuze electronic GmbH|
|Customization Scope||Free report customization with purchase|
- By Type
- Fusible safety switch
- Non-Fusible safety switch
- By Installation Type
- Switchboard safety switches
- Powerpoint safety switches
- Portable safety switches
- By Product Type
- Electro-mechanical safety switches
- Non-contact safety interlock switches
- Safety locking devices
- Safety command devices
- By Application
- Light duty applications
- Heavy duty applications
- By End-User
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Safety Switches Market Analysis, by Type
5.2. Fusible safety switch
5.3. Non-Fusible safety switch
6. Safety Switches Market Analysis, by Installation Type
6.2. Switchboard safety switches
6.3. Powerpoint safety switches
6.4. Portable safety switches
7. Safety Switches Market Analysis, by Product Type
7.2. Electro-mechanical safety switches
7.3. Non-contact safety interlock switches
7.4. Safety locking devices
7.5. Safety command devices
8. Safety Switches Market Analysis, by Application
8.2. Light duty applications
8.3. Heavy duty applications
9. Safety Switches Market Analysis, by End-User
10. Safety Switches Market Analysis, by Geography
10.2. North America
10.2.1. United States
10.3. South America
10.5. Middle East and Africa
10.5.1. United Arab Emirates
10.5.3. Saudi Arabia
10.6. Asia Pacific
10.6.4. South Korea
11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrativeness
11.3. Mergers, Acquisitions, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix
12. Company Profiles
12.1. OMRON Corporation
12.3. Schneider Electric
12.4. SICK AG
12.5. Panasonic Corporation
12.6. Honeywell International Inc.
12.7. Rockwell Automation, Inc.
12.8. IDEC Corporation
12.10. Leuze electronic GmbH
Honeywell International Inc.
Rockwell Automation, Inc.
Leuze electronic GmbH
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