The safety switches market is anticipated to grow at a CAGR of 6.23% in order to attain a market size of US$2.681 billion by 2025, from US$1.865 billion in 2019.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 entrance 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 in burgeoning the 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 the hazardous industrial environment. Also, the presence of stringent regulations for the safety of the equipment and personnel is adding on to the market growth. The increasing adoption of non-contact switches across various industries in high safety areas will further boost the market growth over the next five years.
On the basis of product type, the safety switches market has been segmented into electro-mechanical safety switches, non-contact safety interlock switches, safety locking switches, and safety command devices, and others. Non-contact safety interlock switches are extensively used across industries owing to its compactness and the non-contact way to interlock doors, guards, gates and etc. These switches are suitable in areas where a high level of protection against tampering is required, machine doors subject to heavy vibration, precise door guide not possible and in wet, dusty and oily environments
On the basis of application, the safety switches 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 switches 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 so as to ensure safety and continuity of machinery.
Geographically, the safety switches market has been segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and the South American region. 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 switches market in the region.
The presence of stringent regulations on industrial safety is driving the market 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 to which may lead to deleterious effects for the company and the individual both. Many people are killed every year on the industrial site and many suffer from work-related disabilities. This results in no or poor work output thus bringing in the 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 and ensure safe workplaces for men and women in America. Under the Act, the 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 falling under the federal authority. The jurisdictions include the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, 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 way for the use of safety switch devices in the upcoming years.
The 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. With the growing need for the reduction of risk of accidents in the industrial sites are fueling the market demand in the coming years, 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. Automation allows the 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.
With rapid urbanization, along with the global population rise has resulted in the expansion of cities, complex infrastructure development, rapid industrialization, and technological advancements with the evolving needs of the consumers. This is due to the changing living conditions of the urban population in order to keep pace with the fast life of cities. Additionally, as the bigger cities demand more energy in order to suffice the need of its large population, 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 inhabitants in housing is estimated to grow from over 1 billion in 2017 to 3 billion in 2030, with the rise of the urban population.