Increased Product Launches to Drive the Future Growth of Safety Relays Market

Increased Product Launches to Drive the Future Growth of Safety Relays Market

By Knowledge Sourcing Intelligence Thought Articles

The Safety Relays Market was valued at US$505.807 million in 2020 and is expected to grow at a CAGR of 7.43% to reach a market size of US$838.575 million in 2027. Safety relays enable the machine to either initiate or execute directions to stop the machine and assist in inspecting and monitoring a safety system. A safety relay is an easy and effective way to comply with safety regulations, ensuring equipment safety and lowering the risk of expensive mishaps or equipment replacement. When connected together, these relays tied to individual functions provide a complete monitoring system for industries. Due to the market's extensive end-use applications across numerous end-use industrial verticals, it is anticipated to expand rapidly. In order to ensure the safety of industrial processes and workers, there are strict rules in place, such as the OSHA and Machinery Directive, which are also increasing market demand. Additionally, rising concerns regarding the safety and security of industry employees are fueling the market's expansion.

Siemens, Rockwell Automation, Inc., ABB, SICK AG, Schneider Electric, Panasonic Corporation, Phoenix Contact, OMRON Corporation, Pilz GmbH & Co. KG, and others are a few key major players in the market for safety relays.

Siemens operations span across the sectors of automation, electrification, and digitalization. The business creates, develops, and produces products as well as installs sophisticated systems and projects. It also offers a variety of specially designed solutions for different needs. Siemens specialises in distributed energy systems, intelligent building infrastructure, and power generation and delivery. Munich, Bavaria, Germany, serves as the headquarters for Siemens. Siemens offers safety relays under the brand Sirius. Its wide range includes affordable standard devices as well as innovative safety relays with features like emergency stop shutoff, protective door monitoring, or the suitable protection of presses or punches. Siemens introduced their 3RQ1 series force-guided coupling relays in May 2021 for use in safety-related applications. The 3RQ1 series makes it possible to safely manage brakes and doors in elevators, industrial production facilities, railroad and signalling applications, and other settings.

Rockwell Automation’s products and services include supplying industrial automation power, control, and information solutions. The company provides integrated designed packages and panels, midrange architectural systems, asset and consultancy management, manufacturing intelligence, front-end design and engineering integration services, and on-machine solutions. Its offerings cover discrete control, information solutions, drive systems, machine builders, process solutions, migration solutions, motion solutions, linked and maintenance services, security solutions, and sustainable production. Rockwell Automation offers safety relays under the brand Allen-Bradley. The company’s Intelligent Devices segment, which sells safety relays, saw an increase in revenue from USD 2,956.0 million in 2019 to USD 3,311.9 million in 2020. Software Configurable Safety Relays, MSR300 Series Modular Safety Relays, Guardmaster Safety Relays, Safety Control Relays, Single-function Safety Relays with Delayed Outputs, Single-function and Specialty Relays are among the product offerings by Rockwell Automation.

OMRON Corporation produces and sells medical equipment, social systems, automation components, and electrical components. The product line of the company consists of sensors, safety components, relays, automation systems, motion and drives, switches, control components, robotics, power supplies, switches, relays, and connectors. Omron's headquarters are in Kyoto, Japan's Shimogyo-ku district. The company's safety switches are employed for establishing safety circuits, detecting intrusion into hazardous places, and shutting down mechanical guards. Omron offers a wide range of safety relay products like power relays, relays with forcibly guided contacts, and magnetic contactors. On May 11, 2022, OMRON Corporation launched a new high-voltage DC relay called "G9KB" globally for large-capacity home energy storage systems. In household storage systems with increasing capacity, G9KB safely cuts off the direct current.

ABB, provides products, systems, services, and solutions for electrification, motion, and industrial automation. Its products improve industrial productivity, power reliability, and energy efficiency. ABB offers its products directly to customers as well as through third-party channel partners such as distributors, installers, wholesalers, OEMs, and system integrators. ABB offers safety relays under the brand Sentry. The company’s electrification segment, which sells safety relays, saw an increase in revenue from USD 11,564 million in 2019 to USD 12,957 million in 2020.  Sentry USR10 Safety relay, Sentry USR22 Safety relay, Sentry USR10P Safety relay, Sentry USR22P Safety relay are among the product offerings by ABB.