Company Expansions and Product Offerings in the Safety Switches Market

safety switches market

The safety switches market is anticipated to grow at a CAGR of 7.25% to attain a market size of US$3,299.625 million by 2029, from US$2,021.924 million in 2022. 

A safety switch is a device that instantly turns off the electrical supply to reduce the possibility of electricity-related fires, shock, injury, or death if a defect is detected. There are several sorts of safety switches, each with its function and level of protection. Additionally, technological advancement has increased the number of production units equipped with heavy machinery. The expanding economies of developing and emerging countries are offering chances for the establishment of new manufacturing facilities. As a result, the requirement for safety switches for use in manufacturing facilities is expected to rise throughout the forecast period. Because of technological advancements, the demand for heavy equipment manufacturing facilities is increasing. The booming economies of many emerging and developing nations are creating opportunities for the construction of new production facilities and industrial plants. As a result, the global demand for safety switches is booming. Furthermore, the demand for a safer working environment drives the demand for safety switches. These safety switches are critical for the safe and effective operation of hazardous locations including industrial facilities, offshore drilling, petrochemical and waste sewage treatment, paint studios, and toxic waste processing facilities. Therefore, all these factors will contribute to the development of the safety switch market segment in the upcoming years.

Due to the rise of the end-user industries, the market for safety switches will grow

The rising use of safety switches in sectors such as food and beverage, mining, and automotive is driving market expansion. Furthermore, the advent of energy-efficient and environmentally friendly systems is boosting sales of these switches. The expansion of numerous end-use sectors, including oil and gas, medical, chemical, food and beverage, and so on, is also positively impacting the need for safety switches. Other important reasons influencing the market include increased automation in dangerous industrial sectors, growing preference for non-contact gate switches, rising urbanization rates, technical developments and upgrades, and so on. The requirement and flexibility of usage in a broad variety of applications, increased demand for safer equipment, downsizing of devices, and industrial safety regulations are the main drivers driving the expansion of the safety switches market. Personnel ranging from manufacturing workers to engineers operate on automated production equipment. This broad range and growing automation demand goods from a variety of end-user sectors such as food and beverage, petroleum and natural gas, healthcare, aerospace, and so on.

Furthermore, worker fatalities in commercial buildings or industries motivate the installation of safety switches.

The International Labor Organization (ILO) estimates that over 2.3 million people die each year as a result of occupational diseases or accidents, or over 6000 people every day. The market for safety switches will grow in the coming years as energy efficiency and power management needs rise across several industries, and the cost of active controller parts falls. Despite this, there is an increasing need for safety switches as a result of the growth and popularity of electric cars, which has resulted in the establishment of EV charging stations throughout the world. For instance, in June 2022, Eaton reinvests in the Triangle region of North Carolina to fulfill rising customer demand for sustainable data centers and EV charging infrastructure. This move enables Eaton to meet growing client demand for data center management technologies and EV charging infrastructure solutions.

Major Developments made by companies will surge the market’s future profitability

Several companies have launched new product range along with broadening their markets by entering collaborations that have significantly impacted the safety switch market. As a result of the company’s expanding operations and productivity, the implementation of safety switches will increase. For instance,

  • In October 2022, Bristol Myers Squibb engaged in a deal with Autolus Therapeutics plc, a clinical-stage pharmaceutical firm developing upcoming programmed T-cell treatments. The agreement allows Bristol Myers Squibb to integrate Autolus’ proprietary RQR8 safety switch on a target-by-target basis for cancer treatment, with the option for Bristol Myers Squibb to implement the RQR8 safety switch in various cell therapy programs beyond the initial set of selected programs.
  • In August 2022, Rockwell Automation, Inc., the world’s largest company dedicated to industrial automation and technology trends, announced an unprecedented collaboration with Bravo Motor Company, a California-based company that offers applied innovation in decarbonization, with a focus on the manufacturing of batteries, vehicles, and energy-storage systems.
  • In June 2022, Euchner introduced the innovative flex function CTS safety switch. The primary innovation of the CTS switch is the new FlexFunction feature, which enables a single device to execute a wide range of functions that would normally need many switch versions. FlexFunction enables new ways to operate and plan.
  • In March 2021, Siemens AG, a worldwide company located in Germany, announced the acquisition of C&S Electric for $296.21 million. This purchase is part of the company’s growth plan. The s focus on extending its commercial footprint across India in several industries like homebuilding, construction, infrastructure, and others.

According to analysts, the North American region is expected to occupy a notable share of the market in the coming years.

Due to the rise of the automotive and manufacturing sectors in the Asia Pacific, the market for safety switches is anticipated to rise in the coming years. Furthermore, the developments made by the companies and the incorporation of safety switches into various product offerings will additionally boost the market’s profitability in the future. For instance, in September 2022, in Bengaluru, New Holland Agriculture, a brand of CNH Industrial, debuted the Blue Series SIMBA and its foray into the sub-30HP small tractor category. It has a neutral safety switch and a differential lock, which allow the tractor to be maneuvered safely and easily in any weather and on any terrain.

Safety Switches Market Scope:

Report Metric Details
Market Size Value in 2022 US$2,021.924 million
Market Size Value in 2029 US$3,299.625 million
Growth Rate CAGR of 7.25% from 2022 to 2029
Base Year 2022
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Million
Segments Covered
  • Type
  • Installation Type
  • Product Type
  • Application
  • End-user
  • Geography
Companies Covered
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase