A safety switch is a commonly used device that swiftly switches off the electricity supply on detecting any type of fault aiming to minimize the risk of electricity-related catastrophe. The rising concerns towards the safety and security of industry personnel coupled with the increasing adoption of automation solutions in the hazardous industrial environment are expected to provide an impetus in burgeoning the safety switches market growth during the forecast period.
Increasing fire accidents globally is the main reason for driving the demand for safety switches during the forecast period. For instance, in 2016, there were 1,342,000 fires reported in the United States (source: National Fire Protection Association). These fires caused more than three thousand civilian deaths, 14,650 civilian injuries, and around US$10.6 billion property damage. In industries, combustible liquid, flammable gas, and hot ember or ash are the major causes of fire and cooking, smoking and heating equipment are the major causes of fire accidents at home. The fire death rate per 1,000 fires and the average loss per fire and associated losses are generally lower in high-rise buildings than in any other buildings. This is due to the fact that high-rise buildings make use of new advanced safety switches that ensure the safety of the building.
Growing Adoption of Smart Building Concepts
Smart buildings are leading the way of living in today’s life. A smart building that today is gaining popularity is any type of a structure that uses automated processes to control the building’s operation including air conditioning, lighting, heating, ventilation, and security. Fire detection and suppression systems are the major components of these types of buildings that ensure proper safety against fire. Improved quality of smart and safety switches for the physical structure in the case of a smart building is driving the demand for such buildings. Increasing the need to have a safe and advanced building structure will boost the demand for smart buildings which in turn will have a positive influence on the demand for smart and safety switches and systems over the forecast period. Countries around the globe have started building such buildings for better fire protection and efficiency. For an instance, Ottawa has committed to smart buildings across Canada and the federal government also said it will roll out its smart building initiative to up to 100 public buildings across the country over the next three years’ time frame.
Total Infrastructure Investment(Billion Us$, 2015 Prices), 2016 to 2040
Source: Global Infrastructure Outlook, GIHub
The latest technologies like industrial wireless for the industrial Internet of Things (IIoT) promises lower cost of deployment, massive interconnectivity, increased efficiency of the operations, and improved operational analytics which require efficient switching solutions. The manufacturers around the globe are now incorporating the Internet of Things (IoT) in their facilities so as to improve competitiveness, productivity, and responsiveness to customer needs. Emerson Electric Co. on 10 October 2017, laid the foundation for Industrial IoT adoption across the entire manufacturing enterprise. The company even predicts that the next 10 years will see the exponential growth in the adoption of wireless technology that helps companies maximize safety and reliability, optimize production, and enable Industrial IoT strategies.
Growing Industrial Automation Is Expected to Drive the Growth of the Market
The growing automation and increasing complexities about the power management of equipment will be one of the major driving forces for this segment of the market due to the multiple advantages such as the ability to operate in the universal input range and comply ability with standards such as IEC61000-3-2. Furthermore, the dynamic nature of industrial and domestic power consumption will further upscale the demand for active controllers in order to actively maintain the power factor. Moreover, the demand for these switches will also increase to maintain operational efficiency and minimize losses due to higher power consumption and damages to equipment owing to the improper voltage waveform that can even lead to any type of catastrophic event. In addition to this, the growing demand for energy efficiency and power management across various domains coupled with a decline in the prices for the components used in active controllers will lead to the fusible safety switch segment of the safety switch market to rise in the coming years. The growing development of electric vehicles and their increasing popularity has increased to the setup EV charging stations around the world. According to the joint data by the Organization for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA), the publicly available slow chargers rose from 11 thousand outlets in 2011 to 318 thousand outlets in 2017. The number of These charging stations utilize multiple active power factor controllers, resulting in a further increase in the demand for these devices during the coming years.
The European Region Is Anticipated to Hold a Significant Share in the Market
Manufacturing is one of the most important industries in Europe. It employed 29.9 million people in the European Union (EU) in 2015 (source: Eurostat statistics). The manufacturing and semiconductor industry holds a major share, i.e., 33.02% in the Europe safety switches market as the population working under the manufacturing sector is at a greater verge of getting affected by any type of harmful event. Therefore, manufacturers are increasingly using these switches in their facilities so as to provide protection and safety at the workplace. Forward-thinking employers are recognizing that investment in overall safety equipment such as safety switches and workplace health and safety is essential for increased performance. This leading to an increased demand for safety switches from the manufacturing sector. The market is expected to grow at a fast pace owing to a number of manufacturers investing in full advancement of their manufacturing facility with the adoption of technologically advance switches to protect workers from any type of fire disaster with the standards of the worker’s safety set by OSHA and The Scientific Committee On Occupational Exposure Limits (SCOEL) in European Union.