Global Safety Switch Market – Global Industry Analysis and Forecast (2017-2024)
Global Safety Switch Market is estimated at US$ 1.20 Bn in 2017 and is expected to reach US$ 1.65 Billion by 2024, at a CAGR of 5.5% during the forecast period.
The global safety switch market is segmented by product, safety systems, vertical, and region. In terms of product, the global safety switch market is classified into contact switch and non-contact switch. Based on safety systems, the global safety switch market is categorized into emergency shutdown systems, high integrity pressure protection systems, burner management systems, fire & gas monitoring systems, and turbo-machinery control systems. On the basis of vertical, the global safety switch market is divided into oil & gas, energy & power, chemical, pharmaceutical, pulp & paper, metal & mining, water & wastewater treatment, food & beverage, packaging, commercial, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The key factors contributing to the growth of the global safety switch market are the flexibility of usage in varied applications, high market demand for safety equipment, the miniaturization of devices, and industrial safety standards. Operator safety is of utmost importance for any robot and machine installations and safety switch are anticipated to provide the expected level of protection. The surge in the economies of various emerging countries like Russia, Brazil, China, and India is creating opportunities for setting up of more production facilities and manufacturing plants, thus driving the market for safety switch globally. On the flip side, price sensitivity, the complexity of new technologies, and lack of adequate pro-activeness from various safety equipment manufacturers regarding product upgrades are challenging the growth of the market in the forecast period.
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The safety switch market for non-contact safety switch is anticipated to grow at the highest CAGR between 2017 and 2024. Awareness regarding the benefits of non-contact safety switches, such as aligned measurement of guards and multiple doors switching error identification, is one of the most significant factors estimated to drive the growth of the non-contact safety switch market.
The safety switch market for food & beverage vertical is anticipated to grow at the highest CAGR between 2017 and 2024. Changes in consumer preferences have propelled manufacturers to focus on the production of food products with improved taste and quality. Companies in the food & beverage vertical are using advanced automation solutions to rise their production.
In terms of region, Europe is anticipated to hold the largest share of the safety switch market during the forecast period. The demand for safety switches in the European region is rising due to the implementation of safety systems in process industries. Moreover, the stringent safety regulations in the region have propelled the installation of safety systems in hazardous environments.
Some of the key players in the global safety switch market are General Electric, Schneider Electric, Rockwell, Siemens, ABB, Eaton, Honeywell, Omron, Pilz, and SICK.
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Scope of the Global Safety Switch Market
Global Safety Switch Market, by Product
• Contact Switch
o Single Pole Single Throw (SPST)
o Single Pole Double Throw (SPDT)
o Double Pole Single Throw (DPST)
o Double Pole Double Throw (DPDT)
• Non-contact Switch
Global Safety Switch Market by Safety Systems
• Emergency Shutdown Systems
• High Integrity Pressure Protection Systems
• Burner Management Systems
• Fire & Gas Monitoring Systems
• Turbo-machinery Control Systems
Global Safety Switch Market by Vertical
• Oil & Gas
• Energy & Power
• Chemical
• Pharmaceutical
• Pulp & Paper
• Metal & Mining
• Water & Wastewater Treatment
• Food & Beverage
• Packaging
• Commercial
• Others
Global Safety Switch Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Global Safety Switch Market
• ABB
• Banner Engineering
• BERNSTEIN
• Eaton
• Emerson
• EUCHNER
• Fortress Interlocks
• General Electric
• Honeywell
• IDEC
• IDEM
• Omron
• Pepperl+Fuchs
• Pilz
• R. Stahl AG
• Rockwell
• Schmersal
• Schneider Electric
• SICK
• Siemens
Browse Full Report with Facts and Figures of Safety Switch Market Report at: https://www.maximizemarketresearch.com/market-report/global-safety-switch-product-service-market/6833/
MAJOR TOC OF THE REPORT
Chapter One: Safety Switch Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Safety Switch Market Competition, by Players
Chapter Four: Global Safety Switch Market Size by Regions
Chapter Five: North America Safety Switch Revenue by Countries
Chapter Six: Europe Safety Switch Revenue by Countries
Chapter Seven: Asia-Pacific Safety Switch Revenue by Countries
Chapter Eight: South America Safety Switch Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Safety Switch by Countries
Chapter Ten: Global Safety Switch Market Segment by Type
Chapter Eleven: Global Safety Switch Market Segment by Application
Chapter Twelve: Global Safety Switch Market Size Forecast (2019-2026)
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