NEWARK, Del, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global safety switches market is anticipated to surge to US$ 2.3 billion by 2033. It is estimated to record a steady CAGR of 4.3% in the review period 2023 to 2033. It is likely to report a valuation of US$ 1.5 billion in 2023. The global safety switches market registered an astonishing CAGR of 5.5% in the historical period between 2018 and 2022.
The safety switches market holds a significant share of the worldwide industrial safety equipment market. Safety switches play an important role in safeguarding the safety of workers and equipment in several industries by providing a resource to quickly shut down machinery or equipment in an emergency.
The safety switches market is witnessing steady development due to growing stringent government regulations, awareness about workplace safety, and an increasing focus on industrial automation. The market covers several safety switches, including emergency stop switches, disconnect circuit breakers, interlock switches, etc. These switches have been used in a range of applications, from manufacturing and handling plants to construction sites.
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Safety switches are widely used in manufacturing, oil and gas, automotive, pharmaceutical, food and beverage, etc. The need for safety switches is often linked to the performance of these industries. Developed regions such as North America and Europe have mature markets while developing economies in Asia-Pacific, Latin America, and the Middle East are experiencing noteworthy growth due to industrialization.
Key companies offer a wide selection of safety switches to meet diverse industry needs. Technological advances like integrating smart, IoT-enabled features into safety switches are becoming increasingly common. This enables remote monitoring, predictive maintenance, and advanced security protocols.
Compliance with safety principles and regulations established by organizations such as the Occupational Safety and Health Administration (OSHA) in the United States, the European Workplace Safety and Health Administration (EU-OSHA) in Europe, and similar regulatory bodies globally have been important factors in the market.
Key Takeaways from the Safety Switches Market Report
- The United States safety switches industry is projected to reach US$ 395.1 million in the forecast period.
- The United Kingdom safety switches industry is set to be valued at US$ 89.1 million by 2033.
- China's safety switches industry is likely to surge at a CAGR of 4.7% by 2033.
- Japan's safety switches industry is estimated to register US$ 223.0 million by 2033.
- Based on product type, contact switches are set to witness a CAGR of 4.1% from 2023 to 2033.
"With the growing preference for digital technology, worldwide industrial automation is expected to skyrocket in the coming years. Furthermore, with increasing personnel costs, there will be a high demand for emerging automation solutions for error management in the future. The need to increasingly reduce accident risks in industrial zones will drive market demand, with a growing need for effective automation solutions such as automatic safety switches.” – says a lead analyst at Future Market Insights (FMI) – opines Sudip Saha, managing director and co-founder at Future Market Insights (FMI).
Competitive Landscape
Leading companies and manufacturers are focusing on expanding their product and service portfolios by launching new services and products. They are also using several growth strategies such as advertising, acquisitions, partnerships, transactions, and mergers to maintain a prominent position in the market.
Top 05 Key Players in the Safety Switches Industry
- ABB Ltd,
- Banner Engineering Corp,
- Bernstein AG,
- Eaton Corporation plc,
- Emerson Electric Co
For instance,
- In June 2023, Schneider Electric launched a new sort of its flagship Square D safety switch product, the VisiPacT rugged safety switch, fetching new features and an updated design to its trustworthy product.
- In November 2022, Siemens refreshed the Scalance XC-/XR-300 industrial Ethernet switch, integrating advanced features for upcoming industrial networks.
- In December 2020, Rockwell launched the Allen-Bradley Guardmaster 440G-EZ electromagnetic interlock switch that physically interlocks guard doors and permits access to possibly hazardous areas only when the area is safe.
Get More Valuable Insights into Safety Switches Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global safety switches market, presenting historical demand data (2018 to 2022) and forecast statistics from 2023 to 2033.
The study incorporates compelling insights on the safety switches industry based on product (contact switches, non-contact switches), safety system (emergency shutdown systems, high integrity pressure protection systems, fire & gas monitoring systems, other safety systems), vertical (oil & gas, chemicals, energy & power, food & beverage, pharmaceuticals, other verticals) across several regions.
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Safety Switches Market Outlook by Category
By Product:
- Contact Switches
- Non-contact Switches
By Safety System:
- Emergency Shutdown Systems
- High Integrity Pressure Protection Systems
- Fire & Gas Monitoring Systems
- Other Safety Systems
By Vertical:
- Oil & Gas
- Chemicals
- Energy & Power
- Food & Beverage
- Pharmaceuticals
- Other Verticals
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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