Asia Pacific Safety Switches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia Pacific Safety Switches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia Pacific Safety Switches Market is expected to grow by registering a CAGR of 5.2% during the forecast period. For robot and machine installations, operator safety is of the utmost importance, and safety switches are anticipated to offer the expected level of protection. Safety switches are crucial components of automated industrial machinery. Hence, many factors drive the market for safety switches.

Key Highlights

• The increasing incidence of worker accidents in businesses and factories is driving the installation of safety switches. According to the International Labor Organization (ILO), nearly 2.3 million people die yearly from work-related accidents or diseases, equating to over 6000 deaths daily.
• Technological advancements are increasing the demand for manufacturing plants with heavy machinery. The growing economies of various developing and emerging economies, such as Japan, China, and India, are creating opportunities to set up more production facilities and manufacturing plants.
• The increasing use of automation in potentially dangerous industrial settings, increased government involvement in efforts to ensure the equipment and personnel safety of businesses, and rising demand for non-contact door switches to increase the stability of doors and guards are the main factors propelling the growth of this market.
• In addition, the Indian government is anticipated to play a vital role in modernizing the country's energy infrastructure, particularly at the provincial level, through smart city programs and the National Smart Grid Mission. The NSGM is a framework for modernizing the country's smart grid infrastructure over the next ten years by using innovative technologies to improve utility company operations.
• The outbreak of COVID-19 has forced multiple industries to halt almost every industrial operation globally. Also, amidst the pandemic spread, the market for safety switches that significantly relies on the manufacturer and end-user verticals and substantial adoption at the industrial front is likely to be impacted, as the pandemic has resulted in changes in the planned investments of multiple companies over the forecast period.

Key Market TrendsIncreased Adoption of Safety Switches for Industrial Use

• Over the past couple of decades, industrial automation has transformed how humans interact with machines. One of the most significant areas of development over the last few years is known as Industry 4.0 or the Industrial Internet of Things (IIoT). New sensors for factory settings offer a much higher level of information than previous generations. These sensors capture the process variable as well as ambient information like temperature. In addition, modern sensors can monitor their health and raise an alert when they need calibration or maintenance.
• IIoT also makes use of network connectivity. The availability of new sensors designed to measure the health and performance of machines has made new maintenance strategies possible. There are also specific industrial applications that require manual safety stops. Equipment limit switches are also helpful to stop devices for machinery applications.
• In June 2022, Norstat announced offering Safety Switch that incorporates RFID technology to detect the actuator creating a virtually tamper-resistant device. The NS SERIES safety switch is designed for application on machines where hazardous conditions remain even after the machine has been powered down.
• However, despite all these advances, there remains a need for high-quality manual controlled stop switches and equipment limit switches for industrial safety. These switches must withstand the harsh operating conditions of extreme temperature ranges and high vibration.

China to hold the largest Market Share

• China is anticipated to have the fastest market growth for safety switches over the forecast period. Automation is being adopted by industries, which increases the complexity of the machinery. Ultimately, this necessitates the deployment of extra sensors and safety switches.
• In 2021, China's overall electricity usage was close to 157.65 Exajoules. They compare this to the prior year when consumption was 134.7 Exajoules. There was a noticeable increase. China's primary power consumer is the secondary sector, which includes the manufacturing industries. This sector has the biggest market share for functional safety goods like safety switches.
• The presence of numerous domestic and foreign manufacturing firms, rapid industrialization, and expanding manufacturing activities are anticipated to drive machine condition monitoring activities on the factory floor and the safety switches market in the emerging economies of China.
• The region's market for non-destructive testing tools and services is expected to be driven by a high demand for passenger cars, medium and large buses, and trucks. Over the projection period, the market is anticipated to continue to produce demand in order to protect such valuable industrial assets. For instance, the Asia-Pacific market for new vehicles, which includes trucks, buses, and passenger cars, will surpass 65 million units in 2021, with China and India playing a significant role in this growth.

Competitive Landscape

Several competitors exist in the fiercely competitive Asia Pacific Safety Switches Market. Few big competitors now control most of the market in terms of market share. Major firms with a sizable market share are concentrating on growing their consumer base internationally. Many businesses rely on strategic collaboration projects to improve their market share and profitability.

• April 2022 - Vishay Intertechnology, Inc. announced its product lineup for PCIM Europe 2022. Vishay will present its latest industry-leading passive component, diode, MOSFET, and power IC technologies, that are paving the way for innovation in today’s fastest-growing markets, including e-mobility, 5G, Industry 4.0, and IoT. The company's stand at PCIM will also feature several reference designs for automotive and industrial applications, including 48 V and 800 V battery safety switches; a 48 V / 12 V DC/DC converter capable of handling up to 3 kW, among others.

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