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

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

The Safety Switches Market is expected to register a CAGR of 4.25% over the forecast period (2022- 2027). 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.

Key Highlights

• A safety switch turns off the power supply automatically when it detects a change in the electrical circuit. For instance, if someone touches an exposed wire and the voltage travels through their body, the safety switch will sense this and shut off the power, protecting them from being electrocuted. Remember that safety switches only serve as a backup and might not completely safeguard wires or shield users from electric shocks.
• The key factors contributing to the growth of the safety switches market are the need and flexibility of usage in a wide range of applications, high demand for safer equipment, miniaturization of devices, and industrial safety standards. Different personnel work on automated production equipment, ranging from production workers to engineers. This wide range and increasing automation demand products from various end-user industries, like food and beverage, oil and gas, pharmaceuticals, aerospace, etc.
• The demand for manufacturing facilities with heavy gear is rising due to technological improvements. Opportunities for constructing more production facilities and manufacturing plants are being opened by the expanding economies of different rising and developing nations, including Brazil, China, and India. Consequently, this is fueling the global market for safety switches.
• Emergency stop switches, also known as E-stop switches, are becoming a crucial part of all equipment and manufacturing machinery as machine safety and operator protection becomes increasingly important. A wide range of electrical equipment includes specific switch controls to implement emergency shutdowns in compliance with established regulatory criteria for workplace safety.
• Companies have been installing emergency stop safety switches in their facilities to ensure the safety of their capital-intensive equipment and prevent production and machinery losses. The usage of emergency stop switches for equipment safety is anticipated to increase as a result of this aspect, fueling the expansion of the global market for emergency stop safety switches throughout the course of the forecast period.
• Additionally, the installation of safety switches is driven by worker accidents in commercial buildings or factories. The International Labor Organization (ILO) estimates that over 2.3 million people die yearly from illnesses or accidents related to their job,s or around 6000 people per day.
• 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 TrendsSafety Switches for Industrial Application to Show Significant Growth

• Safety switches are increasingly used in industrial settings like oil and gas, manufacturing, material handling, and power generation. It is typical to utilize a variety of safety switches, such as emergency shutdown switches and safety limit switches, in a single machine.
• The market for safety switches is driven by the desire for a safer working environment. These safety switches are essential for ensuring worker safety and productivity in hazardous environments such as paint booths, hazardous waste handling facilities, grain elevators, offshore drilling, petrochemical, and waste treatment plants.
• During the forecast period, the safety switches market is expected to experience explosive growth due to the escalating concerns regarding the safety and security of industry employees and the increased usage of automation solutions in hazardous industrial environments. The key factor driving demand for safety switches throughout the anticipated period is an increase in fire accidents on a global scale.
• Operator safety is a top priority for every machine installation, and safety switches are expected to provide the necessary level of protection. Safety switches are important in the automated production sector. A safety switch switches off the power supply promptly when an electrical problem is found. The likelihood of damage, electric shock, electrically-related fires, and mortality are all reduced when the electrical supply is turned off automatically. Therefore, these switches are widely utilized in various industries, including oil and gas, food and beverage, healthcare, and several sectors.
• The market for fusible safety switches will expand in the next years due to rising energy efficiency and power management demands across numerous industries and a drop in the cost of active controller parts. Despite this, there is a growing demand for safety switches due to the development and popularity of electric vehicles, which has led to the installation of EV charging stations worldwide.
• The goal of Industry 4.0, or the fourth industrial revolution, is to automate factories and eliminate human labor. By 2025, autonomous robotics and sensor technology will be used in various industries. The employment of robots would significantly increase the use of safety sensors and switches in manufacturing production lines.

Asia Pacific to Witness the Fastest Growth

• The Asia Pacific is estimated to be the fastest-growing region for the safety switches market. Industries are adopting automation, thus making machines more complex. This ultimately demands more sensors and safety switch applications.
• The presence of numerous local and foreign manufacturing firms, rapid industrialization, and rising manufacturing activities are anticipated to drive machine condition monitoring activities on the factory floor and the safety switches market in the emerging economies of Asia-Pacific.
• Several nations in the APAC area have chosen to automate various industries by embracing the Industry 4.0 idea. To prevent loss and damage to the property or life under all circumstances, they also intend to impose strict standards connected to safety in industries and commercial places. The global market for safety switches now has potential growth opportunities due to the expanding industrial revolution.
• The adoption of safety switches will grow concurrently with industrial automation in the Asia Pacific. China and India are two emerging economies in the Asia Pacific region undergoing a significant shift toward fast urbanization and rising consumer disposable incomes. This has increased demand across numerous industries for emergency safety stop controls, switches, and other safety equipment.
• The manufacturing industry is advancing owing to several local projects. For instance, by integrating automation across multiple end-use industries and enforcing tight safety rules, the "Make in India" projects have helped the manufacturing industry to flourish quickly. As a result, adopting safety switches in the APAC region has accelerated.
• Japan, China, and South Korea are experiencing the highest levels of industrial automation in the Asia Pacific. There are rising tendencies in automation across several sectors in other developing nations, including India, Singapore, Malaysia, Thailand, and Vietnam. For instance, the Digital India Campaign in India is a potential trend that may impact the rise in the use of safety switches.

Competitive Landscape

The market is fragmented, with many companies developing expansion strategies, due to the availability of several players offering safety switches has intensified the competition in the market. In the near future, many significant company acquisitions and partnerships with an emphasis on innovation are anticipated. Rockwell Automation Inc. and Schneider Electric are two of the market's major participants.

• August 2022 - Rockwell Automation, Inc., the world’s largest company dedicated to industrial automation and digital transformation, announced an unprecedented partnership with Bravo Motor Company, a California-based business offering applied innovation around decarbonization, with a focus on the production of batteries, vehicles, and energy-storage systems.
• July 2022 - Eaton reinvests in North Carolina’s Triangle region to meet growing customer demand for sustainable data centers and EV charging infrastructure. This move enables Eaton to support further increasing customer demand for data center management technology and electric vehicle (EV) charging infrastructure solutions.

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