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

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

The safety sensors market was valued at USD 544.47 million in 2020 and is expected to reach a value of USD 660.24 million by 2026 at a CAGR of 3.24 %, over the forecast period (2021 - 2026). The increase in safety automation and boom of Industrial 4.0 will lead to safety sensor market.

Key Highlights

• There has been an increasing emphasis on safeguarding factories, due to rising fatalities and injuries in manufacturing. The growing investments by the stakeholders in the industry to increase safety have led to a decrease in these accidents.
• Moreover, the specifications and safety requirements posed by the safety associations are putting pressure on end-user industries to increase their safety investments further.
• There is an increasing demand for diagnostic LED’s to be deployed on the sensors to indicate various errors, misalignment, and door open/closed signaling. These systems are expected to gain further traction as the advanced systems will be used along with RFID for accurate and advanced safety features.
• Integration of mechanical systems with IT technology is frequently being used to standardize reliable production systems to provide effortless monitoring, waste reduction, and increase the speed of production, which are some of the significant advantages of automated manufacturing processes.
• The stringent government policies and regulations for employee and machinery safety are driving the market.

Key Market TrendsAutomotive End User Hold a Significant Market Share

• The automotive industry is the fastest growing end-user segment for safety sensors. The increased usage of automation solutions and the production of autonomous vehicles are the key driving factors for growth in demand form this sector.
• Traditionally, safety sensors such as light curtains and safety mats are popular amongst the automakers for a long time now. But as the manufacturing establishments had evolved over time, there has been an increased demand for advanced safety sensors that take robotic solutions used in the assembly line into account.
• It is estimated that in the same year, the automobile industry consumed about 38% of the total supply of industrial robots. It is estimated the usage of new materials such as carbon fiber, increased production of electric cars and high competition in all major car markets will push the manufacturers for investments into industrial robots despite the existing overcapacities.
• Apart from increased automation, high rate of accidents in the manufacturing and servicing establishments of the automotive sector is another primary driver for the need for smart sensors in this sector.

North America Account for Significant Market Share

• In North America, the manufacturing industry is thriving, offering employment to over 12 million people, thus leading to USD 6 trillion nominal gross domestic product in the first quarter of 2017 alone and is expected to grow in the forecast period.
• New technologies, such as safety sensors, are already playing their part in making factories more efficient, cost-effective, safe, and easier to manage. The move towards greater automation is the unavoidable flow of change.
• The US Department of Labor Occupational Health and Safety Administration (OSHA) oversees requirements that make workplaces safer. However, The challenge remains in changing the approach to workplace safety by emphasizing prevention instead of detection. By including safety sensors in the factory assembly line, proper preventive measures are being taken.
• Since 1950, safety mats have been the standard form of area protection in the factories throughout North America. However, safety mats are subject to physical and environmental abuse and can wear out with repeated long-term use. Nevertheless, safety mats are widely used in modern automated factories throughout the United States.

Competitive Landscape

The major players include are ABB Group, Rockwell Automation, Panasonic, Schnieder Electric, BEI Sensors. Siemens AG, SICK AG, Pepperl+Fuchs, PlzGmbH & Co. among others. The market is nighter fragmented nor consolidated because there is no major competition in the market. Therefore market concentration will be moderate.

• January 2018 - Banner Engineering Corp. launched cost-effective safety light curtain for simple OEM Applications, EZ-Screen LS Basic. It consumes 30% less energy than the standard ones. Its low cost does not take a toll on its longevity, it has a 5mm recessed window protected by a 3mm thick Aluminum housing and metal caps.
• January 2018 - Siemens building technologies division introduced a dust sensor, which can be utilized in buildings, rounding out its product offering for a healthy indoor climate. The sensor can be used to monitor and visualize particle pollution and is easy to integrate into building management systems.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Omron Corporation
Rockwell Automation
Keyence Corporation
Banner Engineering Corporation
ABB Limited
Siemens AG
Panasonic Electric Works Co., Ltd.
SICK AG
Pepperl+Fuchs
Pilz GmbH & Co.
Autonics Corporation
BEI Sensor
Hans Turck GmbH & Co. KG
Larco
Schneider Electric
Leuze electronic GmbH
Pinnacle Systems, Inc.
Balluff GmbH
Contrinex

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