Global Safety Switches Market Report 2020, Industry Overview, Growth Rate and Forecast 2025by IMARC Group Market Research Reports
The global safety switches market size reached US$ 1.55 Billion in 2019. the market value is projected to reach US$ 2.24 Billion by 2025, expanding at a CAGR of 6.2% during the forecast period (2020-2025), according to a new report by IMARC Group.
A safety switch is an equipment that instantly turns the power supply off as soon as an electrical fault is detected. This minimizes the risk of electricity-related fires, shock, injury, and casualties by automatically disconnecting the electrical supply. As a result, these switches are widely adopted across several industries, including power, chemical, metal, mining, automotive, oil and gas, aerospace, etc. Furthermore, several IT-based organizations are using safety switches in their workplaces to prevent work-related hazards, safeguard the workforce, and meet the corporate safety standards.
The advent of energy-efficient and eco-friendly systems is augmenting the demand for safety switches. Additionally, several governments are implementing safety regulations, such as the mandatory installation of safety switches for commercial, industrial, and residential verticals. This ensures equipment and personnel safety, thereby further catalyzing the market growth. Furthermore, the rising adoption of safety switches in diverse industry verticals, such as oil and gas, healthcare, chemical, food and beverage, etc., is further inflating the market. Other factors driving the safety switch market, include the growing adoption of automation in capital-intensive industrial areas, extensive use of non-contact door switches, rising levels of urbanization, and several product innovations.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being ABB Group, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Eaton Corporation Inc., Honeywell International Inc., Omron Corporation, Pilz GmbH & Co. KG and Sick AG.
For more information about this report visit: https://www.imarcgroup.com/safety-switches-market
The report has segmented the market on the basis of Product Type, Application, Safety System, Switch Type, End-User and Region.
Breakup by Product Type
- Contact Safety Switch
- Non-Contact Safety Switch
Breakup by Safety System:
- Burner Management Systems (BMS)
- Emergency Shutdown (ESD) Systems
- Fire and Gas Monitoring Systems
- High Integrity Pressure Protection Systems (HIPPS)
- Turbomachinery Control (TMC) Systems
Breakup by Switch Type:
- Switchboard Safety Switches
- Power Point Switches
- Portable Safety Switches
Breakup by End-User:
- Energy and Power
- Oil and Gas
- Food and Beverage
- Metal and Mining
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Created on Jul 6th 2020 08:41. Viewed 133 times.