Global Industrial Safety Integrated Components Market 2016-2020
About Industrial Safety Integrated Components
The processes as well as the machines in industries are becoming increasingly dynamic due to customized demand from the customers. Therefore, the need to increase productivity, safety, and flexibility in the production plants of the power, food and beverage, chemical and petrochemical, and oil and gas industries becomes necessary. The demand for integrated technology and safety components that can easily interchange information is high to avoid any downtime of the plants and maintain high productivity. These factors are pushing manufacturing industries worldwide to accommodate safety relays, safety PLC, safety switches, and transmitters in their facility that can be integrated with other systems such as control systems of the plants.
Technavio’s analysts forecast the global industrial safety integrated components market to grow at a CAGR of 4.93% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial safety integrated components market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of industrial safety integrated components that include installation and integration to the below-mentioned process industries.
Technavio Announces the Publication of its Research Report – Global Industrial Safety Integrated Components Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Industrial Safety Integrated Components Market: ABB, Rockwell Automation, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: Beckhoff, Bosch Rexroth, GE, Hitachi, Honeywell International, IDEC, Itron, KEYENCE, KOYO ELECTRONICS, and Littelfuse.
Commenting on the report, an analyst from Technavio’s team said: “The need for smart industries, such as automated industries, has increased worldwide, and is likely to grow significantly during the forecast period. Manufacturing-based countries that include China and Germany have started to automate their existing factories to stay ahead of the competition. The growing concept of smart industries will accommodate automation and safety integrated components such as safety switches and relay.”
According to the report, the smart grid investment worldwide was estimated to reach around $200 billion by 2015. Rapid development of smart grids has increased the growth of several technologies that include smart meters, digital relays, safety switches, and PLCs. Smart grids consist of various smart grid applications such as smart meters, SCADA systems, and IT networks that hold a sizeable market share in the smart grid market, which is growing rapidly.
Further, the report states that fluctuating prices of raw materials have become a major concern for vendors as it hampers their business plans while forecasting demand, developing and executing manufacturing plans, and managing inventory.
ABB, Rockwell Automation, Schneider Electric, Siemens, Beckhoff, Bosch Rexroth, GE, Hitachi, Honeywell International, IDEC, Itron, KEYENCE, KOYO ELECTRONICS, Littelfuse.
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