Europe Safety Connection Devices Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

Europe Safety Connection Devices Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

The Europe Safety Connection Devices Market is estimated to grow at a CAGR of 7% during the forecast period, 2021 - 2026. New technology innovations, the growing number of profitable business models, stringent safety requirements are anticipated to fuel the market over the forecast period.

Key Highlights

• The safety connection devices ensure that E-stops, safety interlock switches, and cable pull switches, among other things, communicate reliably. Network media, control net, power media, device net are some examples of safety connection devices. These gadgets improve the connection between multiple machines while also boosting personal safety. The safety connection system is intended to make the installation of safety devices as simple as possible.
• Additionally, the increasing consumer expectations and the ever-evolving new technologies like high-speed connectivity solutions to support 5G networks with faster, ultra-high-bandwidth, lower latency signals, miniaturized connectors, and high-density contacts to conserve space and weight to support prevailing cross-market trends towards portability and wearability are propelling the market's growth.
• Moreover, diverse categories of personnel work on automated production equipment, spanning from production workers to engineers. This wide range and increasing automation are necessitating safety connection devices from several end-user industries.
• In contrast, the COVID-19 pandemic has drastically impacted numerous manufacturing and processing industries across the globe. The supply chain of industries like robotics, building technology, electronics, and processing equipment have been disrupted. However, These industries are expected to recover rapidly due to the extensive range of applications they cater to.
• Also, the high production costs coupled with the lack of awareness about technological developments and industrial advances are the possible market constraints.

Key Market TrendsIncreasing Automation to Drive the Market

• The demand for automation is rapidly growing in Europe due to the increased high product quality requirements, coupled with expectations of high reliability and large volume production.
• Additionally, automation of manufacturing processes has contributed to numerous benefits, such as smooth and accurate monitoring, reduction of waste, consistent production speed. This technology offers customers standardized and superior products within time and at a lower cost.
• The Industrial Strategy of the UK government fundamentally outlined a plan to invest GBP 2 billion per year by 2020 for new research and development in the technology sector. Smart manufacturing and the Industrial Internet of Things (IoT) would be built upon the work that automation has already forged over these years.
• Further, according to the International Federation of Robotics (IFS), as for automation in manufacturing, the European Union is currently one of the global frontrunners: 65 percent of countries with an above-average number of industrial robots per 10,000 employees are located in the EU.
• With automation becoming prevalent in every industry in Europe, the demand for safety connection devices to communicate data safely and securely is also increasing. For instance, in May 2020, Honeywell expedited the development and production of vaccines and medical therapies through fast-track automation.

Automotive segment is Expected to Hold a Major Share

• The automotive industry is essential to Europe's economic development. According to the European Commission, the automobile industry employs 13.8 million Europeans directly and indirectly, accounting for 6.1 percent of overall employment in the EU. Direct production of automobiles employs 2.6 million people, accounting for 8.5 percent of all manufacturing jobs in the EU. The European Union is one of the major makers of automobiles globally.
• Additionally, the EU's automotive industry is one of the largest private investors in R&D. (R&D). The European Commission encourages worldwide technology harmonization and provides money for R&D to boost the competitiveness of the EU automobile industry and maintain its global technological leadership.
• Resultantly, many automotive manufacturers in Europe are creating new manufacturing infrastructures or transitioning their manufacturing processes away from manual labor towards robotic machinery. For instance, BMW plans to open a new factory in Hungary by 2023, with a capacity of 150,000 vehicles per year.
• However, the COVID-19 pandemic has shaken Europe's automotive industry to its core, with a combination of travel bans, factory shutdowns, and limited consumer spending power spelling disaster for the new vehicle market.
• The European Automobile Manufacturers' Association (ACEA) estimated a 25% drop in passenger car registrations in the European Union to just 9.6 million units in 2020. Recent figures from Germany's federal motor transport authority in 2020 revealed that new car registrations had fallen 61% in April and 50% in May.

Competitive Landscape

The Europe Safety Connection Devices Market is moderately competitive and consists of several major players like ABB Ltd., Bihl+Wiedemann GmbH, Mouser Electronics, Rockwell Automation Inc., etc. In terms of market share, few of the major players currently dominate the market. With a prominent share in the market, these major players are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. The competition and rapid technological advancements are expected to pose a threat to the market's growth of the companies during the forecast period.

• September 2021 - ABB Ltd. signed a Memorandum of Understanding (MoU) with Stäubli Electrical Connectors to bring solutions to the market to reduce the greenhouse gas (GHG) emissions associated with heavy machinery in mining. Stäubli, a manufacturer of connector solutions, and global technology company ABB would explore the development of electrification solutions to meet the requirements of industrial applications. These involve high power requirements, automated and safe operations, adaptation to harsh environmental conditions, and the meeting approved standards. The focus would be on mine infrastructure.
• October 2021 - Bihl + Wiedemann launched a BTL-certified ASi BACnet / IP controller with an integrated safety unit up to SIL3 BWU4001. The device has two ASi masters and an integrated safety unit, can be used as a self-sufficient miniature controller for safe fire protection and smoke extraction dampers, which typically achieve a safety level of SIL2. Nonetheless, it can also be connected to a higher-level BACnet DDC or GLT and thus act as a gateway connecting the controller and the ASi installation. Diagnostic functions for fast system analysis are then available via BACnet, web server, or simple text messages on the gateway's integrated display.

Additional Benefits:

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

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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