Global Safety Switches Market - Segmented by Type (Electromagnetic, Non-Contact), End-user (Industrial, Commercial, Healthcare, Oil and Gas) and Region - Growth, Trends and Forecast (2018 - 2023)
The global safety switches market is expected to register a CAGR of 8.17%, during the forecast period (2018 - 2023). The key factors contributing to the growth of the global safety switches market are - flexibility of usage in varied applications, high market demand for safe equipment, miniaturization of devices, and industrial safety standards. Operator safety is of utmost importance for any robot and machine installations and safety switches are expected to provide the expected level of protection. Safety switches play a major role in the automated production equipment. Different categories of personnel work on this automated production equipment, ranging from production workers to engineers. The increasing demand for products from various end-user industries, like food & beverages, oil& gas, pharmaceuticals, aerospace etc. and technological advancements are increasing the demand for manufacturing plants with heavy machinery. The surge in the economies of various emerging countries like Russia, Brazil, China, and India is creating opportunities for setting up of more production facilities and manufacturing plants, thus driving the market for safety switches globally. On the flipside, price sensitivity, the complexity of new technologies, and lack of adequate pro-activeness from various safety equipment manufacturers regarding product upgrades are challenging the market’s growth in the forecast period.
Increased Emphasis on Workplace Safety Is Driving Market Growth
The workforce is a company’s greatest asset, as the productivity depends entirely on the well being of its workforce. Hence, the safety of the workplace, which deals with the prevention of any injury or incident, becomes critical. The Occupational Safety and Health Act of 1970 of the United States Government has been promoting the use of safety systems in the factory to make work safer and thereby, protecting the physical well-being of the employee. Moreover, several regulatory standards have been prescribing threshold conditions regarding temperature and environmental conditions, under which workers are supposed to perform their duties. Safety switches can be widely used in conditions where manual labor is not advisable, as it could affect human health. Hence, an increased emphasis on workplace safety has bolstered the demand for safety systems in medium or large-scale organizations, where efficiency and throughput need to be maintained at optimal levels. In such cases, safety systems are not merely replacing human labor for monitoring purposes, but are also ensuring that the production efficiency is maintained without compromising on the workers’ safety.
Non-Contact Safety Switches to Witness High Growth Rate
The segmentation by type is majorly based on the type of actuation that is being employed. Electro-mechanical safety switches are essentially used to monitor movable guards. Non-contact safety switches are ideal for applications where the precise guidance of guards is a challenge. Non-contact safety switches are expected to perform the same function as tongue interlock switches, but provide various advantages, as the actuator and switch do not come in contact with each other. Non-contact safety switches are used especially in applications where conditions like long mechanical life, high maintenance requirements, and poor guard alignment are applicable. The major challenge of non-contact switches is their incapability to mechanically lock a door or any other moving part. However, there are products available that use electromagnets that provide force to hold the moving part in the designated position.
APAC to Witness Fastest Growth during the Forecast Period
With the increasing use of complex machines to meet the rising demand for various products, there is a need to allow safe access to them. Hence, safety switches play a critical role in a wide range of industries like industrial, commercial, healthcare, etc. The increasing manufacturing activities and the need to provide a safer workplace among various verticals is driving the market for safety switches in the APAC region. The presence of a large number of domestic and international manufacturing companies in the emerging economies of APAC, rapid industrialization, and expanding manufacturing activities are projected to drive the machine condition monitoring market in this region.
Key Developments in the Market