Global Safety Switch Market- Industry Trends and Forecast to 2025

   |      |      |  

Global Safety Switch Market- Industry Trends and Forecast to 2025

Market Analysis: Global Safety Switch Market

The Global Safety Switch Market is expected to reach USD 1.54 Billion by 2025, from USD 1.1 Billion in 2017, growing at a CAGR of 4.30% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

Market Definition: Global Safety Switch Market

 Safety switches are those types of electric switches which are completely enclosed in metal box provided with an external control handle. It is designed in such a way that the box cannot be unlocked until the switch is closed. There are various benefits of safety switch namely to minimise the risk of electricity-related fires, electric shock, injury, death and others.

According to an article published by Platinum Electricians, as people in Aussies don’t use the safety switches much, as a result of this 15 people (average) are being dead every year due to preventable electrical accidents. Furthermore more than 300 people are hospitalized every year due to electrical injuries and burns.

Companies such as Siemens Industry, Inc. (Germany) provide Siemens VBII safety switch products which are available in the range between 30-1200 Amps and these are both fusible and non-fusible and applicable in both AC and DC. It helps in minimising the risk of electricity-related fires.

Hence, Due to the high demand of safety switch in Aussies, various companies such as Siemens Industry, Inc. (Germany) are also focusing on providing safety switches in order to prevent people from electric shock.

Major Market Drivers and Restraints:

Growing adoption of automation in hazardous industrial areas
Increasing demand for non-contact door switches to improve the stability of doors or guards
Increasing government intervention for equipment and personnel safety in industries
High investment required for automation implementation

Market Segmentation: Global Safety Switch Market

The global safety switch market is segmented based on product, safety system, vertical and geographical segments.
Based on product, the global safety switch market is segmented into contact switch and non-contact switch
On the basis of safety system, the global safety switch market segmented into ESD, HIPPS, BMS, fire & gas monitoring systems, and turbomachinery control systems
On the basis of vertical, the global safety switch market segmented into oil & gas, chemical.
Based on geography, the global safety switch  market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.

Competitive Analysis: Global Safety Switch Market

The global safety switch market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of safety switch market for global, Europe, North America, Asia Pacific and South America.

Major Market Competitors/Players: Global Safety Switch Market

Some of the major players operating in the global safety switch  market GENERAL ELECTRIC (US), Schneider Electric (France), Rockwell Automation, Inc. (US), Siemens Ltd., (Germany), and ABB (Switzerland), Eaton (Republic of Ireland), Honeywell International Inc. (US), Omron Healthcare, Inc. (Japan), Pilz GmbH & Co. KG (Germany), and SICK AG (Germany)

Research Methodology: Global Safety Switch Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. 

Global Safety Switch Market- Industry Trends and Forecast to 2025