Safety switches: Key market research findings
- APAC dominates the market geographically
- The residential user segment accounts for majority of the market’s revenue
- Key vendors – ABB, GE, Rockwell Automation, Schneider Electric, and SICK
Technavio’s market research analysts predict the global safety switches market to grow at a CAGR of more than 6% between 2016 and 2020. The demand for safety switches is driven primarily by the need to adhere to stringent standards and norms for machine safety. The main use of safety switches is to protect the employees and other industry personnel in the machine area from potential hazards in the manufacturing sector. During 2015, the APAC region was the dominant shareholder in the global safety switches market with a share of almost 58%. The presence of manufacturing processes of several multinational companies in the region is expected to propel growth in the safety switches market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the safety switches segments based on the end-user.
“Of late, there has been a lot of technological advancements in the safety switches market. Key players are investing huge amounts in R&D and introducing new products for each industrial application to gain market shares. New energy policies and regulations regarding the replacement of the old power transmission systems with more energy-efficient and environment-friendly systems are likely to prompt vendors manufacture new safety switches that meet these technical specifications,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The residential user sector held a significant share of more than 58% in 2015 to become the dominant shareholder in the global safety switches market. In its residential applications, safety switches are used in lighting circuits, heating appliance circuits, and air-conditioning circuits. Switch board safety switches, power point safety switches, and portable point safety switches are the key types of safety switches made use of in residential applications.
The prominent vendors in the market include ABB, GE, Rockwell Automation, Schneider Electric, and SICK. Due to the presence of several international and local electrical switches manufacturers, this market is highly fragmented. Regional vendors are finding it difficult to compete with international players who are increasing their market presence with a diversified product lineup, better quality, and features. The estimated increase in product extensions and regular technological innovations are likely to intensify vendor competition in the market during the forecast period. Additionally, the market will also witness a number of acquisitions by international vendors who are constantly looking to expand their global presence by acquiring regional vendors.
A more detailed analysis is available in the Technavio report, Global Safety Switches Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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