DUBLIN--(BUSINESS WIRE)--The "Safety Switch Market by Product (Contact Switch and Non-Contact Switch), Safety System (ESD, HIPPS, BMS, Fire & Gas Monitoring Systems, and Turbomachinery Control Systems), Vertical (Oil & Gas, Chemical), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The safety switch market is expected to grow at a CAGR of 4.5% between 2018 and 2023, reaching from USD 1.24 billion in 2018 to USD 1.55 billion by 2023
The key factors driving the growth of the safety switch market are the development strategies implemented by the players operating in the safety switch market, such as agreements, product launches and developments, partnerships, collaborations, and mergers & acquisitions; growing adoption of automation in hazardous industrial areas; increasing government intervention for equipment and personnel safety in industries; and rising demand for non-contact door switches to improve the stability of doors and guards. The major restraining factor for the growth of this market is the high investment required for automation implementation and maintenance of equipment in hazardous environments.
The contact safety switch market is expected to hold a larger share than non-contact safety switch market. The larger market share of contact safety switches can be attributed to its predominant use in every industry and lower cost as compared to non-contact switches.
The emergency shutdown system is expected to hold the largest share of overall safety switch market. With the expansion of process industries, such as oil & gas, pharmaceutical, chemical, food & beverage, and energy & power, the need for safety and security of equipment and personnel is growing. Emergency shutdown systems are increasingly being deployed in various industries to initiate shutdown of a process, unit, or plant in the event of an emergency. These systems are deployed to prevent accidents at workplaces and reduce the cost to the company.
Environmental hazards in the oil & gas industry, such as oil spills, natural gas leaks, and discharge of toxic gases have propelled the demand for safety equipment. Thus, various safety systems, such as emergency shutdown systems, fire & gas monitoring systems, high integrity pressure protection systems, and burner management systems are increasingly deployed in the oil & gas industry. In addition, various safety solutions, such as safety sensors, safety switches, actuators, safety valves, and safety relays are also deployed in this industry. Due to these factors, the oil & gas vertical accounted for a large share of the safety switch market in 2017.
The safety switch market in Asia Pacific (APAC) is expected to grow at the highest rate between 2018 and 2023. The safety switch market in countries such as China, India, Japan, and South Korea is expected to grow at a high rate due to the increasing deployment of automated technologies to reduce operational costs, enhance productivity, and ensure functional safety.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Safety Switch Market, By Product Type
7 Safety Switch Market, By Safety System
8 Safety Switch Market, By Vertical
9 Safety Switch Market, By Region
10 Competitive Landscape
11 Company Profiles
- Banner Engineering
- Fortress Interlocks (Halma PLC)
- General Electric
- R. Stahl AG
- Schneider Electric
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