Global Safety Switches Market to Reach US$ 2.4 Billion by 2032, Stimulated by Launch of High-Performance Products

February 26, 2020 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Safety Switches Market Report by Product Type (Contact Safety Switch, Non-Contact Safety Switch), Safety System (Burner Management Systems (BMS), Emergency Shutdown (ESD) Systems, Fire and Gas Monitoring Systems, High Integrity Pressure Protection Systems (HIPPS), Turbomachinery Control (TMC) Systems), Switch Type (Switchboard Safety Switches, Power Point Switches, Portable Safety Switches), End-User (Energy and Power, Oil and Gas, Chemical, Food and Beverage, Metal and Mining, Pharmaceutical, and Others), and Region 2024-2032,” the global safety switches market reached a value of US$ 1.6 Billion in 2023. Safety switches, also known as disconnect or load break switches, refer to devices whose primary function is to disconnect the source of electricity when an electrical fault is detected. These switches detect the change in the electrical current and turn the power off in about 0.3 seconds. Nowadays, safety switches are increasingly being used to provide protection against overcurrent, circuit overloads, short-circuiting and heat generated damage.

Global Safety Switches Market Trends:

Safety switches minimize the risk of electricity-related fires, electric shock, injury and death. They also protect personnel by providing physical interlocking of guard doors and equipment. On account of these advantages, they are utilized in numerous industries, ranging from automotive, food and pulp and paper to robotics and pharmaceutical. Apart from this, governments of various nations are implementing regulations for equipment and personnel safety. Due to this, the installation of safety switches has become mandatory in commercial, industrial and residential verticals across various countries. Furthermore, the arrival of energy-efficient and environment-friendly systems have also boosted the sales of these switches worldwide. Moreover, the leading companies are focusing on producing safety switches with the latest technology. For instance, Siemens AG, a German multinational conglomerate, has introduced non-metallic and stainless-steel switches that offer corrosion-resistance to assure trouble-free performance in the most severe conditions. Owing to these factors, the market value is projected to reach US$ 2.4 Billion by 2032, expanding at a CAGR of 4.4% during the forecast period (2024-2032).

Market Summary:

Based on the product type, the market has been bifurcated into contact safety, which includes hinge, locking and other switches, and non-contact safety switches, including inductive, magnetic and RFID transponder switches.
On the basis of the safety system, the market has been classified into burner management systems (BMS), emergency shutdown (ESD) systems, fire and gas monitoring systems, high integrity pressure protection (HIPPS) systems and turbomachinery control (TMC) systems.
The market has been categorized based on the switch type into switchboard safety, power point and portable safety switches.
On the basis of the end-user, the market has been divided into oil and gas, energy and power, chemical, food and beverage, metal and mining, pharmaceutical and others.
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined, with some of the key players being ABB Group, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Eaton Corporation Inc., Honeywell International Inc., Omron Corporation, Pilz GmbH & Co. KG and Sick AG.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product Type, Safety System, Switch Type, End-User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	ABB, General Electric, Rockwell, Schneider Electric, Siemens, Eaton, Honeywell, Omron, Pilz and SICK
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Safety Switches Market to Reach US$ 2.4 Billion by 2032, Stimulated by Launch of High-Performance Products

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