Safety Switches Market Overview 2020: Growth, Demand and Forecast Research Report to 2025

NEW YORK - July 6, 2020 - PRLog -- The global safety switches market size reached US$ 1.55 Billion in 2019. the market value is projected to reach US$ 2.24 Billion by 2025, expanding at a CAGR of 6.2% during the forecast period (2020-2025), according to a new report by IMARC Group. A safety switch is an equipment that instantly turns the power supply off as soon as an electrical fault is detected. This minimizes the risk of electricity-related fires, shock, injury, and casualties by automatically disconnecting the electrical supply. As a result, these switches are widely adopted across several industries, including power, chemical, metal, mining, automotive, oil and gas, aerospace, etc. Furthermore, several IT-based organizations are using safety switches in their workplaces to prevent work-related hazards, safeguard the workforce, and meet the corporate safety standards.

Market Trends

The advent of energy-efficient and eco-friendly systems is augmenting the demand for safety switches. Additionally, several governments are implementing safety regulations, such as the mandatory installation of safety switches for commercial, industrial, and residential verticals. This ensures equipment and personnel safety, thereby further catalyzing the market growth. Furthermore, the rising adoption of safety switches in diverse industry verticals, such as oil and gas, healthcare, chemical, food and beverage, etc., is further inflating the market. Other factors driving the safety switch market, include the growing adoption of automation in capital-intensive industrial areas, extensive use of non-contact door switches, rising levels of urbanization, and several product innovations.

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Competitive Landscape:

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.

Breakup by Product Type

• Contact Safety Switch
• Non-Contact Safety Switch

Breakup by 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

Breakup by Switch Type:

• Switchboard Safety Switches
• Power Point Switches
• Portable Safety Switches

Breakup by End-User:

• Energy and Power
• Oil and Gas
• Chemical
• Food and Beverage
• Metal and Mining
• Pharmaceutical
• Others

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Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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