Safety switches play a vital role in the monitoring and controlling of safety doors and guards in various industries such as automotive, utility, oil & gas, consumer electronics, medical, and other discrete industries. The overall safety switch market is expected to be valued at USD 1.55 billion by 2023, growing at a CAGR of 4.5% between 2018 and 2023. The key driving factors for the growth of the safety switch market are the 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.
General Electric (US), Schneider Electric (France), Rockwell (US), Siemens (Germany), and ABB (Switzerland) are the Leading Players in the Safety Switch Market. Product launches and developments, agreements, mergers & acquisitions, partnerships, and collaborations are some of the key strategies adopted by the major players to gain a competitive edge in this market.
General Electric is one of the key players in the safety switch market. The company is one of the global innovators of safety systems and switches for the industrial sector. Safety switches developed by the company are adopted by the aerospace, chemical & petrochemical, pharmaceuticals, food & beverage, power & industrial steam, metals, minerals, pulp & paper, and water & wastewater treatment industries. The company majorly concentrates on the strategy of product launches and developments. For instance, in November 2015, GE launched its Zenith Automatic Transfer Switch with a double throw safety switch feature. This switch has an interlock quick-make/quick-break mechanism that provides improved protection to critical loads. Honeywell (US) launched PX3 series heavy duty pressure transducers for automotive applications. Earlier in the same year, the company enhanced the features of Spec Setter Heavy Duty stainless steel switches. These features include a new side swing design, a latch system, and welded brackets. The new design is implemented for 200–600A switches where the doors are hinged on the side for easy installation and maintenance.
Schneider Electric is another key player in the safety switch market. The company is a leading provider of energy management and industrial services. Telemecanique Sensors, a subsidiary of Schneider Electric, offers safety switches to its potential clients. Schneider Electric majorly focuses on the strategy of product launches and development to accelerate its organic growth and strengthen its product portfolio. For instance, in April 2017, Telemecanique Sensors, a subsidiary of Schneider Electric, developed a new XCSR compact contactless RFID safety switch with tamper-proof protection. The transponder and reader in the device are factory-paired and have a high level of coding.
Other major companies operating in the safety switch market are Eaton (Republic of Ireland), Honeywell (US), Omron (Japan), Pilz (Germany), SICK (Germany), Banner Engineering (US), BERNSTEIN (Germany), Emerson (US), EUCHNER (Germany), Fortress Interlocks (UK), IDEC (Japan), IDEM (UK), Pepperl+Fuchs (Germany), Schmersal (Germany), and Stahl (Germany).
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
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