The report forecasts the global safety switches market to grow at a CAGR of 6.28% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend leading to the growth of this market is the growing preference for stainless steel safety switches. Safety switches should be able to withstand harsh and rough working conditions. For example, safety switches operating in the waste recycling industry should be robust and should be able to withstand the possibility of debris. Regular plastic safety switches may fail to stand up to harsh operating conditions; in such scenarios, stainless steel safety switches could be the best alternative.
Further, the report states that one challenge impeding growth in this market is the increasing instances of faulty product recalls. Faulty safety switches are finding their way into the global safety switches market, affecting both vendor profitability and consumer confidence as these products are untested and could cause damage to property or personnel when used along with electrical equipment in the residential and commercial sectors. This poses a challenge to the safety switches market as counterfeit safety switches are difficult to distinguish from the original ones.