PUNE, India, May 3, 2018 /PRNewswire/ --
ReportsnReports.com adds 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.
Browse 63 Market Data Tables and 54 Figures spread through 140 Pages and in-depth TOC on "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" http://www.reportsnreports.com/reports/1483062-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-st-to-2023.html .
Key market players such as General Electric (US), Schneider Electric (France), Rockwell (US), Siemens (Germany), ABB (Switzerland), 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) focus on strategies such as product launches and developments, agreements, mergers & acquisitions, partnerships, and collaborations to enhance their product offerings and expand their business.
"Contact safety switch expected to hold a larger share of the safety switch market during the forecast period"
Asia Pacific is expected to hold the largest share of the safety switch market during the forecast period. The demand for safety switches in the region is increasing due to the implementation of safety systems in process industries. Companies operating in this region are focused toward occupational safety and automation. Additionally, the stringent safety regulations in the region have propelled the installation of safety systems in hazardous environments.
Target Audience of the Report:
- Raw Material and Manufacturing Equipment Suppliers
- Electronic Design Automation (EDA) and Design Tool Vendors
- Safety Switch Manufacturers
- Switch Component Manufacturers
- Technology, Service, and Solution Providers
- RFID System Providers for Safety Switches
- Suppliers and Distributors
- System Integrators
- Governments and Other Regulatory Bodies
- Safety Consultants
- Market Research and Consulting Firms
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.
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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.
In this research report, the safety switch market is segmented on the basis of product type, safety system, vertical, and region. The market has been segmented based on product type into contact switch and non-contact switch. Based on safety system, the safety switch market has been classified into emergency shutdown systems, high integrity pressure protection systems, burner management systems, fire & gas monitoring systems, and turbo machinery control systems.
Order a copy of "Safety Switch Market by Product, Safety System and Region - Global Forecast to 2022" research report at http://www.reportsnreports.com/purchase.aspx?name=1483062.
The key restraining factor for the growth of the safety switch market is the high investment required for automation implementation and maintenance of equipment in hazardous environments. The consumers of safety switch are the key players in industries such as metal & mining, utility, oil & gas, consumer electronics, medical, food & beverage, chemical, and other discrete industries. The major demand for safety switches is from the oil & gas and food & beverage industries.
The break-up of the profiles of primary participants is given below:
- By Company Type: Tier 1 -15%, Tier 2 -55%, Tier 3 -30%
- By Designation: C-Level Executives -10%, Managers - 35%, Others-55%
- By Region: Americas-35%, APAC -50%, and Europe - 15%.
Another research titled the automotive safety system market is estimated to be USD 82.80 billion in 2017 and is projected to reach 169.46 billion by 2025, growing at a CAGR of 9.36% during the forecast period. The automotive safety system market has promising growth potential due to several factors, including the stringent safety regulations pertaining to vehicle safety across the globe. The ecosystem of the automotive safety system market consists tier I suppliers such as Robert Bosch (Germany), Continental (Germany), Denso (Japan), Infineon (Germany), and Delphi (UK) available with 178 pages at http://www.reportsnreports.com/purchase.aspx?name=1442698.
Explore more reports on Semiconductor and Electronics at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/.
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