Global safety sensors and switches market to be valued at $30 billion by 2025

January 9, 2020 2:23 pm

According to the analytical research study performed by Persistence Market Research on safety sensors and switches, the global market is projected to expand at a meteoric rate to register a CAGR value of 10.7 per cent throughout the period of assessment, 2017-2025. In 2017, the global market for safety sensors and switches was valued at around $13.8 billion and is estimated to touch a valuation higher than $30 billion by the end of the period of forecast.

The fourth industrial revolution, Industry 4.0, aims at factory automation which removes human intervention. Autonomous robotics and sensor technology is expected to be implemented in industries by the end of 2025. The use of robots in the production line of the manufacturing sector would give a significant boost to the use of sensors and switches. These sensors are used to monitor the functioning of robots and machines, thus ensuring effective production with reduced errors and increasing profit margins. Several countries are opting for automation across various industries, implementing the Industry 4.0 concept. Moreover, they are looking forward to levy strict regulations related to safety in industries and commercial spaces with a view to avoid loss and damage to property or life under any circumstance. The growing industrial revolution has thus presented potential growth opportunities for safety sensors and switches market at a global level.

Emerging economies in Asia Pacific such as China and India are witnessing a huge drift towards rapid urbanisation coupled with increasing consumer disposable incomes. This has triggered the demand for emergency stop controls, pressure sensing sensors and devices and other safety devices across various industries. Several projects in this region are encouraging advancements in the manufacturing sector. For instance, the “Make in India” project has encouraged the manufacturing sector to grow at a rapid pace by implementing automation across various end-use industries and also imposing strict safety regulations. This has given an accelerated push to the adoption of safety sensors and switches in Asia Pacific.

Industrial automation in Asia Pacific is at its peak in countries such as Japan, China, and South Korea. Other emerging counties such as India, Singapore, Malaysia, Thailand, and Vietnam are also witnessing increasing trends of automation across various sectors. For instance, the Digital India Campaign in India is a potential trend that is influencing the growth in use of safety sensors and switches. In addition, the concept of connected cities or smart cities is burgeoning in various developing countries. This has triggered the use of safety sensors and switches in the region.