Safety Sensors and Switches Market - Forecast(2021 - 2026)

The Global Safety sensors and switches market recorded an annual revenue of approximately $3 billion in 2017 and is estimated to grow at a CAGR of 3.1% during the forecast period 2018-2023. During the same forecast period the volume unit shipments of the products are 104.2 million units in 2017 and are expected to grow at a competitive CAGR of 5.4% during the forecast period. The anti-collision sensors have dominated the market by recording annual revenue of $5.72 billion in 2017 and is estimated a rapid growth at a CAGR of 10.20% throughout the forecast period. Automotive industry segment held the major share in the global safety sensors market by recording annual revenue of $501.9 million in 2017 and is estimated to grow at a CAGR of 3.80% till 2023. Germany held major share in Europe Safety sensors and switches market with annual revenue of $746.4 million in 2017 and is expected to grow at a CAGR of 1.70% during the forecast period. 

What are Safety Sensors and Switches?

The safety sensors are presence detection equipment most commonly used in machine guarding applications to detect the presence of any object or person. The safety switches are safety devices which monitor movable safety guards such as doors, covers, shafts and so on. Safety sensors and switches play a crucial role to ensure safety of employees and workers in Human Machine Interface. These products act as a bridge between human and machine interaction to avoid work hazards. The safety sensors encompass wide range of components such as infrared sensors, fiber optic sensors, proximity sensors, vision sensors, magnetic sensors and ultrasonic sensors.

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What are the major applications for Safety Sensors and Switches?

The wide range of applications for safety sensors and switches include safety laser scanners, safety mats, safety edges, safety light curtains, anti-collision sensors, material handling, conveyor systems, transport systems, assembling, packaging, automated guarded vehicles and more. These sensors have wide range of end user applications such as, aerospace, automotive, pharmaceutical, paper and pulp, mining, semiconductor, food and beverages, hospitals and so on.

Market Research and Market Trends of Safety Sensors and Switches

• The safety sensors are used in blind spot monitoring technology which is used in car safety assistance. The technology offers the most accurate and least distracting safety assistance by using safety sensors in the rear quarter of the vehicles. The driver is cautioned of any incoming vehicles in the blind spot, by activation of a flash light in the side mirrors. Generally, the blind spot detection is activated once the turn signal is put on, but the latest cars have it activated at all times for superior safety. 
  
• The Mine Safety Appliances Company has been in the top of the game in the chemical industry for most of the fixed gas detection systems, which have been constructed with discrete infrared safety sensors. The company recently introduced a dual sensor transmitter design for fixed gas detectors called Ultima X5000 Gas Monitor. This safety sensor can detect two different gases due to its dual sensor design, by increasing its capabilities by 50% efficiency than the previous model. These types of safety infrared sensors will have a great scope in the chemical industry and enhance the market growth.
  

Who are the Major Players in Safety Sensors and Switches?

The companies referred to in the market research report includes Pinnacle Systems Inc., Rockwell Automation, Banner Engineering Corporation, IDEC Corporation, Baumer Group Ltd., Hans Turck GmbH & Co. KG and more than 25 companies.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.

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Key Takeaways from this Report

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
  
• Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
  
• Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
  
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
  
• Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes. 
  
• Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years. 
  
• Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.