The Global Safety Switch Market size is expected to reach $2.6 billion by 2030, rising at a market growth of 6.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 11,485.5 thousand units experiencing a growth of 6.1% (2019-2022).
These switches integrated into fire & gas monitoring systems (FGS) enable automated emergency responses. In the event of a detected fire or gas leak, these switches trigger actions such as activating fire suppression systems, shutting down processes, or initiating evacuation procedures to prevent or minimize the impact of the hazard. Consequently, the fire & gas monitoring systems segment would acquire nearly 20% of the total market share by 2030. FGS, with these switches, helps protect valuable assets and infrastructure from the destructive effects of fire and gas incidents. Rapid responses facilitated by these switches contribute to minimizing damage and preventing the escalation of the incident.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in September, 2023, Rockwell Automation, Inc. partnered with Everactive. Under the partnership, Rockwell would combine its Dynamix product line with Everactive’s solutions. The combined solution would be used to deliver insightful data to Rockwell’s FactoryTalk MaintenanceSuite which would facilitate reduced asset-related downtime and lower labour costs. Moreover, in October, 2022, Schneider Electric SE announced a partnership with Munich Re, to develop solutions to address equipment risks. The partnership involves the combination of MunichRe’s risk management products and Schneider Electric's EcoStruxure, this combination would lead to reduced asset exposure and facility downtime risks.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Eaton Corporation PLC, Honeywell International, Inc., Omron Corporation, Emerson Electric Co. and Sick AG
These switches integrated into fire & gas monitoring systems (FGS) enable automated emergency responses. In the event of a detected fire or gas leak, these switches trigger actions such as activating fire suppression systems, shutting down processes, or initiating evacuation procedures to prevent or minimize the impact of the hazard. Consequently, the fire & gas monitoring systems segment would acquire nearly 20% of the total market share by 2030. FGS, with these switches, helps protect valuable assets and infrastructure from the destructive effects of fire and gas incidents. Rapid responses facilitated by these switches contribute to minimizing damage and preventing the escalation of the incident.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in September, 2023, Rockwell Automation, Inc. partnered with Everactive. Under the partnership, Rockwell would combine its Dynamix product line with Everactive’s solutions. The combined solution would be used to deliver insightful data to Rockwell’s FactoryTalk MaintenanceSuite which would facilitate reduced asset-related downtime and lower labour costs. Moreover, in October, 2022, Schneider Electric SE announced a partnership with Munich Re, to develop solutions to address equipment risks. The partnership involves the combination of MunichRe’s risk management products and Schneider Electric's EcoStruxure, this combination would lead to reduced asset exposure and facility downtime risks.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Siemens AG is the forerunner in the Market. Companies such as Honeywell International, Inc., Schneider Electric SE and Eaton Corporation PLC are some of the key innovators in Market. In October, 2022, Schneider Electric SE announced a partnership with Munich Re, a global reinsurer, to develop solutions to address equipment risks. The partnership involves the combination of MunichRe’s risk management products and Schneider Electric's EcoStruxure, this combination would lead to reduced asset exposure and facility downtime risks.Market Growth Factors
Industrial automation and integration
The increasing trend toward industrial automation and integration fuels the demand for these switches. These switches are integrated into automated systems to ensure safe operation and facilitate quick responses to abnormal conditions, contributing to overall efficiency. These switches ensure that machines are shut down in case of anomalies, preventing safety hazards. Automated processes demand efficient fault detection mechanisms. These switches with diagnostic capabilities contribute to the quick identification of faults or malfunctions, allowing for prompt corrective actions and minimizing downtime. The market is expanding significantly due to the industrial automation and integration.Increasing of manufacturing and construction sectors
The growth of the manufacturing and construction industry, particularly in emerging economies, increases machinery and equipment deployment. These switches play a vital role in these sectors by providing emergency stop functions and safeguarding workers. The construction sector involves the use of heavy machinery and equipment. These switches are essential to ensure the safe functioning of cranes, excavators, and other construction machines and lower the danger of accidents on construction sites. Electrical safety is a significant concern in both manufacturing and construction. These switches in electrical systems protect against electrocution by quickly disconnecting power in case of a fault or abnormal conditions. As a result of the increasing of manufacturing and construction sectors, the market is anticipated to increase significantly.Market Restraining Factors
Cost considerations for small and medium-sized enterprises (SMEs)
Cost remains a significant challenge, particularly for SMEs or businesses operating on tight budgets. Advanced switches with smart features and connectivity have higher upfront costs, potentially limiting adoption in cost-sensitive environments. The return on investment (ROI) for these switches may take time, especially if the initial costs are high. Businesses focused on short-term financial considerations may hesitate to invest with longer payback periods, delaying adoption. Cost considerations for SMEs can slow down the growth of market.Product Type Outlook
By product type, the market is bifurcated into contact switch and non-contact switch. The non-contact switch segment promising growth rate in the market in 2022. The absence of physical contact in non-contact switches reduces wear and tear on the switch components. This, in turn, contributes to an extended lifespan of the switch and reduces the need for frequent maintenance and replacements. Non-contact switches can seamlessly integrate into automation systems and Industry 4.0 environments. Their compatibility with digital communication protocols allows for real-time monitoring, data collection, and integration with broader industrial control systems.Safety System Outlook
Based on safety system, the market is classified into burner management systems, emergency shutdown systems, fire & gas monitoring systems, high integrity pressure protection systems, and others. The emergency shutdown systems segment covered a considerable revenue share in the market in 2022. These switches within these systems are crucial in initiating emergency shutdowns, preventing accidents, and safeguarding human lives and valuable equipment. ESD systems with these switches help prevent the escalation of incidents. By swiftly shutting down processes in the early stages of an emergency, the systems mitigate the risk of catastrophic failures, explosions, or other events that can lead to more extensive damage. By shutting down processes in response to abnormal conditions, these systems help prevent the ignition of flammable materials and control the spread of fires, enhancing overall safety.Vertical Outlook
On the basis of vertical, the market is divided into oil & gas, energy & power, metal & mining, chemical, food & beverages, packaging, pharmaceutical, water & wastewater treatment, and others. The chemical segment acquired a substantial revenue share in the market in 2022. These switches contribute to accident prevention by controlling access to dangerous areas and ensuring that machinery operates only under safe conditions. This aids in minimizing the risk of accidents, injuries, and incidents resulting from unauthorized access or unsafe operations. These switches protect valuable equipment and infrastructure in the chemical segment. They initiate shutdowns during malfunctions, overloads, or abnormal conditions, preventing damage and ensuring equipment longevity.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Asia Pacific is experiencing rapid industrialization, with countries in the region witnessing substantial growth in manufacturing, construction, and other industrial sectors. In many Asia-Pacific nations, construction is a major factor in economic growth. Large-scale infrastructure development projects, including transportation, energy, and urban development, are prevalent in the Asia Pacific region.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Eaton Corporation PLC, Honeywell International, Inc., Omron Corporation, Emerson Electric Co. and Sick AG
Strategies deployed in the Market
» Partnerships, Collaborations, and Agreements:
- Sep-2023: Rockwell Automation, Inc. partnered with Everactive, a wireless and batteryless condition-monitoring solutions provider. Under the partnership, Rockwell would combine its Dynamix product line with Everactive’s solutions. The combined solution would be used to deliver insightful data to Rockwell’s FactoryTalk MaintenanceSuite which would facilitate reduced asset-related downtime and lower labour costs.
- Oct-2022: Schneider Electric SE announced a partnership with Munich Re, a global reinsurer, to develop solutions to address equipment risks. The partnership involves the combination of MunichRe’s risk management products and Schneider Electric's EcoStruxure, this combination would lead to reduced asset exposure and facility downtime risks.
- Oct-2022: Omron Corporation entered a partnership with Conrad Electronic, a technical supplies sourcing platform, to deliver its electronics products throughout Europe. The partnership would allow Omron to offer its high-quality and innovative component solutions to European customers.
- Sep-2021: Eaton Corporation PLC partnered with Electrotrade Industries Inc., a Philippines-based electronic products distributor, to distribute its energy switchboard system in the Philippines market. The partnership allows Eaton to provide intelligent power solutions on a large scale across the Country.
- Dec-2020: Eaton Corporation PLC signed a partnership with Enel X, an advanced energy services provider, for microgrid development in Puerto Rico. The partnership helps Eaton to achieve its carbon neutrality goal and strengthens its capability to provide more sustainable and resilient power solutions in the country.
- Sep-2020: Eaton Corporation PLC came into partnership with EMAS, an Egyptian electronics company, to distribute its Low Voltage and Medium Voltage Switchgear systems across Egypt. The partnership provides Eaton with an opportunity to strengthen its position in the Egyptian market.
» Product Launches and Product Expansions:
- Oct-2023: Siemens AG released 8DAB 24, a medium voltage switchgear. The switchgear would be compatible with 24kV, 40kA, and 2500A ratings. Additionally, its Robust Eco Design concept ensures a reduced carbon footprint.
- Sep-2023: Honeywell International, Inc. released Safety in Gigafactories, a suite of safety solutions for workers working in gigafactories. The suite includes a variety of electrical safety gear and gas detection technology to eliminate the risks of electrocution in the factories.
- Jun-2023: Schneider Electric SE introduced the VisiPacT heavy-duty safety switch. The safety switch has several features including a Standard viewing window for visual switch position verification, a QR code for fast access to safety switch information, Allocated spacing for customer-required labelling, etc.
- Jan-2021: ABB Group released Formula DIN-Rail, a suite of Miniature Circuit Breakers (MCBs) and Residual Current Circuit Breakers (RCCBs). The product offers adequate protection to electrical circuits from possible damage due to overload.
- Oct-2020: Rockwell Automation, Inc. announced the launch of 440G-MZ and the 440G-EZ safety switches. The 444G-EZ electromagnetic safety switch leverages specialized powers to lock magnetic locking function featuring a 500N holding force and force. The 440G-EZ features a low-profile housing design with numerous mounting and connection options.
» Mergers & Acquisition:
- Aug-2022: Siemens AG took over Brightly Software, an American asset and maintenance management solutions provider. The acquisition enhances Siemens Smart Infrastructure's software market for buildings by adding Brightly’s well-established cloud-based capabilities to it.
- Mar-2020: Emerson Electric Co. announced the acquisition of Verdant, an energy management solutions provider for the hotel and hospitality industries. The acquisition strengthens Emerson’s energy management capabilities for residential and commercial applications.
- Jan-2020: Siemens AG announced the acquisition of C&S Electric, an Indian electronic equipment manufacturer. The acquisition strengthens Siemens's capability to deliver electrical installation technologies and low-voltage power distribution products to the Indian market.
» Geographical Expansions:
- Feb-2023: ABB Group expanded its geographical footprint by opening a new factory in Nashik, India. The factory would be used to produce primary and secondary Gas Insulated Switchgear (GIS).
Scope of the Study
Market Segments Covered in the Report:
By Product Type (Volume, Thousand Units, USD Billion, 2019-2030)- Contact Switch
- Hinge Switches
- Locking Switches
- Other Switches
- Non-Contact Switch
- Inductive Switches
- Magnetic Switches
- Others
- Burner Management Systems
- Emergency Shutdown Systems
- Fire & Gas Monitoring Systems
- High Integrity Pressure Protection Systems
- Others
- Oil & Gas
- Metal & Mining
- Food & Beverages
- Energy & Power
- Packaging
- Pharmaceutical
- Chemical
- Water & Wastewater Treatment
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ABB Group
- General Electric Company
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Eaton Corporation PLC
- Honeywell International, Inc.
- Omron Corporation
- Emerson Electric Co.
- Sick AG
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Safety Switch Market by Product Type
Chapter 6. Global Safety Switch Market by Safety System
Chapter 7. Global Safety Switch Market by Vertical
Chapter 8. Global Safety Switch Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- ABB Group
- General Electric Company
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Eaton Corporation PLC
- Honeywell International, Inc.
- Omron Corporation
- Emerson Electric Co.
- Sick AG
Methodology
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