Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rise in adoption of electromechanical switches and non-contact switches is expected to bolster global machine safety interlock switches market value. Significant utilization of hinge pin switches in industrial settings is anticipated to accelerate market development.
Rise in demand for these switches in printing machines, automotive, pharmaceutical, and packaging and material handling applications is anticipated to offer lucrative opportunities to companies in the industry. Based on type, the hinge pin switches segment is anticipated to account for the leading market share in the next few years. It held dominant market share in 2022.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.7 Bn | |
| Estimated Value | US$ 3.2 Bn | |
| Growth Rate - CAGR | 7.7% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 187 Pages | |
| Market Segmentation | By Type, Product Type, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB Ltd., Balluff GmbH, Banner Engineering Corp., CTR Manufacturing Industries Private Limited, Emerson Electric Co., Fortress Interlocks, Haake Technik GmbH, Honeywell International Inc., IDEM Safety Switches, Keyence Corporation, Omron Corporation, Pilz GmbH & Co.KG, Rockwell Automation, Inc., Schneider Electric SE, Sick AG, Siemens AG | |
Key Findings of Study
Extensive Adoption of Standard Duty Safety Interlock Switches
Widespread usage of standard duty safety interlock switches in industrial settings is expected to fuel the market. These switches are preferred in industrial environment, where the switch can withstand moderate conditions of changes in temperature, pressure, humidity, and vibration.
Based on product type, the standard duty safety interlock switches segment accounted for the leading market share in 2022. The trend is anticipated to continue during the forecast period.
Significant Usage of Safety Interlock Switches in Ensuring Safety of Personnel and Assets
Rise in adoption of standard duty safety interlock switches in ensuring workplace safety is likely to propel market growth. Increase in awareness about potential hazards that arise from working of robots and humans in material handling and processing applications is bolstering demand for machine safety interlock switches.
For instance, machine safety interlock switches are used to protect workers from robotic work cells. Surge in demand for machine safety interlock switches in smart factories presents significant opportunities to market players.
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Key Growth Drivers of Machine Safety Interlock Switches Market
- Constant pace of industrialization in several developing countries is a key driver of the global machine safety interlock switches market.
- Increase in adoption of preventive maintenance schedules in facility management in a range of industries is a prominent trend that is anticipated to bolster the market. Focus of preventive maintenance of safety systems in industrial facilities is expected to boost demand for machine safety interlock switches.
- Rapid adoption of robotics and automation systems in several industries is a key factor expected to augment the machine safety interlock switches market
Regional Landscape
Asia Pacific is anticipated to account for major share of 35.7% in 2022. The trend is projected to continue during the forecast period. Rapid pace of industrialization and increase in adoption of Industry 4.0 technologies in several countries, including India, China, South Korea, and ASEAN nations, is projected to fuel market development in the next few years.
Implementation of worker safety regulations in the manufacturing industry is anticipated to strengthen the demand for machine safety interlock switches.
The market in Europe is anticipated to grow at a rapid pace during the forecast period. Significant demand for machine safety interlock switches in the automotive industry, especially in Germany, is expected to spur market growth in the region in the next few years.
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Competition Landscape
Several vendors control majority stake in the machine safety interlock switches market. Leading players are investing significantly in research and development activities. Most key players are unveiling new products and adopting mergers & acquisitions in order to consolidate their positions in the market.
Prominent companies operating in the machine safety interlock switches market are
- Balluff GmbH
- Banner Engineering Corp.
- Emersion Electric Co
- Fortress Interlocks
- Haake Technik
- Keyence Corporation
- Omron Corporation
- Honeywell International Inc.
- IDEM Safety Switches
- Sick AG
- Siemens AG
- Rockwell Automation Inc.
Segmentation
The machine safety interlock switches market is segmented based on
Type
- Trapped Key Interlock Switches
- Hinge Pin Switches
- Limit Switches
- Non-contact Interlock Switches
- Tongue Interlock Switches
Product Type
- Standard Duty Safety Interlock Switches
- Heavy-Duty Safety Interlock Switches
- Explosion Proof Safety Interlock Switches
End-use Industry
- Oil & Gas
- Energy & Power
- Chemical
- Food & Beverages
- Aerospace & Defense
- Automotive
- Semiconductor & Electronics
- Healthcare & Pharmaceuticals
- Metals & Mining
- Others (Paper & Pulp, Textiles, Water & Waste Water, Illumination Etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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