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Safety Sensors and Switches Market is anticipated to hit $3.47 billion by 2023 at a CAGR of 7.50%

Published By: IndustryARC Published On : 18-Sep-2018
According to the new market research report by IndustryARC titled “Safety Sensors and Switches Market: By Types (Thru Beam Sensors, Light Grid, Safety Light Curtains, Others) Safety Switches (Inductive Switches, Position Switches, Others) Command Devices (Enabling Switches, Push Buttons, Others) By Components, End Use Verticals & Applications – Forecast (2018-2023)", the market is driven by the increasing demand from end-user verticals, especially from manufacturing industries such as automotive, food and beverages, pharmaceutical, paper and pulp, chemical, aerospace and so on. 

Browse 76 Market Tables, 178 Figures spread through 182 slides and an in-depth TOC on “Safety Sensors and Switches Market (2018 - 2023)

Europe held the largest market share in the Safety Sensors and Switches Market

The European region holds the largest market share and growth in the Safety Sensors and Switches Market, and is anticipated to reach $1.45 billion by 2023 at a CAGR of 2.00%. However, APAC is estimated to register highest growth rate by reaching $949.3 million by 2023 at a CAGR of 5%. Europe’s major share in Safety Switches and Sensors Market is due to its dominance in automotive and automation sector. The most used safety sensors and switches in this region are safety light curtains, Anti-collision sensors, laser scanners and safety interlocks and safety PLC’s.

Selected Value Chain Analysis done in the full report:

The components such as Infrared sensors, proximity sensors, laser sensors, ultrasonic sensors and so on are provided to original equipment manufacturers (OEM) by component manufactures. The raw materials such as plastic, housings, electronic appliances and so on are provided to OEM by raw material manufacturers. The original equipment such as safety light curtains, safety laser scanners, safety mats, safety interlocks and so on are designed, produced and assembled using the raw materials and components.
The equipment is then sent to global distributors followed by regional distributors and finally reaches end-user verticals. The major end-user industries for this market include manufacturing industries such as automotive, food and beverages, pharmaceuticals, paper and pulp, chemical, aerospace and so on.

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Excerpts on Market Growth Factors:
The stringent safety requirements to protect labor in manufacturing industries works as one of the major driver that propels the market. Other factors include new product launches and the presence of considerable number of major manufacturers to meet the rising demand for safety systems 
In Europe, anti-collision sensors held major share in safety sensors market which is estimated to reach $3,046.5 million by 2020 with a remarkable growing CAGR of 8.9% during the forecast period.
In Europe, safety light curtains are estimated to reach 288.6 thousand units by 2020 with a growing CAGR of 1.8% during the forecast period.
Safety position switches held significant market share and along with separate actuators, the market is estimated to grow at the maximum CAGR of 7% to reach $57.3 million by 2020.

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Key players of Safety Sensors and Switches Market:

The key players of safety sensor are SICK AG, Pepperl + Fuchs, Rockwell Automation, ifm Electronic GmbH, Omron Corporation, Datalogic S.p.A., and Pilz GmbH & Co. KG.
SICK AG is the majority shareholder in the market with a global share of 24%. Pepperl+Fuchs is the second major shareholder with a share of 19%, followed by companies such as Rockwell Automation, Ifm Electronic GmbH, Omron Corporation and Datalogic S.p.A.
Key players have published some significant patents pertaining to safety switches and sensors. Omron Corporation’s patent portfolio encompasses extensive range of products and technologies pertaining to safety light curtains, safety laser scanners, door switches, limit switches and more safety switching devices.
Rockwell automation also has an extensive patent portfolio covering its safety sensors and switches in recent past. Its patent portfolio focuses majorly on safety switches segment.
The patent portfolio of SICK AG covers diverse range of technologies which includes safety laser scanners, safety light curtains, safety light grids, opto-electronic devices and safety switches. 
Pilz GmbH & Co. KG and IDEC Corporation have also registered considerable number of patents in the recent past.
ABB Ltd holds the largest share in global safety sensors and switches market. It also invested the highest share of capital in R&D department for enhancing and improving its product portfolio.
The key players of safety sensor are SICK AG, Pilz GmbH & Co. KG, Ifm efector, inc. GmbH. 
In the recent past, Pilz expanded its capacity in large number, which is a good indication for growth in safety sensor market in Germany.

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