Press release
Saudi Arabia Safety Switch Market is Anticipated to Witness a Promising Growth during Forecast Period 2019-2026 | Forecast Report
Saudi Arabia Safety Switch Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/saudi-arabia-safety-switch-market/
The factors driving growth of the Saudi Arabia Safety Switch Market includes strict regulations imposed by Governments to enhance workers safety, expansion of the construction sector, rising demand for non-contact door switches, increasing industrialization and improvements in the living standards. For instance, the Government of Saudi Arabia is planning to build megacity Neom to be situated in the middle of the Red Sea Desert, estimated to cost approximately USD 500 billion, about thirty-three times larger than New York, which will accelerate the market growth in the approaching years. Moreover, increasing adoption of automated technologies across Industrial and hazardous areas, advent of Saudi Industrial Development Fund (SIDF), rise in the launch of new products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players in research and development, strategic partnerships, and acquisitions between companies, growing disposable incomes and rising population growth rates, are further contributing towards the market growth.
However, growth of the Saudi Arabia Safety Switch Market is hindered due to its high installation and maintenance cost.
The leading players operating in the market are Schneider Electric Saudi Arabia, Siemens Saudi Arabia, Eaton Saudi Arabia, ABB Saudi Arabia, General Electric Saudi Arabia, Rockwell Automation Saudi Arabia, Omron Corporation, Pilz SA and SICK FZE, among others.
Based on Product Type, the Non-Contact Safety Switch segment is predicted to expand at a significant CAGR during the forecast period
Non safety switches are vibration resistant, requires less maintenance cost and offers offer multiple doors switching error detection, are some of the features propelling the segments' growth.
Based on Safety System, the Fire & Gas Monitoring Systems segment is projected to capture the largest market share over the forecast period
Increasing deployment of fire and gas monitoring systems in oilfield development project to reduce the chances of fire, gas leakage or explosion and steps taken by Government for the localization of pharmaceutical industries & small nuclear reactors, are pushing segment's growth.
Based on Vertical, the Food & Beverage segment is anticipated to grow at a remarkable CAGR during the forecast period because safety switch minimizes the chances of electrical faults.
Growing adoption of safety switches in manufacturing plants, rising per capita incomes, growing population growth rates and rapid industrialization, are some of the important factors augmenting the segment's growth.
Market Segmentation
Segmentation by Product Type
Contact Safety Switch
Hinge Switches
Locking Switches
Other Contact Safety Switches
Non-Contact Safety Switch
Inductive Switches
Magnetic Switches
RFID Transponder Switches
Segmentation by Safety System
Burner Management Systems (BMS)
Emergency Shutdown (ESD) Systems
Fire & Gas Monitoring Systems
High Integrity Pressure Protection Systems (HIPPS)
Turbomachinery Control (TMC) Systems
Segmentation by Vertical
Oil & Gas
Energy & Power
Chemical
Pharmaceutical
Food & Beverage
Metal & Mining
Pulp & Paper
Water & Wastewater Treatment
Packaging
Commercial
Others
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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