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Safety Programmable Controllers Market: Analysis of Size, Share, and Growth Trends
Safety Programmable Controllers Global Market Report 2024
According to The Business Research Company's, The safety programmable controllers market size has grown strongly in recent years. It will grow from $5.20 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to the increasing incidents of industrial accidents, increasing focus on risk management, focus on worker safety, industrial growth in emerging markets, increasing complexity of industrial processes.
The safety programmable controllers market size is expected to see strong growth in the next few years. It will grow to $6.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the increasing adoption of automation systems, growing adoption of 5G network infrastructure, rising trend of industrial IoT (IoT), growing adoption of industry 4.0, high demand for PLCs form various end-use industries. Major trends in the forecast period include technological advancements, integration of safety features, focus on functional safety standards, industry 4.0 and IoT integration.
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Market Drivers and Trends:
The increasing adoption of automation systems is expected to propel the growth of the safety programmable controller market going forward. An automation system is a collection of hardware and software components that work together to automate processes or operations that usually require human interaction. The increasing demand for automation systems is due to quality improvement, scalability, and efficiency. Safety programmable controllers automate safety tasks such as emergency shutdowns, fault detection, and machine guarding, reducing the need for constant human monitoring and improving efficiency, leading to higher output levels and resource optimization for businesses. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 517,385 new industrial robots will be installed in industries worldwide in 2021. This indicates a 31% growth rate year over year. Therefore, the increasing adoption of automation systems is driving the growth of the safety programmable controller market.
Major companies operating in the safety programmable controller market are developing advanced automation controllers with advanced information and safety control to gain a competitive edge. Advanced automation controllers are sophisticated computing devices used in industrial automation systems to control and monitor various processes and machinery. For instance, in April 2023, Omron, a Japan-based electronics company, launched NX502 automation controllers with advanced information control and safety control features. These controllers are designed to help achieve high production quality and improve energy productivity. These controllers enable real-time analysis of production-related data, process modularization, and large-scale and high-speed safety control, which can help reduce waste, improve energy productivity, and enhance production efficiency in various industries.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Group, Eaton Corporation, Emerson Electric Co., Rockwell Automation, Bosch Rexroth AG, Fuji Electric Co. Ltd., Omron Corporation, Keyence Corporation, Phoenix Contact GmbH & Co. KG, Yokogawa Electric Corporation, Sick AG, Advantech Co. Ltd., WAGO, Beckhoff Automation GmbH & Co. KG, Hans Turck GmbH & Co. KG, B&R Industrial Automation GmbH, Banner Engineering Corp., IDEC Corporation, Pilz GmbH & Co. KG, Leuze electronic Pvt. Ltd., Treotham Automation Pty Ltd.
Safety Programmable Controllers Market 2024 Key Insights:
• The safety programmable controllers market size is expected to see strong growth in the next few years. It will grow to $6.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Automation Systems Fueling The Safety Programmable Controller Market Growth
• Introduction Of Advanced Automation Controllers to Boost Efficiency and Safety in Industrial Settings
• North America was the largest region in the safety programmable market in 2023
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