Safety Sensors and Switches Market Analysis and Value Forecast Snapshot by End-use Industry 2017-2025
The global market for safety sensors and switches is expected to gain massively from the automotive sector in the next few years. The automotive sector is going through a phase of significant transformation owing to increasingly stricter emission control norms, rising demand for vehicle safety, and fuel efficiency standards. In a bid to transform in accordance to the rapidly changing preferences of buyers and the rising demand for vehicles conforming to the aforementioned features, automakers are using more sensors in vehicles.
In the near future, it is believed that the top-line growth of companies operating in the global safety sensors and switches market will be largely driven from the increased use of sensors and switches in public and private transport vehicles, driven on the back of the steady global automotive production growth. The market will also benefit from continuous technological developments and the rising production of smart sensors and switches on a global front. The increased consumer preference to vehicles with additional safety and comfort features will also drive the uptake of safety sensors and switches across the automotive industry, thereby driving the global safety sensors and switches market.
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Application areas such as advanced driver assistance systems, smart tire pressure monitoring systems, and hybrid vehicle systems will be some of the key areas requiring the usage of safety sensors and switches. Furthermore, regulatory authorities in China are advocating that original equipment manufacturers in the country start putting smart tire pressure measuring sensors in all new vehicles starting 2019.
Global Safety Sensors and Switches Market: Overview
Safety sensors and switches are used to track the presence of any foreign object or identify disturbances happening within a specified radar. Owing to the benefits they offer, the demand for safety sensors is significantly high across diverse industries such as aerospace, manufacturing, automotive, pharmaceutical, mining, and others.
The report presents a comprehensive overview of the various factors influencing growth exhibited by the global safety sensors and switched market between 2017 and 2025. It provides an in-depth analysis of market size and drivers, besides discussing the potential restraints in great detail. Besides this, the market also includes regional highlights and snapshots of the segments that would prove most lucrative for the sales of safety sensors and switches.
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Global Safety Sensors and Switches Market: Drivers and Restraints
The increasing demand for improved security measures to ensure protection to workers and production unit against hazards is the chief factor driving the global safety sensors and switches market. The market is also gaining from stringent regulations implemented to ensure high standards of national and international security. Contrary to this, different regions are governed by different regulatory bodies, which have separate set of policies. This could be a constraint limiting the scope for the market’s expansion. For instance, in North America regulatory bodies such as the Canadian Standards Association (CSA), Underwriters Laboratories Inc. (UL), and the American National Standard Institute (ANSI) govern machinery safety policies.
Nevertheless, with the demand from industries such as aerospace, automotive, oil & gas, pharmaceutical, semiconductors, food & beverages, and mining rising at a phenomenal pace, the pace of gains for the global safety sensors and switches market is expected to remain high through the course of the forecast period. All these industries utilize heavy machineries, which require advanced security measures to ensure protection against potential hazards. This consequently has translated into high sales opportunity for the global safety sensors and switches market.
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Global Safety Sensors and Switches Market: Regional Outlook
Regionally, APAC, Europe, North America, and Rest of the World are key segments in the global safety sensors and switches market. Among these regions, the market is expected to witness lucrative opportunities in APAC. The rising demand from India, China, Brazil, and Latin America has been aiding the expansion of the market in Asia Pacific. Furthermore, the increasing disposable income, urbanization, and the rising demand witnessed in the automotive, food & beverages, and pharmaceutical industries will spur the demand for safety sensors and switches in the region.
In addition, the persistently rising demand in North America and Europe will ensure that the pace of gains witnessed by the market remains high throughout the forecast period.
Global Safety Sensors and Switches Market: Vendor Landscape
The report presents a detailed assessment of the market’s vendor landscape, for the purpose of which it profiles some of the leading vendors operating therein. Some of the leading companies operating in the global safety sensors and switches market are Pepperl+Fuchs GmbH, Rockwell Automation, KG, Omron Corp., K.A. Schmersal GmbH & Co., and others. The report also conducts SWOT analysis on the leading market players to gauge their strengths and weaknesses. The analysis is also intended to offer insight into the opportunities and threats that the companies could witness over the course of the forecast period.
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