A research study on safety sensors and switches shows that the global market is projected to expand at a compound annual growth rate (CAGR) of 10.7 percent throughout the period of assessment from 2017 to 2025.
In 2017, the global market for safety sensors and switches was valued at around $13.8 billion. It is estimated to reach a valuation higher than $30 billion by the end of the period of forecast.
The fourth industrial revolution, known as Industry 4.0, is aimed at factory automation, removing human intervention. Autonomous robotics and sensors technology are expected to be implemented in industries by the end of 2025.
The use of robots in the production line of the manufacturing sector would give a significant boost to the use of sensors and switches, the research study shows. These sensors are used to monitor the functioning of robots and machines in an effort to promote effective production with reduced errors and increasing profit margins.
Several countries are opting for automation across various industries. They are planning to levy strict regulations related to safety in industries and commercial spaces in hopes to avoid loss and damage to the property or life under any circumstance. The growing industrial revolution has presented potential growth opportunities for the safety sensors and switches market at a global level.
Asia-Pacific Industrial Automation Growth
Emerging economies in Asia-Pacific, such as China and India, are witnessing a move toward rapid urbanization coupled with increasing consumer disposable incomes. This has triggered the demand for emergency stop controls, pressure sensing sensors and devices, and other safety devices across various industries.
Several projects in this region are encouraging advancements in the manufacturing sector. For instance, the “Make in India” projects have encouraged the manufacturing sector to grow at a rapid pace by implementing automation across various end use industries and also imposing strict safety regulations. This has given an accelerated push to the adoption of safety sensors and switches in Asia-Pacific.
Industrial automation in Asia-Pacific is at its peak in countries such as Japan, China and South Korea. Other emerging counties such as India, Singapore, Malaysia, Thailand and Vietnam are also witnessing increasing trends of automation across various sectors. For instance, the Digital India Campaign in India is a potential trend that is influencing the growing use of safety sensors and switches. In addition, the concept of connected cities or smart cities is burgeoning in various developing countries, triggering the use of safety sensors and switches in the region.