Stellar growth of safety sensors and switches to influence several businesses in the coming years
According to Persistence Market Research, the global safety sensors and switches market is anticipated to show significant market share and a high growth rate during the period of forecast 2017-2025. The global safety sensors and switches market has seen positive growth since 2012. This growth is expected to further expand in the coming years. As per this research study, the global safety sensors and switches market is projected to grow at a stellar value CAGR of 10.7% throughout the period of assessment to reach a valuation of more than US$ 30 Bn by the end of the assessment year (2025) from a value bit under US$ 14 Bn in 2017. Rising demand for safety of workplace in the industrial sector coupled with increasing regulations pertaining to safety across sectors in various regions are expected to push the growth of the safety sensors and switches market at a global level.
Use of safety sensors and switches in monitoring and detection to increase rapidly in the coming years
The application of safety sensors and switches has been observed in monitoring and detection, process instrumentation and doors and guides areas. In 2012, the use of safety sensors and switches was largely observed in process instrumentation. The process instrumentation application area reflected a higher revenue share and market valuation, thus leading the global market. This segment is expected to dominate the market till 2023 with a high market valuation. It is projected to register a CAGR of 9.8% throughout the assessment period.
However, the scenario is poised to change post 2023. The application of safety sensors and switches increased in monitoring and detection on a large scale. In monitoring and detection operations, different types of safety sensors are used to check any artificial or human intervention during operating hours. This application segment gained high steam and is anticipated to reach a market value higher than that of the process instrumentation segment. Monitoring and detection segment is expected to grow at a stellar rate and is estimated to reach a value of over US$ 12.7 Bn by the end of the year of assessment, whereas the process instrumentation segment is expected to reflect a market value of around US$ 12.3 Bn by 2025 end.
Use of safety sensors and switches in proximity and positioning to increase rapidly
The monitoring and detection segment is further categorized into proximity and positioning, fire, smoke and explosion and leak detection sub segments. Of these, the use of safety sensors and switches in proximity and positioning is gaining high traction. The proximity and positioning sub segment is estimated to be the largest and is expected to reflect a market value little over US$ 5 Bn by 2025 end. In addition, the fire, smoke and explosion sub category is projected to expand at a significant growth rate and is the second largest with respect to market value. These two sub application areas under monitoring and detection are highly lucrative showing high market attractiveness indices.
Strong blend of primary and secondary research to glean relevant insights
Persistence Market Research uses a unique research methodology which is a strong blend of secondary and in-depth primary research. Extensive primary interviews with key market players, stakeholders, market observers and experts are carried out to collect necessary data and information pertaining to various segments and across key regions. The data crunching and statistical analysis so performed undergoes multiple layers of validation to garner appropriate market insights which could benefit business by impacting critical decisions. The exhaustive research methodology has been applied to thoroughly understand and study the market for safety sensors and switches and the findings and insights have been skilfully crafted following a systematic structure in the new report on global safety sensors and switches market.
Actionable insights delivered to plan future moves
The research report on global safety sensors and switches market is a comprehensive market research study which focuses on the global scenario and provides actionable acumen on various factors which influence the market which is possible with the help of strong data and statistical analysis. It delivers an unbiased view of the market by including analysis on various market segments across the major geographies of North America, Latin America, Europe, Asia Pacific and Middle East and Africa (MEA). The global research report on safety sensors and switches market has in-depth weightage on statistics, figures, numbers and graphs that is based on a clear market definition. This will enable the reader to take informed decisions with the help of well-furnished insights. The upcoming trends and developments, new innovations in products and varying product portfolios, new acquisitions, end user analysis and much more actionable acumen give a 3600 view to the market ultimately providing the reader with necessary tools to devise strategies in order to establish firm grip in a particular region or in a particular segment in the global safety sensors and switches market.
End Use Industry
The global safety sensors and switches market research report covers competitive landscape, which covers the market shares, revenues, growth strategies applied, product portfolio analysis, distribution channels, expansion in several geographies, marketing strategies, SWOT, pricing analysis, etc., of the various key players in the global safety sensors and switches market. Such an intelligence framework can be used to devise appropriate strategies in order to gain competitive advantage in the long run.
Key Report Inclusions