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Safety Sensors and Switches Market Segmented By Electromechanical, Magnetic, Photoelectric, Inductive, Ultrasonic, Capacitive Type for Monitoring and Detection, Process Instrumentation, Doors and Guides
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.
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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.
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Get a Customized VersionThe 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.
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