The safety sensors and switches market within the ASEAN countries achieved a notable valuation of approximately US$ 891 million in the year 2022. This valuation is attributed to the increasing embrace of safety sensors and switches, strategically employed to mitigate potential harm to individuals and institutions. Projections indicate a remarkable compound annual growth rate (CAGR) of 10.2% spanning the years between 2022 and 2028, propelling the market to an estimated worth of US$ 1.59 billion by the culmination of 2028.
The ongoing surge in the adoption of safety sensors and switches stands as a testament to their pivotal role in reducing risks both at personal and organizational levels. This trend aligns seamlessly with the escalating need to safeguard against diverse hazards. The envisioned growth trajectory underscores the escalating prominence of these safety solutions within the ASEAN region.
A pivotal driver of this expansion is the rapid pace of industrialization observed across prominent ASEAN nations, notably Indonesia and Singapore. This industrial growth necessitates a commensurate enhancement in safety apparatus. Consequently, the ascendancy of safety sensors and switches is unequivocally substantiated, and their ascendancy is expected to be upheld over the forecasted period.
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The pervasive deployment of safety sensors and switches is becoming increasingly commonplace, notably within the manufacturing and processing sectors such as automotive, oil & gas, pharmaceuticals, and food and beverages. These industries, characterized by heightened risks to both operational continuity and human welfare, have witnessed a surge in the installation of these safety devices. This surge can be attributed to stringent personnel safety regulations that underscore the imperative of safeguarding individuals and institutions from potential harm.
The confluence of factors driving this demand primarily emanates from sectors like oil & gas, where there is a resurgence in activity, the widespread utilization of robust heavy machinery spanning diverse industries, and the rapid integration of industrial automation and Industry 4.0 principles. This amalgamation of influences accentuates the need for a comprehensive and efficient framework for bolstering safety and security measures. As a direct consequence, the revenue trajectory of the safety sensors and switches market within the ASEAN region is poised for upward growth.
Key Takeaways:
- Ubiquitous Adoption of Safety Sensors and Switches: The pervasive installation of safety sensors and switches is noticeable across various sectors, particularly within manufacturing and processing industries like automotive, oil & gas, pharmaceuticals, and food and beverages.
- Industry-Specific Demand Driving Market Growth: The demand for safety sensors and switches is notably propelled by industries with higher inherent risks, such as automotive, oil & gas, pharmaceuticals, and food and beverages.
- Regulatory Compliance Fueling Market Expansion: Regulatory requirements centered around personnel safety have been a pivotal factor behind the heightened demand for safety sensors and switches.
- Oil & Gas Industry’s Impact: The resurgence of activity in the oil & gas industry, combined with the widespread utilization of heavy machinery in various verticals, is significantly contributing to the demand for advanced safety measures.
- Industrial Automation and Industry 4.0 Integration: The adoption of Industry 4.0 principles and the swift integration of industrial automation are acting as catalysts for market expansion.
Key Players:
- Schneider Electric
- Honeywell International
- Emerson Electric Co.
- Eaton
- Carlo Gavazzi Automation S.p.A.
- OMRON Corporation
- OMEGA Engineering
- WIKA Alexander Wiegand SE & Co. KG
- TE Connectivity
- VEGA Instruments Co., Ltd.
- Mitsubishi Electric Corporation
- Texas Instruments
- Infineon Technologies AG
- Murata Manufacturing Co., Ltd.
- Panasonic Corporation
- Phoenix Contact
- KEYENCE Corporation
- ZEBRA
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Key Segments:
Category:
- Basic Switches
- Limit Switches
- Pressure Sensors and Transducers
- Hall-Effect and Magneto resistive sensors
- Electro-magnetic relays
- Barcode Scan Engines
Installation:
- New
- Retrofit
End Use:
- Industrial
- Automotive
- Power Generation
- Mining & Metal
- Food & Beverage
- Packaging
- Pharmaceutical
- Commercial
- Office
- Defence & Government Establishments
- Hotels & Hospitals
- Airports & Stations
- Others (Private/ Academic Institutes, Commercial Shopping Complexes)
- Residential
Country:
- Malaysia
- Singapore
- Indonesia
- Thailand
- Vietnam
- Philippines
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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