The global safety actuators market is projected to surge at a CAGR of around 9.1% in the projected period between 2023 and 2033. By 2033, it is expected to reach US$ 1.8 billion. It is anticipated to be valued at more than US$ 772.9 million in 2023.
Worldwide demand for safety actuators is rising as a result of a number of crucial elements that are becoming more important across numerous sectors. Technology advances, shifting regulatory environments, increasing safety consciousness, changing industrial practices, and desire for greater operational efficiency can all be credited with this growth.
Demand for safety actuators has grown significantly as a result of technological advancements. Safety elements must be included into numerous systems as sectors grow more automated and linked. In dynamic and high-risk contexts, safety actuators might offer a dependable and effective way to protect people, property, and the environment.
Need for safety actuators would be significantly influenced by shifting regulatory environments. In order to safeguard workers and reduce potential risks, governments and regulatory organizations around the world have implemented stronger safety requirements.
Implementing safety actuators is frequently necessary to comply with these laws. They can contribute to ensuring the safe use of machinery and equipment, lowering the possibility of mishaps and injuries.
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Need for safety actuators market is anticipated to increase as both businesses and employees become more conscious of safety issues. Employers are giving their employees’ safety and well-being more importance.
They are progressively coming to understand that a safe workplace equates to higher productivity, less downtime, and happier employees. Safety actuators market could provide a pro-active strategy to reduce risks, stop accidents, and make the workplace safer.
Demand for safety actuators market has increased as a result of changing industrial practices. Reliable safety precautions are becoming more and more important as businesses use increasingly complicated and sophisticated machinery.
By observing and regulating the movement and operation of machinery, safety actuators can add an essential layer of security. Hence, they can be applied to ensure productive processes are secure and effective.
It is also projected that increased operational efficiency will drive demand for safety actuators. Companies can reduce unplanned downtime brought on by mishaps or equipment breakdowns by installing these devices.
Safety actuators market might make it possible for existing systems to be seamlessly integrated. They might also make it possible for operators to identify and fix problems rapidly. It is anticipated to lead to increased production and decreased operating expenses.
Key Takeaways from Safety Actuators Industry Study:
- The global safety actuators market recorded a CAGR of 8% in the historical period from 2018 to 2022.
- China safety actuators industry is projected to witness a CAGR of 0% from 2023 to 2033.
- The United Kingdom safety actuators industry is anticipated to showcase a CAGR of 8% throughout the envisaged timeframe.
- In terms of type, the electric safety actuators segment is set to exhibit a CAGR of 0% throughout the anticipated period.
- Based on application, the automotive category is likely to register 7% CAGR in the assessment period.
“Sales of safety actuators are anticipated to soar by 2033 as a result of rising industrial automation, growing emphasis on worker safety, and changing regulatory frameworks, to name a few. Increasing risk and liability management awareness, as well as demand for trustworthy safety solutions are a few more factors expected to boost sales.” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Competitive Landscape
Manufacturers of safety actuators market might use a variety of tactics to compete with their rivals in the market. These tactics can concentrate on developing a competitive edge, distinguishing their offerings, and increasing consumer value.
Manufacturers would work to distinguish their goods by emphasizing innovation and providing distinctive features. This entails creating cutting-edge safety technology and incorporating intelligent features.
They are also targeting certain safety actuators market demands and enhancing performance measures. Manufacturers can attract clients looking for certain capabilities and gain a competitive edge by delivering differentiated products.
Manufacturers of safety actuators market would further compete more fiercely if they made sure that their products were of the highest caliber and reliability. They can spend money on research, run rigorous tests, and put quality control procedures in place.
They would seek to deliver goods that meet or surpass industry standards by implementing such tactics. They can also win customers’ trust and preference over their rivals by building a reputation for producing dependable and long-lasting goods.
Top 10 Key Players in the Safety Actuators Market
- ABB
- Altra Industrial Motion
- Cedrat Technologies
- Curtis Wright (Exlar)
- DVG Automation
For instance,
- Flowserve Corporation released the Flowserve FlowSync Bluetooth actuator application in March 2023. The multi-platform smartphone app gives plant operators an intuitive approach to conveniently and safely commission, track, function, and upgrade actuators.
Get More Valuable Insights into the Safety Actuators Market Report
In the latest report, Future Market Insights (FMI) has offered an unbiased analysis of the global safety actuators market. The safety actuators industry is segmented based on type (electric safety actuators, pneumatic safety actuators, and hydraulic safety actuators), application (automotive, aerospace, oil & gas, chemical, power generation, pharmaceutical, food & beverage, others), and regions.
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Safety actuators Market Outlook by Category
By Type:
- Electric Safety Actuators
- Pneumatic Safety Actuators
- Hydraulic Safety Actuators
By End Use:
- Automotive
- Aerospace
- Oil & Gas
- Chemical
- Power Generation
- Pharmaceutical
- Food & Beverage
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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