Global Safety Switch Market - 2022-2029

Market Overview

The global safety switch market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A safety switch is a device that monitors the flow of current across a wired system. It monitors power fluctuations and cuts it off if there is a change due to leakage or overload. It aids in the prevention of potential dangers to personnel such as electrical shocks, fires and other injuries. When a safety switch detects a discrepancy in the electrical circuit, the power supply is instantly turned off. If a person comes into contact with an exposed wire and the electricity flows through their body, the safety switch detects it and promptly turns off the power, preventing the person from being electrocuted.

Safety switches are merely a backup and may not safeguard all wires or prevent electric shocks. Electrical circuits, electrical appliances and extension cords are protected by switchboard safety switches or meter box-mounted safety switches. A licensed electrician must install them. Powerpoint safety switches are protected by appliances and power cords plugged into the switch. The powerpoint safety switches must be installed near the switchboard's first powerpoint. As the name implies, portable safety switches are protective devices used for power tools and other electrical appliances that do not have access to the switchboard or powerpoint safety switches and must be plugged into them directly.

Market Dynamics

Stringent workplace safety regulations mainly drive the demand for safety switches. It is the most important driver for the market. The high costs involved in the installation and maintenance of operational technologies are a key factor in limiting the growth of this market.

Stringent workplace safety regulations

Cheap labor and low manufacturing costs have enticed companies from industrialized economies of North America and Europe to expand their operations in emerging economies. It has resulted in massive industrialization in rising economies like India, China, Vietnam, Malaysia, Mexico and Indonesia. Emerging economies are undertaking various efforts to lure global firms to set up manufacturing operations.

However, with rapid industrialization bringing economic growth and stable, well-paid jobs, many problems have emerged. Factories and manufacturing units often operate without the required permits and licenses, putting workers in danger. The haphazard industrialization has led to various accidents that have claimed many people's lives. For example, in 2012, more than 117 people were killed and more than 200 were injured when a fire broke out at a garment factory in Dhaka, Bangladesh. The fire was caused by an electrical short circuit, exacerbated by exposed wiring and a lack of safety switches.

Rising industrial accidents have prompted governments to implement stringent workplace safety regulations. The licensing process for establishing manufacturing units has also been tightened. The stringent regulations make it mandatory to include best practices such as proper insulation of electrical wiring, safety switches and circuit breakers and worker training in safety practices. The stringent workplace safety regulations will be a key driver for the growth of the global safety switch market.

Rising usage of circuit breakers

A circuit breaker is a safety device used for protecting an electrical circuit from overcurrent or short circuit damage. The primary purpose of a circuit breaker is to block current flow to protect equipment and avoid fire risk. Unlike a fuse, which only works once before needing replacement, a circuit breaker can be manually or automatically reset to return to normal operation. Circuit breakers come in various sizes, from small devices that safeguard low-current circuits or single household appliances to huge switchgear protecting high-voltage circuits that feed an entire city. A circuit breaker, often known as a fuse, is a device that automatically disconnects electricity from a malfunctioning system.

Circuit breakers and safety switches perform the same functions; however, there is one major difference between both types of equipment. Safety switches are intended for individual appliances and thus do not provide good whole system protection. Circuit breakers overcome this important drawback. Modern research and innovation have made circuit breakers extremely responsive and foolproof. The rising usage of circuit breakers is a key challenge for the growth of the global safety switch market.

COVID-19 impact analysis

The COVID-19 pandemic caused a drop in the global safety switch market in 2020. The COVID-19 epidemic broke out in the first months of 2020, causing severe economic disruptions worldwide. Lockdowns and mobility restrictions imposed by governments to stem the spread of the epidemic had a considerable impact on manufacturing.

It has impacted the development of safety switches and their components. The safety switch industry is a highly developed industry that thrives on value creation through research, development and the release of new products. The pandemic's lockdowns and movement restrictions hampered field testing and the prototyping of new technologies.

Due to decreasing demand or lockdown limitations, various end-users, including numerous manufacturing firms, had to scale back or cease production. It resulted in a drop in demand for safety switches, affecting the revenue of several of the industry's major companies. Safety switches demand is not likely to fully recover until 2021.

The COVID-19 pandemic has caused significant hurdles for the worldwide safety switch business in the immediate term. However, many countries' rapidly expanding manufacturing bases and rising consumer demand for produced goods have created the new long-term potential for the safety switch business. In the following years, the market will continue to expand rapidly.

Segment Analysis

The global safety switch market is segmented into product, safety system, end-user and regions. The safety switch market is further segmented into contact and non-contact safety switches based on product. The non-contact safety switch is leading within this segmentation since, currently, it is the most widely adopted safety switch product. Control systems allow for fine-tuning of various operational parameters to achieve maximum efficiency. Control systems also allow for easy integration with existing hardware.

Geographical Analysis

The Asia-Pacific is leading in the global safety switch market. The region accounts for the largest market share globally, primarily due to the region's rapid industrialization and strong economic growth. Asia-Pacific is the world's manufacturing powerhouse, with many industries concentrated in the region.

In the 1990s and early 2000s, major western multinational corporations started outsourcing manufacturing to countries in the Asia-Pacific region to lower labor costs. It led to increased margins for manufacturers and cheaper products for consumers. Some of the major industries that outsourced production to Asia-Pacific were automotive, industrial machinery, clothing, apparel and consumer electronics. It has led to the rapid industrialization of various countries such as China, India and Vietnam.

Due to the strong economic growth in the last two decades, a large and vibrant middle class has emerged, creating native demand for various manufactured goods. Safety switches are a key safety component of the manufacturing industry and the ever-growing manufacturing base in the Asia-Pacific region will fuel their demand in the coming years. The Asia-Pacific region is expected to retain the largest regional share in the global safety switch market in the coming years.

Competitive Landscape

The global safety switch market is competitive due to various operational technologies and solutions that cater to different types of industrial and commercial requirements. Some of the major players contributing to the growth in the segment are ABB, General Electric, Rockwell Automation, Inc., Siemens, Schneider Electric, Eaton, Emerson Electric Co., OMRON Corporation, Pilz GmbH & Co. KG and SICK AG. The major players in the safety switch market adopt several growth strategies such as joint ventures, up-gradation of existing products, the launch of new products, collaborations, and mergers and acquisitions, thereby contributing to global growth in the industry.

ABB

Overview: ASEA Brown Boveri, abbreviated to ABB, is a major multinational conglomerate specializing in robotics, power, heavy electrical machinery and automation technology. It has manufacturing operations in 12 countries and its products are sold in more than 150 countries globally through a network of 16 subsidiaries and hundreds of distributors. ABB was founded in 1883 and is headquartered in Zurich, Switzerland.

Product Portfolio

ABB manufactures a wide range of enclosed safety switches for industrial and commercial applications. The safety switches range from 16 to 1200 A current and power ratings from 7.5 to 1200 kW. The enclosures of the switches are made from plastic, stainless steel and aluminum. The enclosures have a water resistance of IP67 and are suitable for indoor and outdoor use.

Key Developments

In 2021, ABB started manufacturing its entire range of enclosed safety switches in India. The switches will be manufactured at a smart factory in Bengaluru with a production capacity of 1,000,000 switches a year. The company also intends to export switches to the Middle East and Southeast Asia from its Bengaluru plant.

Why Purchase the Report?

Visualize the composition of the safety switch market segmentation by the product, safety system, end-user and region, highlighting the critical commercial assets and players.

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Excel data sheet with thousands of global safety switch market-level 4/5 segmentation data points.

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The global safety switch market report would provide approximately 58 market data tables, 66 figures, and 220 pages.

Target Audience 2022

Safety switch manufacturing companies

Industrial machinery manufacturing companies

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals