In 2022, the ASEAN region’s market for safety sensors and switches is anticipated to be worth about US$891 million. The overall market is predicted to grow at an impressive CAGR of 10.2% between 2022 and 2028, reaching a valuation of US$ 1.59 Bn by 2028, as safety sensors and switches are increasingly being adopted to reduce individual and institutional damage.
Demand for better safety equipment is growing as ASEAN nations like Indonesia and Singapore experience rapid industrialization. The market is growing as safety sensors and switches are increasingly used.
Get Sample Copy @
https://www.futuremarketinsights.com/reports/sample/rep-gb-813
With a dominant share of 34.7% in 2022, Indonesia will continue to rule the ASEAN safety sensors and switches market. government regulations are being implemented with greater rigour, and automatic.
Automotive & Aerospace Industry Generating Notable Demand
According to the report, the oil & gas industry’s resurgence, soaring utilization of heavy duty machinery across verticals, and thriving pace of industrial automation and Industry 4.0 adoption will collectively necessitate the demand for streamlining of safety and security measures, thereby driving the revenue of ASEAN’s safety sensors and switches market.
Currently, over 60% of overall demand for safety sensors and switches is underpinned by the industrial end use sector, a third of which is accounted by the automotive and aerospace industry, followed by food and beverages industry operators.
FMI’s analysis reveals that oil & gas, metal & mining, and packaging industries will demonstrate high growth potential in the near future, in terms of adoption of safety sensors and switches.The report attributes surging installations of safety sensors and switches across industrial space to the tightening regulatory framework related to workplace safety and security, particularly for industrial workers.
ASEAN economies are looking forward to levy stringent safety regulations in the case of industries and commercial spaces to avoid any kind of damage or loss to property or life. This according to the report has created a potential opportunity for the safety sensors and switches market.
Moreover, while new installations of safety sensors and switches account for just-under 80% of the ASEAN’s total market value, FMI opines that the preference of end-use industries for new installation over retrofit will prevail in years to come.
ASEAN’s Manufacturers Facing Pricing Pressure
ASEAN market competition has been witnessing incessant support from prominent safety sensors and switches market participants based overseas. All the manufacturers are competing against each other as well as with foreign players in the machine safety products market to firm up in the marketplace.
Moreover, several start-ups have been considering sustainability as a key area of focus in the safety sensors and switches development. According to FMI’s analysis, this increasing competition scenario is imposing a negative impact on the price setting strategy, which is compelling manufacturers of safety sensors and switches in the ASEAN region to deliver offerings at lower prices.
Customization Before Buying, Visit@
https://www.futuremarketinsights.com/customization-available/rep-gb-813
By 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
Ask an analyst@
https://www.futuremarketinsights.com/ask-question/rep-gb-813
Competitive Landscape
The safety sensors and switches market report profiles some of the key companies that are operating in the ASEAN safety sensors and switches market, including 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, and ZEBRA.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com