The ASEAN safety sensors and switches market is a burgeoning industry, estimated to be valued at approximately US$ 891 million in 2022. This dynamic market is set to experience substantial growth, driven by the increasing adoption of safety sensors and switches to mitigate personal and institutional risks. A robust Compound Annual Growth Rate (CAGR) of 10.2% is anticipated between 2022 and 2028, propelling the market to a valuation of US$ 1.59 billion by 2028.
Safety sensors and switches play a pivotal role in enhancing safety across various sectors, including industrial and institutional settings. As industries within ASEAN countries, such as Indonesia and Singapore, rapidly industrialize, the demand for advanced safety equipment is on the rise. These safety sensors and switches are instrumental in safeguarding personnel, machinery, and assets, thereby fostering a safer and more secure working environment.
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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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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.
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