Safety Sensors and Switches Market - Forecast(2024 - 2029)

The Global Safety sensors and switches market recorded an annual revenue of approximately $3 billion in 2017 and is estimated to grow at a CAGR of 3.1% during the forecast period 2018-2023. During the same forecast period the volume unit shipments of the products are 104.2 million units in 2017 and are expected to grow at a competitive CAGR of 5.4% during the forecast period. The anti-collision sensors have dominated the market by recording annual revenue of $5.72 billion in 2017 and is estimated a rapid growth at a CAGR of 10.20% throughout the forecast period. Automotive industry segment held the major share in the global safety sensors market by recording annual revenue of $501.9 million in 2017 and is estimated to grow at a CAGR of 3.80% till 2023. Germany held major share in Europe Safety sensors and switches market with annual revenue of $746.4 million in 2017 and is expected to grow at a CAGR of 1.70% during the forecast period. 

The safety sensors are presence detection equipment most commonly used in machine guarding applications to detect the presence of any object or person. The safety switches are safety devices which monitor movable safety guards such as doors, covers, shafts and so on. Safety sensors and switches play a crucial role to ensure safety of employees and workers in Human Machine Interface. These products act as a bridge between human and machine interaction to avoid work hazards. The safety sensors encompass wide range of components such as infrared sensors, fiber optic sensors, proximity sensors, vision sensors, magnetic sensors and ultrasonic sensors.

The wide range of applications for safety sensors and switches include safety laser scanners, safety mats, safety edges, safety light curtains, anti-collision sensors, material handling, conveyor systems, transport systems, assembling, packaging, automated guarded vehicles and more. These sensors have wide range of end user applications such as, aerospace, automotive, pharmaceutical, paper and pulp, mining, semiconductor, food and beverages, hospitals and so on.

The companies referred to in the market research report includes Pinnacle Systems Inc., Rockwell Automation, Banner Engineering Corporation, IDEC Corporation, Baumer Group Ltd., Hans Turck GmbH & Co. KG and more than 25 companies.

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

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