Presently, more than 60 per cent of total demand for safety sensors and switches is supported by industrial end use sector, the report says
The safety sensors and switches market in the ASEAN countries is expected to grow by over 8 per cent in 2019, according to a new research study by Future Market Insights (FMI).
Booming pace of industrial automation, adoption of Industry 4.0, resurgence of oil and gas industry, surging utilisation of heavy-duty machinery across segments, will combinedly drive the demand for streamlining of safety and security measures. Thus, pushing the revenue of safety sensors and switches market in the ASEAN, the report says.
Safety sensors and switches are being deployed primarily in manufacturing and processing industries like oil and gas, automotive, food and beverages and pharmaceuticals, where there is high risk of institutional and personnel damage. The surging demand from these industries on the back of personnel safety regulations is likely to push the safety sensors and switches market growth within the region.
Key industries driving demand
Presently, more than 60 per cent of total demand for safety sensors and switches is supported by industrial end use sector. Out of that, one-third is accounted by aerospace and automotive industry, followed by food and beverages sector.
According to the report, metal and mining, packaging and oil and gas industries will demonstrate huge growth potential, in terms of safety sensors and switches adoption, in the near future.
Citing the reason for such growth, the report mentions increasing installations of safety sensors and switches across industrial domain to the strict regulatory framework with regards to workplace security and safety, mainly for industrial workers.
Category-wise, pressure sensors and transducers are expected to capture a revenue share of more than two-fifth of the overall market value. The demand for pressure sensing safety sensors, emergency stop controls and other safety devices will gain momentum, due to rapid industrialisation across leading economies in the ASEAN region.
According to the report, the key companies operating in the ASEAN market include Schneider Electric, Emerson Electric, Honeywell International, Eaton, Carlo Gavazzi Automation, OMEGA Engineering, OMRON Corporation, WIKA Alexander Wiegand, TE Connectivity, Mitsubishi Electric Corporation, VEGA Instruments, Texas Instruments, Infineon Technologies AG, Panasonic Corporation, Murata Manufacturing, Phoenix Contact, ZEBRA and KEYENCE Corporation.