ASEAN Safety Sensors and Switches Market is estimated to be worth around USD 1.58 Bn in 2032: Future Market Insights
PUNE, INDIA--(Korea Newswire) February 25, 2022 -- The market for safety sensors and switches in ASEAN countries is likely to grow by more than 8%, yearly, in 2019. As depicted in a new research study of Future Market Insights (FMI), the adoption of safety sensors and switches across the ASEAN industries will be prominently driven by those based in Indonesia, Malaysia, and Thailand. FMI has positioned the Philippines and Vietnam as high-growth economies in the region's safety sensors and switches market.
Safety sensors and switches are being installed almost everywhere, especially in the manufacturing and processing industries such as automotive, oil & gas, pharmaceuticals, and food and beverages, where the risk of institutional and personnel damage is high. The high demand from these industries due to personnel safety regulations is expected to push the growth of the safety sensors and switches market within the region.
· ASEAN Safety Sensors and Switches Market Estimated Size in 2022: US$ 891.0 Mn
· ASEAN Safety Sensors and Switches Market Value-based CAGR (2022-2028): 10.2%
· ASEAN Safety Sensors and Switches Market Projected Size in 2028: US$ 1.58 Bn
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 the 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 the 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 levying 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.
Categorically, among all safety sensors and switches, pressure sensors and transducers are likely to hold a revenue share of over 2/5th of the total market value. The report prompts a substantial incremental opportunity for the electromagnetic relay, in forthcoming years, attributing the same to climbing sales of consumer electronic devices, cost-effective maintenance, and wide applicability of electromagnetic relay. The demand for emergency stop controls, pressure sensing safety sensors, and other safety devices will particularly gain momentum, as a result of rapid industrialization across leading ASEAN countries.
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.
In an effort to remain at the edge of stiff market competition, key players have been prioritizing a set of parameters such as accuracy level, operational life, and brand value, while designing and engineering new safety sensors and switches.
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.
To know more about the current and prospective growth scenario that has been in the forecast for the safety sensors and switches market in the ASEAN region and gain insights on the recent market developments influencing overall market performance, visit related websites.
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