ASEAN Safety Sensors and Switches Market is expected to increase at a CAGR of 10.2 % during the forecast period 2022-2028
The market for safety sensors and switches in ASEAN countries is likely to grow by more than 8%, yearly, in 2019. The ASEAN safety sensors and switches market is set to register an impressive CAGR of 10.2% between 2022 and 2028 in comparison to 8.6% CAGR registered from 2013 to 2021.
As depicted
in a new research study of Future Market Insights (FMI), 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
Philippines and Vietnam as high-growth economies in the region's safety sensors
and switches market.
|
Attribute |
Details |
|
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 |
Safety sensors and switches are being
installed almost everywhere, especially in 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.
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.
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 at a
substantial incremental opportunity for 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.
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