Dublin, Oct. 23, 2020 (GLOBE NEWSWIRE) -- The "Safety Relays Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The safety relays market is estimated to grow at a CAGR of 5.23% to reach a market size of US$741.356 million in 2025 from US$545.996 million in 2019
The market is expected to grow at a significant pace due to its immense end-use applications in varied end-use industry verticals. The presence of stringent regulations such as the OSHA and Machinery Directive is also burgeoning the market demand keeping in view the safety of the industrial operation and the personnel. Additionally, the increasing concerns regarding the safety and security of industry personnel are further providing an impetus in propagating the market growth during the forecast period. Furthermore, the market is projected to augment at a significant pace due to the adoption of automation solutions in the hazardous industrial environment.
By relay configuration, the safety relays market has been segmented into single channel relays and dual channel relays. Single relays are used for controlling the lighting, electrical and other equipment via the digital I/O port. Some of the applications include solenoid valves, lamps, motors, and other high current and high voltage devices. Hence, with the growing trend of home automation, the market for single channel relays may find suitable growth prospects in the forecast period and in the upcoming years.
By application, the safety relays market has been categorized into light curtains, magnetic switches, safety mats, emergency stop buttons, and others. Stopping a movement in a controlled and safe manner, monitoring the position of movable guards, and emergency stop are some of the functions of safety relays. In the current era, these are found in every requirement available in the practical world. This is because of the fact that safety relays are easy and convenient in operation and have a clear structure. In addition, these do not require any skilled training. The only requirement for operating a safety relay is basic general knowledge and a little awareness about the current standards to comply with, in a particular situation. The utilization of the safety relays has become popular due their compact design, high reliability, and one of the most important reason include that these safety relays meet all of the required standards. Hence, these have become an integral safety component of a new plant or machinery requiring safety functions.
By the end user industry, the safety relays market has been broadly segmented into transportation, construction, chemical, power, others. Safety relays market growth holds strong potential in the energy and power industry owing to high risks involved with the working of personnel in a hazardous environment. The growing global energy demand is further bourgeoning the market growth in this segment. Also, with the growing concerns for the depletion of fossil fuels and increasing exploration of renewable alternatives is further providing an impetus for the market to thrive in the forecast period.
Geographically, the safety relays market has been segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and the South American region. The Asia Pacific region is projected to grow at a rapid pace during the forecast period. This is majorly attributed to the growing utilization of the complex machinery keeping in view the high demand for products to be manufactured for a high consumer base in the region. The growing middle-class population is adding to the increasing consumer base with increasing family income and growing disposable income. The growing industrial automation with the advent of industry 4.0, the increasing urban population with rapid urbanization, and the expansion of manufacturing activities is poised to drive the growth of the global safety relays market in the forecast period.
The presence of strict regulations on industrial safety serves as major driver in driving the growth of the global safety relays market in the forecast period
In order to maintain a safe and healthy working environment, it becomes important for the industries to comply with the regulatory standards, failing which would lead to causing harmful effects, resulting in loss to the organization and the workers. There are pieces of incidents from the past regarding the killing of people at the industrial sites, hence, leading to suffering from work-related disabilities. Hence, further resulting in poor work output and contributing to huge losses. It is however impossible to eliminate the causes of accidents but significant efforts are being made for providing safety measures in order to avoid mishappenings.
Few examples of regulatory standards include
- Occupational Safety and Health Act (OSHA) which came into force in 1970. The role of OSHA is to help and ensure safe workplaces for men and women in America. Under the OSH Act, the workers receive training and education regarding hazards in workplaces, prevention methods, and OSHA standards applicable to a particular workplace. All businesses are required to comply with OSHA standards.
- The OSH Act covers most of the private sector employers and their workers, also some of the public employers and workers in the 50 states and certain territories and jurisdictions lie under the federal authority. The jurisdictions include the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, Northern Mariana Islands, Wake Island, Johnston Island, and the Outer Continental Shelf Lands as defined in the Outer Continental Shelf Lands Act.
The trend of industry 4.0 is paving way for the use of safety relay devices in the forecast period and in the coming years
The industrial automation worldwide is projected to surge in the upcoming years. This is due to the increasing inclination in adopting digital technologies, hence contributing to the industrial automation growth. The increasing labour charges are further fueling the market demand in the forecast period and in the upcoming years. Additionally, with the soaring need for reducing risk of accidents in the industry sites in fueling the demand for industrial automation, hence driving the market demand as well.
Furthermore, automation is allowing the organizations in gaining real-time information related to the industrial operations, hence, leading to the continuous monitoring of operations possible. The introduction of connected technologies such as the industrial internet of things (IIoT) is further poised to bolster automation in industries in the forecast period and in the upcoming years.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Safety Relays Market Analysis, by Relay Configuration
5.1. Introduction
5.2. Single Channel Relays
5.3. Dual Channel Devices
6. Safety Relays Market Analysis, by Application
6.1. Introduction
6.2. Light Curtains
6.3. Magnetic Relays
6.4. Safety Mats
6.5. Emergency Stop Buttons
6.6. Others
7. Safety Relays Market Analysis, by End User Industry
7.1. Introduction
7.2. Transportation
7.3. Construction
7.4. Chemical
7.5. Power
7.6. Others
8. Safety Relays Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. North America Safety Relays Market, By Relay Configuration, 2019 to 2025
8.2.2. North America Safety Relays Market, By Application, 2019 to 2025
8.2.3. North America Safety Relays Market, By End User Industry, 2019 to 2025
8.2.4. By Country
8.2.4.1. United States
8.2.4.2. Canada
8.2.4.3. Mexico
8.3. South America
8.3.1. South America Safety Relays Market, By Relay Configuration, 2019 to 2025
8.3.2. South America Safety Relays Market, By Application, 2019 to 2025
8.3.3. South America Safety Relays Market, By End User Industry, 2019 to 2025
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.2. Argentina
8.3.4.3. Others
8.4. Europe
8.4.1. Europe Safety Relays Market, By Relay Configuration, 2019 to 2025
8.4.2. Europe Safety Relays Market, By Application, 2019 to 2025
8.4.3. Europe Safety Relays Market, By End User Industry, 2019 to 2025
8.4.4. By Country
8.4.4.1. UK
8.4.4.2. Germany
8.4.4.3. France
8.4.4.4. Others
8.5. Middle East and Africa
8.5.1. Middle East and Africa Safety Relays Market, By Relay Configuration, 2019 to 2025
8.5.2. Middle East and Africa Safety Relays Market, By Application, 2019 to 2025
8.5.3. Middle East and Africa Safety Relays Market, By End User Industry, 2019 to 2025
8.5.4. By Country
8.5.4.1. United Arab Emirates
8.5.4.2. Israel
8.5.4.3. Saudi Arabia
8.5.4.4. Others
8.6. Asia Pacific
8.6.1. Asia Pacific Safety Relays Market, By Relay Configuration, 2019 to 2025
8.6.2. Asia Pacific Safety Relays Market, By Application, 2019 to 2025
8.6.3. Asia Pacific Safety Relays Market, By End User Industry, 2019 to 2025
8.6.4. By Country
8.6.4.1. Japan
8.6.4.2. China
8.6.4.3. India
8.6.4.4. Australia
8.6.4.5. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Siemens
10.2. ABB
10.3. Rockwell Automation, Inc.
10.4. Schneider Electric
10.5. SICK AG
10.6. Panasonic Corporation
10.7. Phoenix Contact
10.8. OMRON Corporation
10.9. Pilz GmbH & Co. KG
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