NEWARK, Del, July 20, 2023 (GLOBE NEWSWIRE) -- The Safety Relays Market is projected to expand at 8.3% CAGR from 2023 to 2033, according to Future Market Insights (FMI). Revenue is poised to increase from US$ 630.3 Million in 2023 to US$ 1.4 Billion by 2033. The market stood at US$ 575.6 Million at the end of 2022.
The global safety relays industry is expected to witness significant during the assessment period, due to the increasing demand from several different end-use sectors. With the growth in industrial automation and the implementation of stringent government regulations and standards, sales are projected to continue to expand.
One of the key drivers of the safety relay industry is the increasing demand for industrial automation systems. The adoption of automated systems in several sectors has increased, which has augmented the demand for safety relays. Safety relays ensure the safety of employees working in the industry, and this is driving the growth of the safety relays industry.
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Stringent government regulations and standards are also driving the growth of the safety relays industry. Governments around the world are implementing safety regulations in industries, and safety relays are an important part of these regulations. This is driving the growth of the safety relays industry.
Growth in the automotive sector is also driving the expansion of the safety relays industry. The increasing demand for safety features in vehicles has increased the need for safety relays. Safety relays ensure the safety of passengers in vehicles, and this is driving the growth of safety relay sales.
Integrating safety relays with other safety devices is a prominent trend in the market. Integration of safety relays with other safety devices ensures reduced errors and multi-fold checking of glitches, driving the growth of safety relays.
Increasing adoption of wireless safety relays is also a major trend in the safety relays industry. Wireless safety relays offer flexibility and ease of installation, driving sales in the industry.
There is also a shift towards programmable safety relays, which are easy to install and maintain. This trend is expected to further push demand for safety relays.
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Key Takeaways from the Safety Relays Market Report:
- By type, the electromagnetic segment is projected to increase at 8.1% CAGR from 2023 to 2033.
- In terms of application, the emergency stop division is likely to surge at 7.9% CAGR from 2023 to 2033.
- The United States is poised to reach a valuation of US$ 269.9 million in the North American market by 2033.
- China's safety relays industry is set to be worth US$ 303 million by 2033.
- The United Kingdom market is estimated to witness an 8.0% CAGR during the projection period.
“Surging demand from industrial automation processes is likely to drive demand in the safety relays market. Manufacturers are focusing on customized products with IoT integration and other real-time monitoring capabilities to increase the efficiency of production processes and reduce costs.” – says a lead analyst at FMI
Top Companies in Safety Relay Industry and Their Winning Marketing Strategies:
Key manufacturers might offer customization options to tailor their safety relay solutions to specific customer needs. This approach allows manufacturers to address different industries' diverse requirements, catering to a broader customer base. These innovations include features such as self-monitoring capabilities, advanced diagnostics, enhanced connectivity options, and improved fault tolerance.
Leading Players in the Safety Relays Market:
- Schneider Electric
- Siemens AG
- ABB Ltd.
- Rockwell Automation
- Omron Corporation
- Eaton Corporation
- Pilz GmbH & Co. KG
- Phoenix Contact
- Mitsubishi Electric Corporation
These companies design, manufacture, and distribute a wide range of safety relays with different features and specifications to cater to the diverse requirements of their customers.
Recent developments,
- In March 2019, Pilz introduced PNOZ, PNOZmulti, which stands for the delightfully simple operation of a graphics setup software application. Complex operations may be configured intuitively using the Programmable Logic management system PSS in order to International PLC of automated systems PS 4000.
- In January 2019, Emulate3D, a creative technical software company that manufactures digitally imitate and simulate automation systems, has been acquired by Rockwell Automation, Inc.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global safety relays industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the safety relays industry based on Type (Electromagnetic Safety Relays, Solid-State Safety Relays), and Application (Emergency Stop, Safety Gate Safety Relays, Two-Hand Control Safety relays, and Light Curtain Safety Relays) and End-user (Manufacturing, Oil & Gas, Pharmaceutical, Power Generation, and Mining) across various regions.
About the Industrial Automation (IA) Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the IA team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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