NEWARK, Del, May 10, 2023 (GLOBE NEWSWIRE) -- The safety light curtains market is expected to be worth US$ 1.1 billion in 2023. The market is expected to reach almost US$ 1.8 billion by 2033, expanding at a CAGR of 5.4% during the forecast period.
The industry is experiencing significant growth due to the increasing demand for safety systems in various end-use industries. Such as automotive, healthcare, and food and beverages.
The key driver for this growth is the need to comply with government regulations regarding worker safety in these industries. The demand for innovative and technologically advanced products is also driving the market. Producers are heavily investing in research and development to create novel goods that fulfill the changing safety demands of consumers.
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The high cost associated with the installation and maintenance of safety light curtains is a key restraint for market growth. Additionally, the lack of awareness about the benefits of safety light curtains in emerging economies and the availability of alternative safety solutions is also hampering market growth.
The increasing adoption of automation and robotics in manufacturing processes presents significant opportunities for the industry. As businesses strive to enhance the effectiveness and security of their production procedures. Thus, the demand for safety light curtains is anticipated to rise. Moreover, the increasing demand for non-contact safety systems in perilous settings like chemical factories and oil refineries offers substantial prospects for market expansion.
The ongoing trend in the industry is the fusion of cutting-edge technologies. Such as artificial intelligence, the Internet of things, and automated learning into safety light curtains to enhance their operation and productivity. These developments facilitate immediate surveillance and identification of potential safety risks. Enabling laborers to promptly respond when needed.
Key Takeaways:
- One of the leading markets for safety light curtains is the United States, which is expected to be worth US$ 0.3 billion over the projected period.
- Through 2033, the safety light curtains industry in the United Kingdom is projected to record a CAGR of 5.1% to reach a value of about US$ 0.1 billion.
- One of the significant markets for safety light curtains is China, which is expected to be valued at US$ 0.4 billion during the projection period.
- Japan is a developed market for safety light curtains, with a projected value of US$ 0.3 billion through 2033.
- During the forecast period, the South Korean safety light curtains market is anticipated to reach US$ 0.1 billion with a CAGR of 5.1% through 2033.
- With a CAGR of 5.9% from 2023 to 2033, the market share for Type 2 safety light curtains is anticipated to be around 60% globally.
- The market share for safety light curtains in the automotive sector is projected to be over 40% in 2023, with a CAGR of 5.7% from 2023 to 2033.
How Key Players are Revolutionizing the Safety Light Curtains Industry?
The safety light curtains industry is highly competitive, with many established players and new entrants competing for market share. Some key players in the industry include Honeywell International, Inc., Keyence Corporation, Hans Turck GmbH & Co. KG, Balluff GmbH, Banner Engineering Corporation, and more. These competitors are always developing and funding novel technologies to acquire an advantage in the industry.
One of the primary obstacles encountered by individuals in the sector is the exorbitant expense of producing and fabricating protective illumination screens. Consequently, numerous enterprises have resorted to alliances and joint ventures to distribute the expenses and hazards linked with creating new products.
To maintain their competitiveness in the market, key participants are emphasizing broadening their range of products. Enhancing their distribution channels, and allocating resources towards research and development to generate novel and inventive safety light barriers.
Several players are additionally investigating novel markets and broadening their activities to secure a greater portion of the worldwide market. New participants in the industry encounter notable obstacles to access. Such as elevated initial expenses and fierce rivalry from entrenched competitors. Nonetheless, the increasing need for protective illumination barriers in diverse sectors offers substantial prospects for novel participants. To join the industry and acquire a portion of the market. The sector is anticipated to witness sustained expansion in the forthcoming years. It is propelled by aspects like rising safety mandates and the necessity for better on-the-job safety.
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Safety Light Curtains Market By Category
By Safety Level:
- Type 2
- Type 4
By End Use:
- Automotive
- Semiconductor & Electronics
- Food & Beverages
- Healthcare
- Other End Uses
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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Table of Content (ToC):
1. Executive Summary | Safety Light Curtains Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Safety Level
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US Million) & Volume (Units) Analysis By Safety Level, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Safety Level, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Safety Level, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Safety Level, 2023 to 2033
6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End-Use, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End-Use, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By End-Use, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End-Use, 2023 to 2033
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