Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global emergency stop switches market was worth US$ 1.7 Bn in 2021. The global industry is projected to expand at a CAGR of 6.4% during the forecast period from 2022 to 2031, to reach a value of US$ 3.07 Bn by 2031. Rise in use of automation across a number of end-use industries is anticipated to drive industry growth. Market statistics are also being driven by an increase in use of emergency stop switches in logistics automation, process automation, factory automation, and various other industrial applications.
Leading companies are concentrating on developing novel and highly efficient switches. For instance, Schneider Corporation and IDEC Corporation developed a cutting-edge new technology dubbed "safe break action" to provide higher levels of human safety. Market participants are expected to concentrate on designing technologies that rely on R&D in the manufacturing of emergency stop switches in order to expand market share.
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Numerous end-use industries across a range of sectors utilize these emergency buttons and switches as safety precautions. Increase in use of emergency stop switches in different commercial and industrial applications is estimated to drive expansion of the global emergency stop switches market during the forecast period. These switches reduce the impact that hazardous conditions can inflict on equipment and machinery. They are also employed in industries to protect the safety of employees.
Government regulations on worker safety are changing, and global industry participants are gradually embracing new technologies, which is anticipated to fuel growth of the global industry.
Key Findings of Market Report
- More modern switches have an IP65 rating to endure hostile conditions as opposed to standard switches. Wireless and portable switches allow for configuration of several systems without the need for conduit or hard wiring. Automation is made safe, secure, and dependable by the wireless E-Stop. As such, need for wireless emergency stop switches is rising across all industries, which is likely to drive market demand.
Global Emergency Stop Switches Market: Growth Opportunities
- Use of emergency stop switches is anticipated to increase across a range of end-use industries due to imposition of stringent government regulations at workplaces to avoid accidents and enhance workplace safety. Numerous countries place a strong emphasis on enhancing safety guidelines and regulations in industries including construction, mining, and manufacturing. Increase in demand for shorter operating times, better performance, and higher production capacity is expected to drive the market value of emergency stop switches across the globe.
- Demand for emergency stop switches is projected to increase due to technological advancements that would allow for better control of industrial equipment. Consequently, one of the major industry developments has been the introduction of sophisticated wireless emergency stop switches as a solution for electrical safety and safe automation.
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Global Emergency Stop Switches Market: Regional Landscape
- Markets in Canada and the US have a strong demand for emergency stop switches. North America is therefore anticipated to dominate with a high market share during the forecast period. Furthermore, thorough market analysis shows that the expansion of end-use industries, rapid urbanization, and increase in adoption of safety regulations across industrial and commercial sectors are estimated to fuel market development.
- Japan, India, and China are expected to present attractive growth prospects for emergency stop switch makers in the next few years, based on emergency stop switch industry projections. The emergency stop switch market in Asia Pacific is predicted to expand rapidly during the forecast period given the abundance of manufacturers in the region.
Global Emergency Stop Switches Market: Key Players
- E. Dold & Söhne GmbH & Co. KG
- NKK Switches of America, Inc.
- General Electric Company
- Eaton Corporation Inc.
- Safety Technology International, Inc.
- Honeywell Micro Switch
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Global Emergency Stop Switches Market: Segmentation
Type
- Pull Release
- Turn Release
- Key Release
Application
- CNC Equipment
- Elevators
- Medical Testing Equipment
- Machinery & Equipment
- Others (Conveyor Belts, Robotics, etc.)
End-use Industry
- Commercial
- Industrial
Distribution Channel
- Online
- Offline
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