The market for safety sensors and switches in ASEAN countries is likely to grow by more than 8%, yearly, in 2019. 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.
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.
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.
For More Detailed Insights on ASEAN Safety Sensors and Switches Market Trend Assessment
Categorically, among all safety sensors and switches, pressure sensors and transducers are likely to hold a revenue share of over 2/5of 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 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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Future Market Insights (FMI) is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace, with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure that our clients prepare for the evolving needs of their consumers.