Global Safety Switches Market to Reach $1.5 Billion by 2027
Amid the COVID-19 crisis, the global market for Safety Switches estimated at US$1.2 Billion in the year 2020, is projected to reach a revised size of US$1.5 Billion by 2027, growing at a CAGR of 3% over the period 2020-2027. Contact Switch, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$992.9 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Contact Switch segment is readjusted to a revised 3.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $337.2 Million, While China is Forecast to Grow at 5.6% CAGR
The Safety Switches market in the U.S. is estimated at US$337.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$313.8 Million by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR.
Select Competitors (Total 42 Featured):
Amid the COVID-19 crisis, the global market for Safety Switches estimated at US$1.2 Billion in the year 2020, is projected to reach a revised size of US$1.5 Billion by 2027, growing at a CAGR of 3% over the period 2020-2027. Contact Switch, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$992.9 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Contact Switch segment is readjusted to a revised 3.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $337.2 Million, While China is Forecast to Grow at 5.6% CAGR
The Safety Switches market in the U.S. is estimated at US$337.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$313.8 Million by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR.
Select Competitors (Total 42 Featured):
- ABB Ltd.
- Banner Engineering Corp.
- Bernstein AG
- Eaton Corporation plc
- Emerson Electric Co.
- EUCHNER GmbH + Co. KG
- Euchner-USA, Inc.
- Fortress Interlocks Limited
- Honeywell Sensing and Internet of Things
- IDEC Corporation
- K. A. Schmersal Holding GmbH & Co., KG
- Murrelektronik GmbH
- OMRON Corporation - Industrial Automation Division
- Parmley Graham Ltd.
- Pepperl+Fuchs AG
- Pilz GmbH & Co. KG
- R. Stahl AG
- Rockwell Automation Inc.
- Schneider Electric SE
- SICK AG
- Siemens AG
Frequently Asked Questions about the Global Market for Safety Switches
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I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERS3. MARKET TRENDS & DRIVERS4. GLOBAL MARKET PERSPECTIVE
1. MARKET OVERVIEW
III. MARKET ANALYSIS
IV. COMPETITION
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