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The Global Safety Switch Market size is expected to reach $1.7 billion by 2023, rising at a market growth of 6.9% CAGR during the forecast period. Rapid adoption of automation in hazardous industrial areas, rules and regulations mandating the safety of manpower and equipment in industries, and rising demand for non-contact door switches to improve the stability of doors and guards have been the factors that would drive the market expansion. The safety switch market ecosystem is dominated by various organic and inorganic growth strategies such as product developments, merger and acquisition, partnerships, collaborations, and agreements.
Based on Product Type, the Safety Switch market segments the market into Contact Safety Switch and Non-Contact Safety Switch. Contact Safety Switch includes Hinge Switches, Locking Switches, and Other Contact Safety Switches. Non-Contact Safety Switch is further segmented into Inductive Switches and Magnetic and Other Non-Contact Switches. Based on Safety System, the market report segments the market into Burner Management Systems, Emergency Shutdown Systems, Fire & Gas Monitoring Systems, High Integrity Pressure Protection Systems, and Others. Based on Vertical, the Safety Switch market segments the market into Oil & Gas, Energy & Power, Metal & Mining, Chemical, Food & Beverages, Packaging, Pharmaceutical, Water & Wastewater Treatment, and Others. Based on Regions, the Safety Switch market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the Global Safety Switch Market. Key companies profiled in the report include ABB Group, General Electric (GE), Rockwell Automation, Schneider Electric SE, Siemens AG, Eaton Corporation Plc., Honeywell International, Inc., Omron Corporation, Emerson Electric Co., and SICK AG.