ASEAN Safety Sensors and Switches Market to Showcase Healthy Expansion at 9.7 % CAGR by 2029 End

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ASEAN Safety Sensors and Switches Market Poised
to Expand at 9.7 CAGR During 2019 - 2029

• March 2020

Report Id REP-GB-813 Published On 25 April
2019 Category Industrial Automation and
Equipment
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ASEAN Safety Sensors and Switches Market

• 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.
• Automotive Aerospace Industry Generating
  Notable Demand
• 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.

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ASEAN Safety Sensors and Switches Market

• 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.
• Categorically, among all safety sensors and
  switches, pressure sensors and transducers are
  likely to hold a revenue share of over 2/5th of
  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.
• ASEANs Manufacturers Facing Pricing Pressure
• 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 FMIs 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.

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ASEAN Safety Sensors and Switches Market

• 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.
• Press release Source _at_  https//www.globenewswire.
  com/news-release/2019/04/26/1810429/0/en/ASEAN-Saf
  ety-Sensors-and-Switches-Market-to-Reflect-a-Signi
  ficant-CAGR-of-9-7-During-2018-to-2028-Future-Mark
  et-Insights.html
• About Us
• Future Market Insights (FMI) is a leading market
  intelligence and consulting firm. We deliver
  syndicated research reports, custom research
  reports and consulting services which are
  personalized in nature. FMI delivers a complete
  packaged solution, which combines current market
  intelligence, statistical anecdotes, technology
  inputs, valuable growth insights and an aerial
  view of the competitive framework and future
  market trends.

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ASEAN Safety Sensors and Switches Market

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