The Safety Sensors And Switches Market In ASEAN countries is estimated to be worth around USD 891 Million in 2022.With rising adoption of safety sensors and switches for minimizing the personal and institutional damage, the overall market is anticipated to grow at an impressive CAGR of 10.2% between 2022 and 2028, reaching a valuation of USD 1.59 Billion by 2028.
| Attribute | Details |
|---|---|
| ASEAN Safety Sensors and Switches Market Estimated Size in 2022 | USD 891.0 Million |
| ASEAN Safety Sensors and Switches Market Value-based CAGR (2022 to 2028) | 10.2% |
| ASEAN Safety Sensors and Switches Market Projected Size in 2028 | USD 1.58 Billion |
Rapid industrialization across ASEAN countries such as Indonesia and Singapore is creating demand for better safety equipment. Adoption of safety sensors and switches is on the rise, thereby boosting the market.
Indonesia will continue to dominate the ASEAN safety sensors and switches market, accounting for a dominant share of 34.7% in 2022. Implementation of stringent government regulations along with rising adoption of latest automatic technologies is driving the safety sensors and switches market in Indonesia.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 9.2% |
| H1,2022 Projected (P) | 9.8% |
| H1,2022 Outlook (O) | 9.6% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 24 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 37 ↑ |
Future Market Insights has presented a half-yearly comparison of the growth forecast for the market of safety sensors and switches. The market has been significantly influenced by some macro-economic and innovation factors, including penetration of advance technologies in traditional equipment and technologies, the increasing number of workplace accidents and the implementation of stringent government regulations to improve workplace safety.
Rising concern for machine and worker safety has increased the demand for safety sensors and switches in ASEAN's rapidly expanding industrial sector.
The difference between the BPS values observed in the Safety Sensors and Switches market in H1, 2022 - Outlook over H1, 2022 Projected represents a fall of 24 units, according to FMI analysis. In comparison to H1-2021, the market is predicted to rise 37 basis points as per the current estimation.
The certain decline in the growth in the current market growth estimation is owing to higher receovery of the industrial sector growth in 2021 as expected in the earlier projections.
The high adoption rate of advanced technologies such as artificial intelligence (AI), machine learning, and the internet of things in ASEAN countries, is boosting the sales of modern safety solutions such as safety sensors and switches in ASEAN countries, particularly in Indonesia and Singapore, is one of the main reasons for this change in growth rate.
Furthermore, increasing demand from industries such as manufacturing, aerospace, power generation, and automotive is embracing these core technologies to optimize their production, because safety sensors and switches have become ideal solutions used across industrial and commercial sectors for preventing unpleasant or bad events from occurring, which is expected to boost the market growth in the ASEAN region.
The ASEAN safety sensors and switches market is set to register an impressive CAGR of 10.2% between 2022 and 2028 in comparison to 8.6% CAGR registered from 2013 to 2021.
Rising penetration of modern technologies, increasing number of workplace accidents and the implementation of stringent government regulations for improving workplace safety are some of the major factors driving the ASEAN safety sensors and switches market.
Safety sensors and switches have become ideal solutions used across industrial and commercial sectors for preventing unpleasant or bad events from happening. They effectively detect the presence of any object or person and thus ensure safety of both workers and machines.
Safety sensors and switches are being installed in majority of industries including automotive, oil & gas, pharmaceuticals, and food and beverages, where the risk of institutional and personnel damage is high. These switches monitor movable safety guards such as doors, covers, shafts and others. Both safety switches and sensors play a crucial role in improving workplace safety.
According to the International Labour Organization (ILO), more than 1.1 million people die from occupational accidents in Asia and the Pacific every year. Growing occupational injuries is prompting industries to employ safety sensors and switches. This is one of the major factors driving the market growth.
Moreover, people are continuously employing safety sensors and switches in their homes for improving safety as well as minimizing the risk of property damage. This is another factor boosting the sales of safety sensors and switches.
New products with cost effective features are hitting the ASEAN markets. As competition soars, companies are launching advanced products to gain an upper hand in the region. This will further accelerate the growth of ASEAN safety sensors and switches market over the forecast period.
Driven by the aforementioned factors, ASEAN safety sensors and switches market is set to expand 1.8X through 2028.
ASEAN countries are among the fastest growing nations in the world. Since the inception of industry 4.0 across ASEAN countries, adoption of modern technologies such as artificial intelligence (AI), machine learning, internet of things (IoT) is on the rise.
Industries such as manufacturing, aerospace, power generation, and automotive are embracing these core technologies to optimize their production. Besides this, these technologies help in saving money, time, and effort to a large extent.
Adoption of these technologies is in turn boosting the sales of modern safety solutions including safety sensors and switches. These safety components have become an indispensable part of modern industries as well as residential structures. They not only help to save human lives but also play a significant role in minimizing the damage to property.
Rapid industrialization and increasing adoption of modern technologies across both residential and commercial sectors will continue to accelerate the growth of safety sensors and switches across ASEAN countries.
As per FMI, Indonesia will continue to lead the ASEAN safety sensors and switches market, accounting for the largest market share of 34.7% in 2022. The Indonesia safety sensors and switches market is driven by rapid industrialization, rising adoption of modern technologies, and increasing government-backed investments.
The government in Indonesia is putting various efforts to develop the country’s industrial infrastructure and promote the adoption of automation. For instance, in 2018, the Indonesian government introduced the strategy “Making Indonesia 4.0” to boost the country’s economy. This is in turn positively impacting the safety sensors and switches market in the country.
However, with rapid industrialization and poor occupational safety and health (OSH) awareness, there has been an abrupt rise in the number and cost of occupational accidents. This has prompted the government to launch new initiatives to increase the adoption of safety solutions across industrial sectors.
For instance, the Indonesian government formulated its national OSH programme in 2019 to improve OSH and to reduce the prevalence of accidents. Moreover, leading market players based in Indonesia are continuously introducing innovative products to enhance the workplace safety to optimum levels, thereby augmenting the growth of the market.
Malaysia is emerging as one of the most lucrative markets for safety sensors and switches across ASEAN region, accounting for around 19.2% share in 2022. Growth in the country is attributed to the increasing adoption of safety equipment across various sectors, along with growing awareness regarding workplace accidents.
The national IoT Strategic Roadmap launched by Ministry of Science, Technology, and Innovation, has facilitated the adoption of safety sensors and switches across the country. Currently, the country is in a phase of transition with industries increasingly moving towards automation.
Growing prevalence of workplace accidents is playing a crucial role in fueling the adoption of these products. According to the Department of Occupational Safety and Health (DOSH), there were 6933 occupational accidents reported in Malaysia from January 2020 to December 2020.
As per FMI, demand for safety sensors and switches across Thailand is projected to increase at a significant pace over the forecast period. Sales are expected to be driven by growing focus towards enhancing the workplace safety in both industrial and commercial sectors.
With rapid urbanization and increasing adoption of modern technologies in the residential sector, sales of safety sensors and switches are surging at a significant pace. Consumers are deploying these products across their homes to improve the safety and security.
Owing to the aforementioned factors, a healthy share of over 14.9% is projected for the Thailand safety sensors and switches market in 2022.
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The pressure sensors and transducers segment is projected to account a dominant share of the ASEAN safety sensors and switches market over the assessment period. Rising adoption of these components for improving the safety of equipment and preventive maintenance is fueling sales in the market.
Pressure sensors and transducers are generally manufactured from piezoelectric materials such as quartz. They have become standard safety solutions across diverse industries including automotive, oil & gas, and power generation.
Pressure sensors are extensively used for a wide range of applications such as pressure sensing, altitude sensing, flow sensing, industrial flow monitoring, and leak testing. These components are cost effective and offer greater stability. Growing adoption of advanced digital pressure sensors and transducers is anticipated to accelerate the growth of the market during the forecast period.
On the basis of installation, ASEAN safety sensors and switches is segmented into new and retrofit. Among these segments, the new installations segment is projected to account for a lion’s share in the ASEAN safety sensors and switches market in 2022.
Industrialists usually prefer to install new safety solutions to save time and money, as well as to improve the performance. Retrofitting safety solutions is expensive and usually takes more time, as the experts have to first modify the structure in order to retrofit these products.
Based on end use, sales in the industrial segment are forecast to account for around 60% of the overall demand in the market. Within the industrial segment, sales of safety sensors and switches are mostly concentrated in the automotive industry.
With rising concerns about workers safety and the implementation of stringent government regulation pertaining to workplace safety, industrialists are increasingly employing safety solutions such as safety sensors and switches.
Rapid industrialization in ASEAN countries along with increasing adoption of safety sensors and switches in industrial setups is anticipated to boost the growth of the market during the forecast period.
Leading players operating in the ASEAN safety sensors and switches market are focusing on enhancing their product portfolio. They are adopting various strategies such as mergers, partnerships, new product launches and acquisitions to dominate the market. For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | Units for Volume and USD Millionfor Value |
| Key Regions Covered | ASEAN |
| Key Countries Covered | Malaysia, Singapore, Indonesia, Thailand, Vietnam, and Philippines |
| Key Segments Covered | Category, Installation, End Use and Country |
| Key Companies Profiled | 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; ZEBRA |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The ASEAN safety sensors and switches market is estimated to be worth around USD 891.0 Million in 2022.
As per FMI, the ASEAN safety sensors and switches market is forecast to register a stellar CAGR of 10.2% between 2022 and 2028.
The ASEAN safety sensors and switches market grew at a CAGR of 8.6% between 2013 and 2021.
Increasing penetration of modern technologies, growing popularity of safety sensors and switches, implementation of safety regulations and introduction of new advanced products are some of the key trends shaping the market growth.
The Indonesia safety sensors and switches market is set to account for over 34.7% share in 2022.
The safety sensors and switches market in Malaysia is projected to account for 19.2% by 2022.
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 are some of the leading players operating in the ASEAN safety sensors and switches market.
| Estimated Market Size (2023E) | USD 1,406.04 million |
|---|---|
| Projected Market Value (2033F) | USD 2,787.5 million |
| Value-based CAGR (2023 to 2033) | 7.9% |
| Market Size (2022) | USD 565.1 Million |
|---|---|
| Sales Forecast (2028) | USD 1.05 Billion |
| Growth Rate (2022 to 2028) | 10.9% CAGR |
| Market Estimated Size in 2022 | USD 891.0 Million |
|---|---|
| Market Projected Size in 2028 | USD 1.58 Billion |
| Market Value-based CAGR (2022 to 2028) | 10.2% |
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ASEAN Safety Sensors and Switches Market
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