The safety relays industry is projected to expand at 8.3% CAGR during the forecast period 2023 to 2033, states Future Market Insights (FMI). Revenue is poised to increase from USD 630.3 billion in 2023 to USD 1.4 billion by 2033. The market stood at a total of USD 575.6 million at the end of 2022.
The market for safety relays is driven by the increasing emphasis on workplace safety, and strict government regulations regarding safety standards.
Growing adoption of automation and robotics is being witnessed across several sectors like manufacturing, automotive, oil and gas, pharmaceuticals, and food processing. These are among the prominent end-users of safety relays.
Advancements in safety relay technology have also contributed to market growth. Manufacturers are developing intelligent safety relays with advanced features such as programmable logic functions, self-diagnostics capabilities, and network connectivity.
These features enable enhanced monitoring, diagnostics, and integration with other automation systems, improving overall safety and operational efficiency.
The market is influenced by factors such as the growing adoption of industrial automation, increasing awareness about occupational safety, and the need for reliable safety solutions in emerging economies.
Key players in the safety relays market include Schneider Electric, Siemens AG, ABB Ltd., Rockwell Automation, Omron Corporation, Eaton Corporation, Pilz GmbH & Co. KG, Phoenix Contact, and Mitsubishi Electric Corporation, among others.
These companies design, manufacture, and distribute a wide range of safety relays with different features and specifications to cater to the diverse requirements of their customers.
The safety relays industry is expected to expand as businesses prioritize safety and invest in advanced safety technologies. The integration of safety relays with other safety systems, such as programmable logic controllers (PLCs) and safety PLCs. It is also becoming increasingly common, further driving the market growth.
The market for safety relays is driven by the increasing focus on workplace safety regulations. Growing demand for automation in several industrial sectors such as manufacturing, automotive, oil and gas, pharmaceuticals, and food processing will likely continue.
Safety relays are widely used in applications such as emergency shutdown systems, light curtains, interlocking systems, and safety door monitoring.
Safety relays play a crucial role in ensuring the safe operation of machinery and systems by monitoring pre-established parameters. These parameters include temperature, pressure, position, and voltage. They are designed to detect faults, malfunctions, or hazardous conditions and initiate appropriate actions to prevent accidents, injury, or damage
Key Trends in the Market Listed by Future Market Insights (FMI):
| Attribute | Key Insights |
|---|---|
| Safety Relays Market Size (2022A) | ~USD 575.6 million |
| Estimated Market Size (2023E) | ~USD 630.3 million |
| Projected Market Value (2033F) | ~USD 1.4 billion |
| Value-based CAGR (2023 to 2033) | ~8.3% CAGR |
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The safety relays industry is projected to register 8.3% CAGR from 2023 to 2033. During the historical period 2018 to 2022, sales expanded at 10.2% CAGR.
The safety relays industry is experiencing significant growth due to several key drivers. There is an increasing emphasis on workplace safety across several crucial sectors. Companies are recognizing the importance of ensuring the well-being of their employees and complying with stringent safety regulations.
Safety relays play a crucial role in safeguarding machinery and equipment by monitoring safety-critical processes and responding to potential hazards.
Automation sector applications are witnessing rapid growth, with the integration of advanced technologies such as robotics and Internet of Things (IoT). As automation becomes more prevalent, the need for reliable safety systems becomes paramount.
Safety relays are essential components in automated systems as they provide a fail-safe mechanism to detect faults and initiate appropriate actions. This includes emergency shutdowns to prevent accidents.
Increasing complexity of industrial processes and machinery necessitates advanced safety solutions. Traditional safety measures such as hardwired safety circuits are often insufficient to handle the complexities of modern industrial environments.
Safety relays offer flexibility and scalability, allowing for the integration of multiple safety functions in a single device. This capability simplifies the design and implementation of safety systems, reducing costs and improving overall efficiency.
Growing demand for safe and secure machinery is driving the adoption of safety relays in sectors such as automotive manufacturing, pharmaceuticals, and food processing. Precision and reliability are crucial in their processes, for which safety relays provide a vital layer of protection.
These relays enable the monitoring of critical parameters such as temperature, pressure, and motion, ensuring that machines operate within safe limits and preventing potential hazards.
The evolution of safety standards and regulations worldwide is driving the demand for safety relays. Regulatory bodies and industry organizations are continuously updating and enforcing safety guidelines to protect workers and minimize the risk of accidents.
Compliance with these standards requires the implementation of robust safety systems, including safety relays, which can detect faults and respond effectively to ensure worker safety and regulatory compliance.
There has been a growing emphasis on industrial safety across several sectors, including manufacturing, oil and gas, automotive, and pharmaceuticals. This focus on safety has led to an increased demand for safety relays to ensure the protection of workers and equipment.
There is a trend towards integrating safety functions with control systems, resulting in the development of safety relays with advanced features. These relays are capable of monitoring and controlling both safety and non-safety functions, simplifying the overall system architecture and reducing costs.
Compliance with safety standards and regulations is crucial in many industries. Safety relays that meet international safety standards, such as ISO 13849 and IEC 61508, are in high demand. Manufacturers are focusing on developing safety relays that offer the required safety performance levels (PLs) and functional safety capabilities.
The safety relays industry is witnessing technological advancements, such as the incorporation of programmable logic controllers (PLCs) into safety relay systems. This integration allows for more flexibility, increased diagnostic capabilities, and easier maintenance. Wireless connectivity and IoT-enabled safety relays are gaining traction, enabling remote monitoring and control.
Stringent Government Regulations and Standards for Workplace Safety in the United States Pushing Sales
The safety relay market is expected to reach a valuation of around USD 269.9 million by 2033. It is expected to grow at a CAGR of 8.3% in the North America market over the forecast period.
The United States is expected to hold a significant share in the global safety relays market. Thus is due to high domestic demand from various sectors such as automotive, aerospace, and healthcare.
The country has a well-established infrastructure and strong manufacturing base. It allows for the efficient production and distribution of safety relays. Increasingly stringent government regulations and standards for workplace safety are also driving the adoption of safety relays in the country.
Demand for Safety Relays from Key Manufacturing Sector Players Driving Growth in the United Kingdom
As per the FMI report, sales in the United Kingdom are expected to expand at 8.0% CAGR during 2023 to 2033. The revenue is projected to increase and reach USD 54.9 million by 2033-end.
The United Kingdom is set to be in the forefront of the Europe safety relays industry due to its strong presence in the automotive industry. With stringent safety regulations in place and a growing demand for safer vehicles, the adoption of safety relays in the country is increasing rapidly.
The country has a strong manufacturing sector and a favorable business environment that is conducive to the growth of the safety relays industry. The increasing investments in research and development activities and the presence of key players in the market are also driving the proliferation of safety relays in the United Kingdom.
Growth in Automotive Sector and Increasing Adoption of Industrial Automation Driving Market in China
China safety relays industry is projected is set to worth at a total of USD 303 million by 2033. It is likely to soar at 8.2% CAGR throughout the forecast.
This is due to its rapidly expanding industrial sector and increasing emphasis on workplace safety. The Chinese government has introduced regulations and standards aimed at promoting safety in the workplace, which is driving the demand for safety relays.
Growth in the automotive sector and the increasing adoption of industrial automation are key contributing factors to the growth of the safety relays industry in China.
Electromagnetic Safety Relays Dominate Market Owing to Simple Structure, and Easy Installation and Maintenance
Based on type, electromagnetic safety relays are poised to be at the forefront during the assessment period. It is likely to spur at a steady CAGR of 8.1% during the forecast period.
Electromagnetic safety relays are dominating the safety relays industry due to their robustness, durability, and reliability. They are widely used in applications where high switching currents and voltages are involved, such as in motor controls, elevators, and heavy machinery.
Electromagnetic safety relays have a simple structure, which makes them easy to install, use, and maintain. These relays provide high accuracy and are immune to voltage spikes and electromagnetic interference, which enhances their operational efficiency and safety.
Due to these advantages, electromagnetic safety relays are expected to continue holding a significant share of the safety relays industry.
Ability to Promptly Detect and Halt the Operation of Machineries Making Emergency Stop Relays Highly Popular
Emergency stop safety relays is estimated to dominate the application segment over the forecast period. It is likely to soar at 7.9% CAGR from 2023 to 2033.
One of the key trends in the safety relays industry is the increasing adoption of emergency stop safety relays. These relays are specifically designed to halt the operation of machinery or equipment in the event of an emergency or abnormal situation.
With safety being a top priority in industrial automation, emergency stop safety relays are playing a crucial role in preventing accidents and protecting workers. As a result, these relays are holding a significant share in the safety relays market, and are expected to continue their growth trajectory in the forthcoming ten years.
Key manufacturers often focus on continuous product innovation and development to meet the evolving safety requirements of industrial applications. They invest in research and development to introduce new features, functionalities, and technologies that enhance the performance, reliability, and safety of their products.
Recent developments:
| Attribute | Details |
|---|---|
| Market Size (2023) | USD 630.3 million |
| Forecast Value (2033) | USD 1.4 billion |
| Anticipated Growth Rate (2023 to 2033) | 8.3% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Volume (MT) and Value (USD million) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Germany, United Kingdom, France, Italy, Spain, BENELUX, Nordic, Russia, Poland China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Egypt, South Africa |
| Key Market Segments Covered | Type, Application, End-use, and Regions |
| Key Companies Profiled | ABB Group; Allis Electric; Eaton Corporation; Larsen & Toubro Limited; Mitsubishi Electric |
The safety relays market size is valued at US$ 630.3 million in 2023.
The safety relays market developed at a 10.2% CAGR from 2018 to 2022.
The safety relays market is predicted to develop at an 8.3% CAGR through 2033.
The emergency stop (e-stop) safety relays segment is dominating with a projected CAGR of 7.9% through 2033.
China’s safety relays market is predicted to expand at an 8.2% CAGR through 2033.
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Safety Relays Market
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