The global Safety Sensors and Switches Market, covering switches and sensors used for monitoring the presence or absence of foreign objects or disturbances within a specific radar, has witnessed expansion at a promising pace in the past few years. The rising demand for improving safety measures in workplaces, owing to rising focus of enterprises and rise in stringent government regulations pertaining to the same are aiding the growth of the market. Additionally, the market is benefitting from the thriving expansion of industries such as manufacturing, healthcare, and construction.
Increased Demand for Safe and Comfortable Vehicles to Drive Market
In the next few years, the market is likely to gain immensely from the automotive industry as the industry goes through a phase of transformation due to strict emission control norms, fuel efficiency standards, and commuter safety standards. Regulatory authorities in China, for instance, are advocating that OEMs in the country, beginning 2019, start the use of smart tire pressure measuring sensors in all new vehicles.
Changing consumer preferences are promoting the usage of night vision, radar sensors, adaptive cruise control systems, smart tire pressure monitoring systems, advanced driver assistance systems, and hybrid vehicle systems. With the view of transforming in accordance to the rapidly changing emission norms and consumer preferences, automakers are consciously making an increased use of sensors that could help vehicles conform to the numerous norms. It is believed that in the next few years, the top-line growth of safety sensors and switches companies will be largely driven due to the rising demand for vehicles that ensure maximum safety and comfort for commuters.
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With a number of passenger as well as commercial vehicles increasingly boasting the presence of a variety of safety sensors and switches, companies in the market are focusing more on research and development activities to improve their product portfolios and strengthen their consumer bases. These continuous development of technologically advanced smart sensors and switches is also expected to drive the market.
Increased Adoption of Automation Technologies in Industrial Sector to Drive Market
The market for safety sensors and switches is also expected to benefit massively from the rising adoption of automation technologies across a large number of industries. As sensors play a crucial role in automation, the overall rise in demand for automation technologies is likely to fuel the demand for safety sensors and switches in the next few years. Furthermore, the increased focus on the use of sensors to ensure the safety of machines and equipment in manufacturing and industrial applications so as to prevent their early wear and tear and damage is also expected to work in favor of the market.
However, certain factors such as the high the installation costs as well as the high base cost of safety sensors could restrain for the market to a certain extent in the next few years. Moreover, the possibility that sensors can malfunction by giving false indications as safety sensors are automated in nature, thus leading to confusion at the workplace, could also hinder the market to a certain extent.