Global Emergency Stop Switches Market Size, Share, And COVID-19 Impact Analysis, By Type (Null Line & Live Line, Single Live Line, And Others), By Application (Machinery & Equipment, Elevators, Conveyor Belts, And Others), By Industry (Metalworking, Wood Production, Textile Production, Printing, Packaging, Transportation, Construction, And Others), And By Region (North America, Europe, Asia-Pacific, Latin America, Middle East And Africa), Analysis And Forecast 2022-2028

KEY MARKET INSIGHTS

The global Emergency Stop Switches Market is projected to grow from USD 1436.0 million in 2021 to USD 2481.4 million by 2028 at a CAGR of 9.1% during the forecast period.  

Machines with emergency stop switches are used to shut down in an emergency if the machine cannot shut down normally. It is crucial for machinery to have an emergency stop or kill switch installed in order to avoid any harmful situations and safeguard the worker's safety. Emergency stop switches are utilized in a variety of industries, including food processing, manufacturing, and construction. During the forecast period, this aspect is expected to propel the emergency stop switches market forward. Moreover, the use of emergency stop switches in machinery is also being influenced by sophisticated technologies.   

COVID-19 ANALYSIS  

COVID-19 cases are on the rise globally, causing a worldwide economic downturn. COVID-19's impact is being seen across the economy, notably in the worldwide manufacturing industry. As a result, the global emergency stop switches market is predicted to be impacted indirectly during the forecast period. 

During the COVID-19 pandemic, various industry events have been cancelled or postponed. The ISA AEC Conference 2020 and Automation Expo, has been rescheduled for October 2020. The Manufacturing Technology Show in Montreal has also been rescheduled.

LATEST TREND

Introduction of IoT in Emergency Stop Switch Market Boost Growth

The introduction of the Internet of Things (IoT) in the emergency stop switch market is a significant milestone in the industry. Using IoT, the operator may monitor the machine's performance and activate the emergency stop switch in the event of a machine failure. If there is a breakdown in the machine, the IoT technology in emergency stop switches delivers a message to the operator, allowing the operator to trigger the emergency stop switch. This will help to reduce the amount of damage caused by a machine failure.

DRIVING FACTORS

Increasing Utilization of Safety Methods and Equipment Drive Market Growth

The demand for emergency stop switches is predicted to rise due to the increasing use of safety methods and equipment in significant industrial sectors to avert dangerous events. Rising demand for improving the reliability and stability of machinery at various hazardous locations, as well as rising demand to reduce operation time and improve performance and production capacity, are some of the major factors expected to boost the global emergency stop switches market during the forecast period.   

Increasing Uses of Wireless Technologies in Emergency Stop Switches Propel Market Growth

A major element boosting the use of emergency stop switches is manufacturers' increasing attention on developing emergency stop switches that meet the essential industrial safety standards. This factor is expected to drive the worldwide emergency stop switches market.  Moreover, the use of wireless technologies in the switches to enable better management of industrial equipment is expected to enhance demand for stop switches.    

RESTRAINTS

Complexity of Safety Designs Restrains Market Growth

The complexity of safety designs and a lack of awareness about standards are two major impediments to the market's growth. One of the primary bottlenecks is a lack of awareness of safety requirements among end users who employ safety-instrumented systems and technologies.  

SEGMENTATION

The global Emergency Stop Switches Market is segmented By Type, Application, Industry, and Region. Based on the Type, the market is categorized into Null Line & Live Line, Single Live Line, and Others. Based on Application, the market is categorized into Machinery & Equipment, Elevators, Conveyor Belts, and Others. Based on Industry, the market is categorized into Metalworking, Wood Production, Textile Production, Printing, Packaging, Transportation, Construction, and Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.         

REGIONAL INSIGHTS

The global Emergency Stop Switches Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.  

North America is the largest market for emergency stop switches due to the presence of technologically advanced and well-established manufacturers in the region. Due to the significant need for emergency stop switches in the United States, it is a key market in North America. The rapidly developing food processing, transport, and medical equipment industries are all contributing to the region's market growth.

Europe is the second-largest market for emergency stop switches due to the Large-scale production demands more intense process control, significantly in relation of efficiency and safety, which drives the emergency stop switches market in the European region. 

The Asia Pacific is the third-largest market for emergency stop switches due to the expanding industrialization in the region. The organizations are placing a greater emphasis on industrial and machine safety, as well as the influence of multinational corporations on the implementation of safety systems. Furthermore, with a number of Greenfield projects planned in countries such as Malaysia and Indonesia, the need for emergency stop switches in the APAC region is expected to drive market growth in this region.     

LIST OF KEY COMPANIES PROFILED:

• General Electric Company
• Eaton
• Schneider Electric
• EAO AG
• Siemens Industry
• Honeywell International Inc
• ASSA ABLOY
• REMA Lipprandt GmbH Co. KG
• IDEC Corporation

KEY INDUSTRY DEVELOPMENTS:

October 2019, Schneider Corporation announced that it has released the 'XB7NS8445 Monolithic Emergency Stop Switch.' This new product is an extension to the existing Harmony XB7 Laird technology product line. The emergency stop switch is a wireless gadget that can replace a traditional wired switch.

2019, IDEC Corporation launched the XA and XW series of emergency stop switches. It contains a ground-breaking new technology known as ‘safe break action,' which is intended to revolutionize the way E-stop switches are created. The novel concept ensures a higher level of human safety.  

SEGMENTATION

By Type

• Null Line & Live Line
• Single Live Line
• Others

By Application

• Machinery & Equipment
• Elevators
• Conveyor Belts
• Others

By Industry

• Metalworking
• Wood Production
• Textile Production
• Printing
• Packaging
• Transportation
• Construction
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa