Safety Relays Market Share, Size, Trends, Industry Analysis Report, By Relays Configuration (Single Channel Relays, Dual Channel Relays); By Application; By End-User Industry; By Region; Segment Forecast, 2023 - 2032
- Published Date:Oct-2023
- Pages: 118
- Format: PDF
- Report ID: PM3830
- Base Year: 2022
- Historical Data: 2019-2021
The global safety relays market was valued at USD 557.50 million in 2022 and is expected to grow at a CAGR of 7.4% during the forecast period.
Safety relays work as guardians for machinery and equipment at workplaces like factories. Rising workplace injuries are creating new growth potential for the global market. According to the Liberty Mutual Safety Workplace Index 2022, the main contributing factor to disabling injuries continues to be external overexertion (from handling things, for example), which regularly ranks as the leading cause. The injuries that result from actions like lifting, pushing, tugging, holding, carrying, and hurling items fall under this category.
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Overexertion has a significant financial impact, costing firms directly USD 12.63 billion. Additionally, this category accounts for 21.8% of the overall national burden of injuries. This is creating awareness among business professionals about the importance of workplace safety. Overexertion injuries are occurring due to the use of poor equipment or a lack of adequate safety precautions. In order to monitor and manage operations and ensure that tasks are completed safely and within ergonomic bounds, safety relays can be installed into equipment.
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Tech advances enhance safety relay adoption in workplaces.
Businesses are investing in technology that prioritizes employee safety as awareness of workplace safety continues to grow. Relays for safety are known to be useful instruments for preventing accidents and fostering a safer workplace. Additionally, technological evolution has resulted in the creation of more sophisticated and effective safety relay solutions. The adoption of safety relays is fueled by these innovations' increased monitoring, diagnostics, and response capabilities.
Siemens introduced SERIUS 3UG5, a new generation of line monitoring relays, in 2023. These grid monitoring relays are widely used in crucial industries like hospitals and the process industry, where an uninterrupted power supply is crucial, as well as in a variety of other places like cranes, lifts, air and air-conditioning compressors, and the lumber industry. Growing technological innovations in safety relays are one of the primary factors driving the growth of the global safety relays market in the coming years.
The market is primarily segmented based on relay configuration, application, end-user industry, and region.
By Relay Configuration
By End User Industry
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By Relay Configuration Analysis
The Dual Channel Relays segment is expected to witness the fastest growth over the projected period.
The dual-channel relays segment is expected to have faster growth for the market. These are designed with excess luxury in mind. It enables two distinct switches, or activation buttons, to start the machine. This superfluity reduces the chance of failures and false activations of machines. This feature works efficiently in critical applications while maintaining high levels of safety in the work environment.
Rising emphasis on worker safety by organizations is creating demand for dual-channel relays in the industrial sector. Furthermore, the use of dual-channel relays extends across various industries, including manufacturing, automotive, aerospace, energy, and more. As enterprises across these sectors continue to emphasize safety, the demand for dual-channel relays as a safety solution is likely to grow.
By Application Analysis
The light Curtains segment accounted for the largest market share in 2022.
The light Curtains segment held the largest market share for the market in 2022. These are mostly used in industrial areas to identify the presence of people in certain areas. It plays a crucial role in safeguarding the workers around the machinery and equipment. Light curtains are widely used in conjunction with safety relays to monitor their signals, act appropriately in the event of any safety breaches, and increase overall workplace safety. Additionally, light curtains provide a non-intrusive option, in contrast to physical barriers or doors that slow down operations.
Without needing to open and close gates, workers can conveniently enter and exit the safe area. This effectiveness boosts output while upholding safety norms. The use of machines and robots increases as industries continue to automate their processes. Light curtains are essential in these automated settings since they make sure that when a human or object is detected inside their operational area, the machines will stop or slow down. Maintaining the secure operation of automated systems requires the integration of light curtains with safety relays, driving the demand in the global market.
By End-User Industry Analysis
The power segment is expected to hold a larger revenue share over the projected period.
The power segment is projected to witness a larger revenue share in the coming years. Energy production, transmission, and distribution are all handled by the power sector's vital infrastructure. It is crucial to protect both the people using this infrastructure and the workers who are responsible for maintaining it. In order to detect faults, short circuits, and other possible risks that can interrupt the power supply or result in accidents, safety relays are essential for monitoring and controlling numerous components.
Furthermore, transformers, generators, switchgear, and circuit breakers are just a few of the many pieces of equipment used in the complicated power generation and distribution networks. In order to ensure the stability and dependability of the power grid, safety relays are employed to monitor these components and promptly react to any irregularities. Moreover, safety relays are used in substations to avoid widespread power outages or equipment damage in the event of a failure, as they can quickly disconnect the problematic area of the grid.
Asia Pacific dominated the global market with the highest growth rate during the study period.
Asia Pacific witnessed a higher growth rate in the global market during the study period. Countries in the region are working on employee safety at workplaces. The demand for safety relays is being driven by investments made in safety measures by organizations, businesses, and governments to protect workers and prevent accidents. The Indian government has taken action to enhance occupational health and safety.
For instance, the government passed the Workplace Safety, Health, and Working Conditions Code in 2020 with the intention of combining and streamlining the several workplace safety and health laws already in place. This rising emphasis on worker safety is regulating industries to take measures for worker safety. Strict government regulations are enabling industrial administrations to adopt worker safety equipment, driving the demand for safety relays, which play a crucial role in saving workers and machinery in unforeseen circumstances.
North America is expected to have a larger revenue share of the market. This region is heavily prioritizing workplace safety in order to safeguard employees and prevent accidents. Relays are among the safety solutions that businesses are increasingly investing in to improve workplace safety and adhere to safety regulations. The Government of Ontario issued an additional USD 12.5 million to the six health and safety organizations in the province in 2023.
The goal is to improve safety training and provide resources to companies and employees in the area. The purpose of this funding is to improve worker safety in important industries, including manufacturing and forestry. Safety relays are intended to safeguard employees by ensuring the safe operation of machinery. Businesses may invest in safety relays to make workplaces safer and reduce injuries as a result of the greater attention being paid to employee safety, driving the demand for safety relays in this region.
The safety relays market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Banner Engineering Wieland Electric
- Fortress Interlocks
- Phoenix Contact
- Rockwell Automation
- Schneider Electric
- In November 2022, Siemens expanded its production range of Reyrolle protection devices by introducing 7SR46 into its family. It will provide overcurrent and earth fault protection in medium voltage distribution systems.
- In December 2022, Rockwell Automation introduced GuardLinc 2.0, an advanced serially connected safety input solution, to reduce downtime and installation costs. It has EtherNet/IP Interface and provides advanced diagnostics.
Safety Relays Market Report Scope
Market size value in 2023
USD 597.64 million
Revenue Forecast in 2032
USD 1,141.02 million
7.4% from 2023 - 2032
2019 - 2021
2023 - 2032
Revenue in USD million and CAGR from 2023 to 2032
By Relay Configuration, By Application, By End-User Industry, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, regions, and segmentation.
The global safety relays market size is expected to reach USD 1,141.02 million by 2032.
Key players in the market are Siemens, Schneider Electric, ABB, Rockwell Automation, Omron, Pilz.
Asia Pacific contribute notably towards the global safety relays market.
The global safety relays market is expected to grow at a CAGR of 7.4% during the forecast period.
The safety relays market report covering key segments are relay configuration, application, end-user industry, and region.