Emergency stop switch is used in the machines for the emergency shutdown of machines, if it is not possible for the machine to shut down in a regular manner. It is very important for the machines to install the emergency stop or kill switch to avoid any dangerous situation so as to ensure the safety of the worker. Emergency stop switches are used in various industries such as manufacturing industries, food industries and construction industry. This factor is assumed to drive the emergency stop switches market growth during the forecast period. Use of advanced technology is also impacting the use of emergency stop switches in machinery.
COVID-19 scenario analysis:
- The demand for emergency stop switches is expected to decrease in the year 2020 due to low demand from manufacturing and construction industry since the lockdown has been imposed by the government of many countries.
- COVID-19 pandemic has shut-down the production of various products in the emergency stop switch industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of emergency stop switch market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of corona virus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Top impacting factors:
Emergency stop switches are an essential part of any machines. With the increasing awareness about the safety of the worker and also the considering the lifespan of the machines, it is necessary to have emergency stop switches installed on the machinery. There are some rules and regulations for the use of emergency stop switches. According to international standards for equipment protection, a single operator should start the function of emergency stop switch by using manually controlled actuating equipment. Rapid increase in use of technology has opened many opportunities in the emergency stop switches market.
Key players in emergency stop switches market are coming up with their developed products in addition to their existing range of products. These new products are more advanced and effective. In October 2019, one of the key players in an emergency stop switches market Schneider electric launched the XB7NS8445 Monolithic emergency stop switch. This product is an addition to the existing product series named as Harmony XB7.
Laird technology, U.S.-based Company, has come up with product SIL 3. This emergency stop switch is a wireless stop switch, which can easily be used in place of wired emergency stop switch. The SIL 3 includes the LED screen which shows the status of the machine and in case of failure, the message is displayed on the LED screen.
Also, IDEC has invented safe break design concept which is very important in case of machine failures. Company has used this concept in its XW and XA emergency stop switches. It is used in level 4 safety category application in which the system detects all the faults occurring in the machine unlike level 3 safety category. In case of machine failure, XA and XW emergency stop switches are able to withstand the high stress.
New technology used:
Manufacturing industry is on the verge of revolution as with the use of new technologies which gives more benefits to the industry and also ensures the plant and machine safety.
The introduction of Internet of things (IoT) in emergency stop switch is very important advancement in emergency stop switch industry. Operator can monitor the performance of the machine and can operate the emergency stop switch in case of any kind of machine failure by using IoT. With the use of IoT technology in emergency stop switches, if there is any failure in the machine, it sends the message to the operator so that operator can actuate the emergency stop switch. This will help to reduce the extent of damage which will be caused by the failure of machine.
Considering the region segment, North America is expected to be the important region for the growth of the emergency stop switches market. Many established manufacturer are currently working in North America region, they are developing technologically advanced emergency stop switches.
As, there is rise in the demand for machines from different industries, demand for emergency stop switches is also increasing. This is going to be the key factor to the growth of emergency stop switches market.
Key benefits of the report:
- This study presents the analytical depiction of the Emergency stop switches market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the Emergency stop switches market growth scenario.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Emergency Stop Switches Market Report Highlights
Key Market Players
Schneider Electric SE, General Electric Company, Siemens AG, REES Inc., Honeywell Micro Switch, ASSA ABLOY, Eaton Corporation Inc., EAO Corporation, Safety Technologies, REMA Group