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Global Emergency Stop Switches Market Size to grow USD 2481.4 million by 2028

The Global Emergency Stop Switches Market Size is projected to grow from USD 1436.0 million in 2020 to USD 2481.4 million by 2028 at a CAGR of 9.1% during the forecast period.

Global Emergency Stop Switches Market Size to grow USD 2481.4 million by 2028

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A machine's emergency stop switch is a necessary component. With the growing awareness of worker safety and the need to consider the machine's lifespan, emergency stop switches must be fitted on the machinery. The use of emergency stop switches is subject to certain guidelines. A single operator shall start the operation of the emergency stop switch using manually controlled actuating equipment, according to international requirements for equipment protection. The rapid use of technology has created numerous opportunities in the market for emergency stop switches.


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.

Global Emergency Stop Switches Market Size

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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.


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.


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.


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.

Global Emergency Stop Switches Market Size

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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.


KEY INDUSTRY DEVELOPMENTS:


In 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.


In 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.


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https://www.extrapolate.com/Semiconductor-Electronics/emergency-stop-switches-market/25700

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