Emergency Stop Switches: Introduction
- An emergency stop switch is a safety instrument used in emergency situations for shutdown of machinery if it cannot be shut down in the usual manner. Emergency stop switches are also referred to as kill switches, emergency power off switches, or emergency off switches.
- Emergency stop switches, usually known as E-stops, ensure the safety of machinery and individuals and provide predictable, consistent, and failsafe control response
- Emergency stop switches are used in manufacturing and processing plants in industries such as food & beverages, healthcare, construction, and metalworking
- The global emergency stop switches market is projected to expand at a rapid pace during the forecast period, due to increasing demand for emergency stop switches from food & beverages, healthcare, and metalworking sectors
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Global Emergency Stop Switches Market: Dynamics
Global Emergency Stop Switches Market: Key Drivers and Restraints
- Stringent government regulations regarding workplace safety are expected to boost the demand for emergency stop switches in end-use industries during the forecast period
- Rising adoption of safety methods along with safe equipment in essential industrial sectors to avoid dangerous incidents is expected to boost the demand for emergency stop switches during the forecast period. Increasing demand to reduce the operation time and improve the performance and production capacity and rising demand for improving the reliability and stability of machinery at different hazardous locations are some of the major factors projected to boost the global emergency stop switches market in the next few years.
- Growing focus of manufacturers on the development of emergency stop switches that comply with the required industrial safety standards is a major factor driving the usage of emergency stop switches. This factor is estimated to propel the global emergency stop switches market during the forecast period.
- Incorporation of advanced and wireless technologies in emergency stop switches to provide effective management of industrial equipment is anticipated to boost the demand for emergency stop switches during the forecast period
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Impact of COVID-19 on Global Emergency Stop Switches Market
- Increasing cases of COVID-19 across the globe are resulting in economic slowdown. The impact of COVID-19 is being absorbed in each sector of the economy, including the global manufacturing automation industry. This, in turn, is projected to indirectly hinder the global emergency stop switches market in the next few years.
- Some of the events in the manufacturing industry have been cancelled or postponed due to COVID-19 pandemic. For instance, ISA AEC Automation Expo and Conference 2020 has been postponed until October 2020. The Montreal Manufacturing Technology Show has also been postponed.
North America to Hold a Major Share of Global Emergency Stop Switches Market
- In terms of region, the global emergency stop switches market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global emergency stop switches market in 2018, due to presence of well-established and technologically advanced manufacturers in the region. The U.S. is a key market in North America, due to high demand for emergency stop switches in the country.
- The emergency stop switches market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to rising government investments in providing advanced personnel and safety systems in the region. China is a key market in Asia Pacific.
Global Emergency Stop Switches Market: Competition Landscape
Several local, regional, and international players are active in the emergency stop switches market. Hence, the market is fairly fragmented and the bargaining power of suppliers is low. The degree of competition among market players is also high. Rapid technological advancements have led to opportunities in the global emergency stop switches market. Market players are gradually focusing on merger and acquisition activities to develop new products and improve their existing product offerings.
Key Players Operating in Global Emergency Stop Switches Market
- Eaton Corporation Inc.
- EAO Corporation
- Schneider Electric SE
- Siemens AG
- Safety Technologies
- Honeywell Micro Switch
- REES Inc.
- ASSA ABLOY
- General Electric Company
- REMA Group
Global Emergency Stop Switches Market: Research Scope
Global Emergency Stop Switches Market, by Type
- Null Line and Live Line
- Single Live Line
Global Emergency Stop Switches Market, by Application
- Machinery & Equipment
- Conveyor Belts
Global Emergency Stop Switches Market, by Industry
- Wood Production
- Textile Production
- Food Processing
- Medical Laser & X-ray Equipment
- Plastics & Rubber Processing
- Pulp & Paper
- Construction/Building Materials
Global Emergency Stop Switches Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.