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Safety Programmable Controllers Market Report
Safety Programmable Controllers Market Trend, Dynamics & Market Insights
The Safety Programmable Controllers Market is estimated to grow from USD 6.5 billion in 2020 to USD 9.3 billion by 2026 at a healthy CAGR of 6.3% during the forecast period.
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A safety programmable logic controller could be a dedicated controller specially built to fulfill certain safety requirements like IEC 62061, ISO 13849-1, and IEC 61508 functional safety directives, which define the security Integrity Level or the danger reduction level enabled by a specific safety function. the protection programmable controllers carries with it integrated safety functions, which permit it to manage safety systems in various applications.
Key players operating in the safety programmable controllers market are-
Growing demand for safety equipment and the rising need for simplified configuration is the key factor driving the product demand. Safety PLC combines the functionality of a control system with a safety system in one controller platform, enabling manufacturers to greatly reduce machine life cycle costs, which further augments the market growth during the review period. However, safety PLCs are highly expensive and require high initial investment when compared to standard PLC counterparts, thus hampering the industry growth.
Based on end-use, the safety programmable controllers market is categorized into automotive, energy and power, manufacturing, pharmaceutical, semiconductors, food and beverage, oil and gas, and others. The oil and gas segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. In the oil and gas industry processes, there is usually a high demand for safety & reliability and as per the US Energy Information Administration, the world’s annual energy consumption of oil & gas is estimated to increase steadily from less than 200 quadrillions BTU in 2015 to around 250 quadrillions BTU by 2040. Moreover, the oil & refinery gas sector is a mostly manual system with many risks, such as fire hazards, explosion hazards, radiation, lightning, etc., thereby bolstering the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to an increase in industrial investment in the mining and oil & gas sectors, which propelled the use of safety programmable controllers. Also, the presence of key product manufacturers and strong end-use industries such as oil & gas, automotive, and pharmaceutical, further proliferate the regional market growth.
The COVID-19 outbreak has moderately affected the safety programmable controllers industry. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Owing to the worsening pandemic situation, the market dynamics have changed to a great extent. The nations’ lockdown and other government restrictions are affecting the economies over the globe.
Here is the list of the group of customers that the safety programmable controllers market hopes to have the greatest opportunity to convert-
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The safety programmable controllers market is expected to witness an impressive growth of 6.3% CAGR in the foreseeable future.
Rockwell Automation (US), ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Treotham (US), ASTRE Engineering (Tunisia), SICK Group (Germany), Mistubishi Electric Corporation (Japan), IDEC Corporation (Japan), and Omron Corporation (Japan) are among the key players in the safety programmable controllers market.
The safety programmable controllers market size is expected to reach USD 6.5 billion in the coming years.
The oil and gas segment is expected to register a healthy CAGR in the safety programmable controllers market in the coming years.
North America is expected to register the highest CAGR in the safety programmable controllers market in the coming years.
Safety programmable controllers vendors, Safety programmable controllers retailers, Oil & gas companies, Automotive companies are the target audience in the safety programmable controllers market.
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