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The safety programmable controllers market share is expected to increase to USD 2.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.66%.
This safety programmable controllers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The safety programmable controllers market report also offers information on several market vendors, including ABB Ltd., ASTRE Engineering, B and R Industrial Automation GmbH, Beckhoff Automation GmbH and Co. KG, Eltime Controls, IDEC Corp., Ingenious Power and Control Systems Pvt. Ltd., Keyence Corp., Leuze electronic GmbH + Co. KG, Panasonic Corp., Pilz GmbH and Co. KG, Rockwell Automation Inc., SICK AG, Siemens AG, Treotham Automation Pty. Ltd., Yacoub Automation GmbH, JTEKT Corp., OMRON Corporation, Mitsubishi Electric Corp., and Schneider Electric SE among others. Furthermore, this report extensively covers safety programmable controllers market segmentation by type (modular and compact) and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Technavio categorizes the global safety programmable controllers market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the safety programmable controllers market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the safety programmable controllers market encompasses successful business strategies deployed by the key vendors. The safety programmable controllers market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The safety programmable controllers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
The rapid globalization of industries is notably driving the safety programmable controllers market growth, although factors such as shortage of skilled labor to maintain and operate automation systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the safety programmable controllers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Safety Programmable Controllers Market Driver
One of the key factors driving the global safety programmable controllers market growth is the rapid globalization of industries. Several companies based in developed economies such as the US and Western Europe are shifting their focus toward emerging economies to save production costs. Key differentiators such as low-cost labor and low procurement costs for raw materials are encouraging companies to shift their base toward emerging economies such as China, India, Indonesia, and Brazil. In addition, the rapid growth of various industries, including oil and gas, automotive, chemicals, and food and beverage, in emerging economies such as India and Indonesia are attracting developed economies to invest in these countries. The development of industrial infrastructure requires advanced technologies and machinery for smooth functioning. Hence, the adoption of safety programmable controllers in these industries is expected to increase, which will, in turn, support market growth during the forecast period.
Key Safety Programmable Controllers Market Trend
Growing investments in smart factories is one of the key safety programmable controllers market trends that is expected to impact the industry positively in the forecast period. By capturing real-time information and enabling the remote control of machinery, the IoT can increase efficiency and enhance the value provided by manufacturers to customers. Manufacturers are adopting smart factories to improve the efficiency and productivity of factories, enhance personnel and machinery safety, and enable their operation with innovative technologies. For instance, in January 2019, Altizon Systems announced a partnership with AXISCADES to help customers from the aerospace, automotive, and heavy engineering industries build the factories of the future through their combined smart manufacturing and digital transformation offerings. The need to efficiently connect devices or machines to maintain safety within various industrial processes is expected to drive the growth of the market in the coming years.
Key Safety Programmable Controllers Market Challenge
One of the key challenges to the global safety programmable controllers industry growth is the shortage of skilled labor to maintain and operate automation systems. It is essential for safety system operators to have the knowledge as well as the technical ability to work on these systems. While there are automation experts and people with end-user experience, the pool of people with these skills is declining. Multinational automation manufacturers are addressing this issue by providing training to operators who can cater specifically to end-user requirements. They also tie-up with universities and offer training courses. The shortage of safety controller specialists necessitates a creative development team with end-users, suppliers, and specialty safety engineering companies. Thus, the shortage of skilled labor is expected to limit the market growth during the forecast period.
This safety programmable controllers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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