Safety sensor market is projected to witness a compound annual growth rate of 3.76% during the forecast period, reaching a total market size of US$4.231 billion in 2023 from US$3.408 billion in 2017.
Safety sensors are used for detection of distance and absence or presence of any object in a restricted zone during physical operations. These are present in the form of sensors, switches or buttons. Growing industries with complex and hazardous work environments such as oil and gas, chemical, and construction are the key drivers of global safety sensors market.
Stringent government regulations across the globe, as well as international standards regarding workers' safety at hazardous locations are further fuelling the demand for safety sensors, thus boosting the market growth.
Furthermore, technological advancements are increasing the reliability of these sensors, thus fuelling their adoption across various industry verticals. The market for safety sensors will continue to grow over the projected period and this growth will be supported by the growth of end-user industries like automotive, chemical and others.
North America and Europe hold a significantly large share in the global safety sensors market owing to the presence of a large number of key players and flourishing end-user industries in these regions. Asia Pacific is projected to witness the fastest market growth due to rapid industrialization, and rising infrastructure activities in the region.