According to a new market report published by Transparency Market Research titled “Safety Light Curtains Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global safety light curtains market is expected to reach US$ 3.5 Bn by 2026. The market is projected to expand at a CAGR of 8.75% during the forecast period from 2018 to 2026.
According to the report, the global safety light curtains market will continue to be influenced by a range of factors such as rising popularity and adoption of safety light curtains technology with Industry 4.0. Additionally, the growing number of factory based accidents is expected to boost the global safety light curtains market during the forecast period 2018-2026. Asia Pacific will be at the forefront of growth, with the market in the region growing at above 10% through 2026.
Manufacturing sector expected to be more lucrative for the global safety light curtains market
The global safety light curtains market is bifurcated by end-use industry into manufacturing, food and beverages, healthcare, packaging, and others. Others include wood processing and paper industry. Manufacturing sector is expected to contribute significant revenues to the market by 2026dueto the increased implementation of safety light curtains in prominent technologies used in manufacturing such as Industry 4.0. Furthermore, the increasing adoption of safety light curtains technology in the automotive industry is expected to be one of the prominent reasons for market growth in the manufacturing industry over the forecast period.
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Multiple initiatives by companies are likely to help strengthen the market’s roots in manufacturing industry based offerings, which has a significant role in the safety light curtain market. For instance, in June 2018, Omron Corporation, a significant safety light curtain provider collaborated with Cisco Systems G.K. to strengthen its grip in the manufacturing industry. Growing adoption of safety light curtains in the semiconductor and electronics industry is anticipated to boost safety light curtains for manufacturing industry owing to increased safety provided in its factory outlets.
Type 4 safety light curtains expected to have significant share in the market
Based on type, the safety light curtains market is segmented into type 2 and type 4. Growth of type 2 is considerably high due to the significant cost effectiveness provided by type 2 safety light curtains. Additionally, the growing automation within industries is boosting the growth of type 2, as it is reducing the safety precautions needed for factory employees. However, due to the wider protection provided by type 4 safety light curtains, it is projected to grow at a higher CAGR value over the forecast period 2018-2026. Furthermore, owing to its high adoption in major industries such as manufacturing, and food and beverages, leading safety light curtain providers are focused on introducing new type 4 offerings. For instance, Sick AG, recently launched a new type 4 based safety light curtain named mac4 for increased penetration of safety light curtain based offerings
The Asia Pacific market to continue to expand at a significant CAGR over the forecast period
Asia Pacific is expected to hold substantial share of the safety light curtains market during the forecast period. The growth is mainly due to the booming safety light curtains marketplace with the presence of well-established players across the region. Furthermore, Asia Pacific is home to many well-established players from the safety light curtains domain including Omron Corporation, Panasonic Corporation, and Keyence Corporation. Asia Pacific is witnessing higher adoption of safety light curtains due to the continuous technological advancements by well-established safety light curtain providers in the region.
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OMRON Corporation, Sick AG, Rockwell Automation, Keyence Corporation, and Pepperl+Fuchs GmbH among others are some of the major players in the safety light curtains market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various market players are establishing partnerships, entering into strategic M&A, and expanding, to enhance their safety light curtains offerings worldwide.