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ALBANY, New York, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Global safety light curtains market was valued at US$ 1.50 Bn in 2016 and is projected to register compound annual growth rate (CAGR) of over 8.75% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Safety Light Curtains Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The safety light curtains market is expected to grow significantly due to increased adoption of Industry 4.0 and rising factory accidents on a global scale. The report suggests that the rising integration of Industry 4.0 with safety light curtains technology is expected to boost the safety light curtains market at the global level during the forecast period 2018-2026. Furthermore, leading safety light curtain technology providers are focusing on Industry 4.0 technology. For instance, in March 2017, Sick AG, a leading safety light curtain provider, discussed the importance and application of sensors in Industry 4.0 technology at the Industry 4.0 Summit in Manchester. Additionally, safety light curtains based solutions are seeing significant application in manufacturing applications, which holds a significant share in the market. Prominent safety light curtain providers are focusing on R&D investments for further improvement of their current safety solution offerings. For instance, in June 2018, Omron Corporation, a safety light curtain provider collaborated with Cisco Systems G.K. to strengthen its grip in the manufacturing industry. These developments are expected to have a positive impact on the global safety light curtains market.
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Rising number of factory accidents expected to boost the safety light curtains market
The rising number of factory accidents on a global scale are expected to boost the safety light curtain market over the forecast period. For instance, in 2017 as per a report by Bangladesh Occupational Safety, Health and Environment Foundation, approximately 1242 people lost their lives in workplace accidents in Bangladesh. Additionally, in 2017, British Safety Council, one of the world’s leading health and safety organizations stated that approximately 48,000 people die every year in India due to occupational accidents. Multiple safety measures are carried out for improving factory working safety. For instance, Sick AG, a leading safety light curtain provider launched a new Type 4 based safety light curtain named mac4 to its existing safety solution based product portfolio.
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Prominent adoption of safety light curtains in the manufacturing sector
Based on end-use industry, the global safety light curtains market is segmented into manufacturing, food and beverages, healthcare, packaging, and others. Others include wood processing and paper industry. The rising adoption of safety light curtains in Industry 4.0 technology, which is playing a crucial role in the manufacturing industry across the globe, is expected to impact the safety light curtains market positively over the forecast period 2018-2026. The prominent adoption of safety light curtains in the automotive industry is one of the primary reasons for the significant growth of the market. Additionally, major manufacturing industries in Europe and Asia Pacific are projected to offer prominent potential for the growth of the safety light curtains market.
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North America holding a significant share of the safety light curtains market
North America is expected to hold the highest share of the market during the forecast period. The factors contributing to the region’s higher share are the significant players of safety light curtains such as Banner Engineering Corporation and Rockwell Automation Inc., along with the rising initiatives taken by the leading firms for further market penetration. For instance, in June 2018, Banner Engineering Corporation launched muting kits for its LS safety light curtains to provide enhanced muting capabilities to multiple safeguarding applications. Additionally, in June 2017, Rockwell Automation Inc. launched a new safety light curtain named GuardShield 450L, focused on improving flexibility and industrial safety. The new addition to its portfolio provides patented transceiver technology causing a significant impact on the flexibility of its safety light curtains to be utilized optimally in multiple applications.
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Key Players such as Omron Corporation, Keyence, Corporation, Sick AG, Rockwell Automation Inc., and Pepperl+Fuchs GmbH likely to lead the global safety light curtains market
Omron Corporation, Keyence, Corporation, Sick AG, Rockwell Automation Inc., and Pepperl+Fuchs GmbH are some of the major players operating within the safety light curtains market profiled in this study. Various market players are entering into partnerships to enhance their safety light curtains offerings worldwide. For instance, in June 2018, Pepperl+Fuchs GmbH announced plans to associate with SAP to strengthen its IoT based offerings in the process industry. Additionally, in May 2017, Datalogic S.p.A, a prominent safety light curtains provider launched its Enhanced Partner Advantage Program which made doing business with Datalogic easier by enhancing its rewards channel. Under its marketing incentives to its partners named Loyalty League, the partner company can claim prizes on the sale of a Datalogic product.
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