According to the latest analysis by HIS, Asia will become the second largest regional market for mechanical safety components in the world after America.
It is estimated that in 2012, the market value of global independent mechanical safety components was 3.4 billion U.S. dollars. Among them, the markets in Europe, the Middle East and Africa accounted for 59% of the total sales, and the American and Asian markets accounted for 21% and 20%, respectively. However, HIS predicts that the Asian market's machinery safety revenue will grow faster. By 2017, the compound annual growth rate of the Asian market will reach 12.4%, compared to 6.8% in the American market.
Emerging market countries in China and Asia are increasingly aware of the importance of safety in the workplace, which will promote the development of the Asian machine safety component market.
HIS said that due to the pressure on prices in the Asian market and lack of safety instructions, it is difficult for machinery safety suppliers to penetrate the area. However, due to the influence of multinational corporations and the implementation of local end-customers, Asian countries are aware that safety is closely related to production. Therefore, machine manufacturers in the region are increasingly using safety technologies.
However, analysts also said that some people still think that security spending is not necessary. Simple and inexpensive safety components are more popular with Asian buyers. For example, safety relays, basic interlocks, and Class II light curtains are used more extensively than complex replacement parts.
The HIS analysis stated that although China and other Asian countries have not yet established safety standards, they are likely to start implementing plans based on European safety standards, which will benefit European suppliers with Asian markets. In addition, if these standards mature, the Asian market for safety components will be greatly promoted.
Safety relays provide a low-cost method for safety control. With the exception of Japan, the revenue growth of safety relays in the Asian market is much faster than that of configurable safety components and programmable logic controllers. As Japan adopts Western standards and generally uses high-end security equipment, its market is relatively mature. However, Japanâ€™s economy is still sluggish. This has little impact on the entire Asian market.
From a global perspective, HIS expects the revenue growth of safety components to continue to outpace industry growth.
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