The 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.
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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 curtainsbased 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 developmentsare expected to have a positive impact on the global safety light curtainsmarket.
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.