A flourishing e-commerce sector, enhanced warehouse logistics activity, substantial increase in the number of oil refineries, and a massively rising concern for safety pertaining to explosion-proof locations are some of the propelling factors behind growth of signaling devices market, according to a business intelligence report published by IndustryARC. As per the findings of this report, the analyst estimates the signaling device market to progress at a healthy compound annual growth rate (CAGR) of 3.7% during the forecast period of 2018-2023. The report further estimates the eventual market size in 2023 accurately at $2,391 million.
The report is titled, ‘Signaling Devices Market: Signaling Devices Market: By Type (Visual, Audible and Others); By Connectivity (Wired Connectivity Service, Wireless Connectivity Service); By Application (Hazardous Area Signaling, Fire and Industrial Signaling, Wide Area Signaling); By End-User (Marine, Mining, Factories, Aerospace, Defense, Oil & Gas, Paper & Pulp, Others) By Geography – Forecast (2018-2023).’ Automation analyst at IndustryARC has spent a considerable amount of time analyzing the market in order to statistically present important aspects of this market including growth drivers, trends, market opportunities, and segmentation.
Global Signaling Devices Market: Regional Analysis
If there is consistent automotive innovation happening in any part of the world, it is in the APAC region. Automotive industry in China, Japan, and India has been flourishing at an extraordinary rate which has strengthened the market for signaling devices. According to the IndustryARC report, the signaling devices market in APAC region had a noticeable market share of $837 million in the year 2018. The constant growth of the warehousing industry is a significant reason for APAC leading this market geographically according to our analyst. Another factor that have influenced the signaling devices market in this region is stringent governmental regulation in countries such as China and India for practicing safety drills and installation of safety equipment across all industrial plants. This has majorly triggered manufacturing and supply of signaling devices in APAC.
Growth Drivers and Disruptive Trends
- Increasing Warehouses
Amazon, and other e-commerce websites have been setting up an increasing number of warehouses in all the countries for enhancing their supply chain management and delivering faster, thus establishing consumer interest and trust. Warehouses are important end use locations for signalling devices such as bells, roller doors, beacons, buzzers, and others which as inadvertently generated a high demand for the market of signaling devices.
- Oil And Gas Industry
Oil and gas refineries are laced with hazardous locations which can often set alight and cause a colossal amount of damage. With rising accidents that have taken place at these facilities, governments of all the countries have made safety more stringent and necessary. These places need proper signaling devices for evading any disasters that could be detrimental to human life as well as the entire environment in general.
- Rising Use of Beacons
Beacons are an important signaling device that emits strong signals and are used for gathering attention. They have been disruptive in the signaling devices market as they have found use in a large number of end users including vehicles, defense communication, commercial buildings, aerodromes, and at sea. They are now being sold in various types including rotating, strobe, radio, flashing, and others.
Global Signaling Devices Market: Competitive Landscape
Several key market players have made a paramount shift in the signaling devices market by bettering their revenue acquisition techniques. According to the analyst, some of these companies are ABB Group, Siemens AG, Rockwell Automation, Patlite Corporation, EAO AG, Omron Corporation, Robert Bosch GMBH, Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., Eaton Corporation PLC, R. Stahil AG, E2S Warning Signals Ltd., Banner Engineering Corporate, NHP, Werma Signaltechnik GmbH, and Auer Signalgerate GmbH.
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A. Hazardous Area and Safe Zone Signalling Device Market
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