New York, June 21, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research (PMR), the global signalling devices market is estimated to reach around US$ 3.3 billion in 2022. Over the assessment period, global sales of signalling devices are likely to soar at 4.2% CAGR, taking the overall market valuation to US$ 4.9 billion by 2032.
Demand remains especially high for audible signalling devices globally. The target segment is projected to thrive at a CAGR of 4.1% through 2032. This is due to rising usage of audible signalling devices across various sectors on account of their several advantages.
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Rising adoption of signalling devices in a wide range of sectors including oil & gas and power generation is a key factor driving the global market forward. Subsequently, growing focus on improving safety of machines and people will elevate signalling device demand.
Signalling devices have become ideal solutions for protecting machinery and people in dangerous environments. These devices issue audible & visual alarms and warning signals in the event of safety issues and malfunctions.
Growing usage of signalling devices for protecting machinery and workers is expected to boost the global market during the assessment period. Similarly, flexible pricing of signalling devices is positively impacting their sales.
Another key factor that is expected to elevate demand for signalling devices is the implementation of stringent safety regulations.
Several governments and regulatory bodies are introducing new rules and standards for improving safety of workers in industrial settings. This in turn is creating high demand for signalling devices and the trend is expected to continue during the assessment period.
Leading signalling device manufacturers are concentrating on offering customized solutions to their customers to increase their sales. They are also investing in research and development for developing advanced signalling devices.
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Key Takeaways from the Signalling Devices Market Report:
- Global signalling device sales are forecast to thrive at 4.2% CAGR during the assessment period.
- Based on type, audible signalling devices segment is predicted to expand at 4.1% CAGR through 2032.
- By application, fire & industrial signalling segment is poised to exhibit a CAGR of 4.0% from 2022 to 2032.
- The United States signalling devices market is projected to cross a valuation of ~US$ 0.721 billion by 2032.
- China signalling devices market is anticipated to exceed a valuation of US$ 1.2 billion by 2032.
- Signalling device demand in Japan is likely to rise at 4.4% CAGR from 2022 to 2032.
- The United Kingdom signalling devices industry will thrive at a CAGR of 2.6% during the assessment period.
- Korea market is set to record a CAGR of 4.6% between 2022 to 2032.
“Implementation of stringent fire safety regulations and escalating demand for safety management systems are expected to boost the global signalling devices industry. To gain profits, companies are introducing novel solutions that meet safety standards. - says a lead Persistence Market Research (PMR) analyst.
Who is Winning?
Siemens AG, Honeywell International, Inc., ABB Ltd., Rockwell Automation, Inc., Eaton Corporation PLC, Emerson Electric Co., Patlite Corporation, Thales Group, R. Stahl AG, E2S Warning Signals, Koninklijke Philips Electronics N.V, NHP Electrical Engineering Products Pty Ltd., Koito Manufacturing Co, Werma Signaltechnik GmbH, L3 Communications Holdings, Potter Electric Signal Company, LLC, Tomar Electronics, Inc., Moni Log, and HollySys Automation Technologies Ltd. are few of the leading signalling device manufacturing companies profiled in the report.
These key players are employing several strategies to improve their revenues and solidify their market positions. These strategies include new product launches, acquisitions, partnerships, mergers, alliances, etc.
Recent developments:
- In 2023, two novel aspirating smoke detectors including FDA261 and FDA262 were launched by Siemens.
- In 2021, R.STAHL introduced multi-functional LED flashing beacons with efficient luminous intensity.
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More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the signaling devices market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals market projections based on type (visual signaling devices and audible signaling devices), application (hazardous area signaling, fire & industrial signaling, and wide area signaling), and region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help
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