New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Industrial Annunciator Market Size, Share, Growth, Trends and Global Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Conventional Annunciators and Dedicated Annunciators); End user (Process Industry and Discrete Industry)”; The global industrial annunciator market size is expected to grow at a CAGR of 3.9% from 2019 to 2027, it was valued at USD 1.90 billion in 2019 and is projected to reach USD 2.54 billion by 2027.
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Global Industrial Annunciator Market – Report Scope:
| Market Size Value in | USD 1.90 Billion in 2019 |
| Market Size Value by | USD 2.54 Billion by 2027 |
| Growth rate | CAGR of 3.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 152 |
| No. of Tables | 56 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Type; End user |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Industrial Annunciator Market: Competitive Landscape and Key Developments
ABB Ltd., AMETEK, Inc., Eaton Corporation plc, NOTIFIER, and Apex Automation Solutions are the top five key players profiled in the industrial annunciator market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under the industrial annunciator market are mentioned below:
In October 2018, ABB Ltd. announced an investment of US$ 150 Mn in Shanghai, China. The investment is aimed to build the most advanced, automated, and flexible robotics factory. This production line will focus on machine learning, digital and collaborative solutions and the R & D team will focus on AI research.
In November 2019, AMETEK France opened a Technology Solutions Centre as a regional headquarters in Élancourt City to support the growth of its electromechanical product and electronic instrument businesses in France. Moreover, the center was opened to serve as a hub of innovation for the European markets.
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Growing Demand for Noise Immune Industrial Annunciators to Provide Lucrative Opportunities for Global Industrial Annunciator Market Growth during (2020-2027):
The latest annunciator designs nowadays offer a very high immunity to noise, which helps in reducing the extent of false alarms caused by a huge amount of noise generated in industries. Over 90% of these calls are false alarms. With ever more systems being installed, the overall demand for noise-immune industrial annunciators is increasing. False alarms interrupt both business and staff. Repetitive false alarms cause complacency and thus result in alarms being ignored. Reliability and flexibility are essential requirements in the industrial process. Alarms owing to false signals may lead to shutdown and evacuation, which can be very costly, thus it is also vital to reduce false alarm incidents. Alarm noise in an industrial environment can create chaos with process control systems. Any industry wherein false alarm incidents happen repeatedly face hefty losses owing to production disruption and fines; thus, several industries are switching or replacing their old annunciators with noise immunity annunciators. It provides a prosperous growth opportunity to the players operating in the industrial annunciators market.
The industrial annunciator market growth in North America is growing rapidly. North America includes developed economies, including the United States, Canada, and Mexico. The increasing adoption of factory automation in countries such as the US and Canada owing to increasing labor costs and availability of developed infrastructure is expected to boost the market for industrial annunciator in the region. Moreover, stringent government regulations related to the safety of industries are another significant factor propelling the growth of the market. The trend towards smart factories in the US is increasing, accelerating the deployment of advanced software and connected equipment and procedures. For instance, in 2019, Schneider Electric announced to open of its first smart factory in the US, which will result in reducing the mean repair time by ~20%. Such initiatives are expected to boost the deployment of industrial annunciators across factories in the country and contribute to the growth of the industrial annunciator market growth in North America.
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Industrial Annunciator Market: Industry Overview
The industrial annunciator market has been segmented on the basis of type, end-user, and geography. Based on type, the industrial annunciator is segmented into conventional annunciators and dedicated annunciators. Based on end-user, the industrial annunciator is segmented into process and discrete industries. Based on geography, the industrial annunciator market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The industrial annunciator market in Asia Pacific is projected to witness impressive growth during 2020–2027. APAC region comprises several developing economies that are witnessing high growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. Among China’s evolution into a high-skilled manufacturing hub, other developing countries, such as India, South Korea, Taiwan, and Vietnam, are attracting several businesses that are in the quest to relocate their low to medium-skilled manufacturing facilities to neighboring countries, offering lower labor cost. Further, the governments of these countries are making developments to improve investment ideas. This dramatic growth in manufacturing spending and the adoption of novel technologies are the key factors fueling the industrial annunciator market growth in Asia Pacific.
The manufacturing & industrial sector in Europe is one of the most technically advanced and innovative sectors worldwide. Also, European manufacturing is a leading component in international trade, dominating the world in the fields of machinery, automotive, and agricultural engineering. The growing use of sensors, the development of wireless communication and networks, the installation of intelligent robots and machines in the European industrial sector has transformed manufacturing processes. The rising automation has resulted in increased electrification of industries, which is expected to drive the industrial annunciator market growth in Europe
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