Signaling Devices Market is anticipated to hit $2.39 billion by 2023 at a CAGR of 3.70%
APAC held the largest market share in the Signaling Devices Market
Asia Pacific region holds the largest market share in the Signaling Devices Market and is anticipated to reach $997.3 million by 2023 at a CAGR of 3.6%. However, Americas witnesses highest growth during the forecast period and is expected to reach $783.3 million by 2023 at a CAGR of 4.0%. APAC Signaling Devices Market is mainly driven by the high utilization in the warehousing industry, particularly in China. The key applications in this region include Wide area signaling, fire and industrial signaling, and hazardous area signaling, among others.
Selected Value Chain Analysis done in the full report
- The signaling devices can be primarily categorized as devices based on sight indication, sound indication or integrated indication. The requirements and manufacturing technology for each of these respective devices differ significantly. The Research & Development is generally an in-house facility responsible for evaluating several parameters and specifications that are required to design the signaling devices. These parameters are mainly controlled by the applications where signaling devices need to be integrated. The applications for these devices fall primarily in three categories: hazardous area, industrial area and wide area. Based on these categories, the specifications for signaling devices are being laid, while simultaneously complying with regulations and certification standards
- Once these specifications are laid down, the designing phase deals with the development of a viable product. The prototypes are passed through various iterations until the desired result is achieved. This phase is also responsible for listing the required processing technology, materials and components in order to manufacture the signaling devices. The successive step deals with procuring required components and materials, handled entirely by secondary activity known as inbound logistics. The manufacturing equipment providers provide the necessary machinery and services support for producing the signaling devices. These devices are simultaneously tested and dispatched for outbound logistics. The outbound logistics deals with the pricing and distribution channel for these devices. After the end-user has acquired the requisite signaling devices, the manufacturers offer all sort of installation and maintenance services till the end of product life cycle.
Excerpts on Market Growth Factors
- The food & beverage industry is one of the fastest growing segments in the signaling devices market. The industry has witnessed significant growth for the past few years and it is estimated to grow further during the forecast period 2017-2023. The growing economic conditions in the emerging countries, increase in consumer spending and changing lifestyle are driving the growth for this industry.
- The growing demand for safety and security in manufacturing sector is set to drive the market as visual and audible signaling devices rise. The growing governmental mandates regarding signaling devices, particularly fire alarms will result in a growing market.
- Wide area signaling segment is forecast to exhibit highest growth rate of 4.5% during the forecast period projecting to $231.1 million by 2023. Its growing use in ports and airports is set to drive this segment.
- In Canada, new industries facilitating signaling device installations is one of the key market driver
- Fire signaling devices for industrial applications have also exhibited high growth in recent years. This is due to growing worker safety laws in South America that necessitate these devices
- The signaling devices market in U.K has high adoption and is slowly moving towards maturity. Signaling devices are mainly used in the petrochemical, chemical, commercial, marine, healthcare and automotive industry segments. With chemical industry reaching maturity, the projected rise in petrochemical and automobile industries will drive the signaling devices market forward as new applications for these industries are developed.
- In the recent years, inflation in the U.K has been decreasing steadily and the economy has been steadily improving. This has helped the signaling devices market grow in the recent years.
- Growing Oil refineries coupled with rising concerns with safety in explosion areas are the key drivers driving the Signaling Devices Market
Key players of Signaling Devices Market:
The key players in signaling device market are: R.Stahl AG (Germany), Werma Signaltechnik GmbH (Germany), PATLITE Corporation (U.S.), NHP Electrical Engineering Products (Australia), Rockwell International Inc. (U.S.), ABB Ag (Switzerland) and Siemens (Germany). These companies have focused on agreements with end user industries as well as product launches in order to gain market position in the signaling device market.
Some of the key players in the market in Canada include Grainger, ABB and Thales Group who have strong global presence.
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