In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The signaling devices are primarily used to raise an alarm including sound or visual alarm. The devices are directly in connection with the control panel. These devices are used for the detection of the errors and are also used for sending the signal so that chances of accident can be reduced. Signaling devices are used for the safety management such as fire alarm system, earthquake warning system, defense warning system and dam safety system. These devices are used in the various locations and are also used to signal the status of the machinery and conveyor.
The growth in the signaling devices market can be attributed to the growing urbanization across the various developing countries coupled with the increasing demand from various end-user industries. This is expected to be the major reason for the growth of overall signaling devices market during the forecast period. Additionally, the increasing safety concern is expected to boost the market growth of the signaling devices during the forecast period.
Signaling devices market is anticipated to record a CAGR of 5% over the forecast period. The market is expected to attain a total market size of USD 3 billion by 2027. The signaling devices market is expected to showcase a vibrant growth by the end of the forecast period. The market can be segmented on the basis of type, connectivity, application and end-use. On the basis of type, it is sub-segmented into visual signaling devices, audible signaling devices and control devices. On the basis of connectivity, it is sub-segmented into wired connectivity service and wireless connectivity service. Wireless connectivity services is expected to be the leading sub-segment during the forecast period. The high application of wireless connectivity in various signaling devices is expected to be the major reason for the growth of the sub-segment during the forecast period. On the basis of application, it is sub-segmented into hazardous area signaling, fire and industrial signaling, wide area signaling and others. On the basis of end-use, it is sub-segmented into food and beverage, automotive, aerospace, oil & gas, chemical & petrochemical, pharmaceutical, defense, medical devices, paper & pulp. Automotive is expected to be the leading sub-segment during the forecast period. The increasing number of accidents coupled with the growing safety concern is expected to be the major reason for the expansion of the sub-segment.
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The increasing safety and security concern is expected to be the major driver for signaling devices market during the forecast period. For instance according to OECD, the total fatal injuries in India was 1, 46,133 in 2015 which increased to 1, 50, 785 in 2016. Additionally, the increasing cases of the natural disasters across the globe coupled with the rising security concern is expected to be a major driver for the overall signaling devices market during the forecast period.
The increasing government concern regarding the safety and security of workers is expected to be the major driver for the overall signaling devices market during the forecast period.
The high installation cost associated with the signaling devices coupled with the less availability of the skilled labors is expected to restrict the growth of the signaling devices market during the forecast period.
Our-in depth analysis of the global signaling devices market includes the following segments:
On the basis of regional analysis, global signaling devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the largest region for the signaling devices market. The growth can be attributed to the rising number of manufacturing plants in the region which indirectly increases the demand for the signaling systems. Asia-Pacific region is expected to be the fastest developing region. The growing end-use industries in the region coupled with the increasing security concern is expected to be the major reason for the growth of the overall market in the region.
Global signaling devices market is further classified on the basis of region as follows: