Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Signaling Devices Market Overview
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.
Market Size and Forecast
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.CLICK TO DOWNLOAD SAMPLE
Growth Drivers
Growing Security concern
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.
Rising government initiative regarding safety
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.
Restraints
High installation cost
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.
Market Segmentation
Our-in depth analysis of the global signaling devices market includes the following segments:
By Type:
By Connectivity:
By Application:
By End-Use:
By Region
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:
Key Players
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