Signalling Device Market

Signalling Device Market Outlook (2022-2032)

The global signalling device market size is expected to be valued at US$ 5.3 Billion in 2022 and US$ 8.2 Billion in 2032. It is set to exhibit growth at a CAGR of 4% in the forecast period from 2022 to 2032. The increasing replacement of conventional products, such as Liquid Crystal Diode (LCD) lighting owing to their less efficiency is likely to fuel the demand for signalling devices in the near future.

Report Attribute	Details
Estimated Base Year Value (2021)	US$ 4.6 Billion
Expected Market Value (2022)	US$ 5.3 Billion
Anticipated Forecast Value (2032)	US$ 8.2 Billion
Projected Growth Rate (2022 to 2032)	4% CAGR

Signaling devices are capable of generating an alarm to alert or warn someone or something about a specific hazard. Alarms raised by these devices can either be video- or audio-based depending on the surroundings, applications, and requirements of the place of installation.

These are often connected to a control panel that can trigger the signal in case of trouble. Strobe lights and hooters are some of the most commonly used signaling devices at industry premises. These are often utilized in combination, such as strobe and siren as they can produce an alarming sound, as well as a visual signal or flash.

The rising focus of the process and cooling industry on the enhancement of safety measures is likely to create high demand for explosion- and flame-proof signaling visual and audible devices, such as lighting, speakers, and horns. These devices are considered to be a prime requirement at oil and gas stations to control and warn during emergency situations. The ongoing expansion of the oil and gas industry is anticipated to augment the sales of signaling devices globally in the evaluation period.

Which are Some Prominent Drivers Spearheading Signaling Device Market Growth?

Various companies nowadays are striving to provide utmost safety to their physical assets, as well as employees in the factory premises. They are doing so by implementing stringent norms to avoid hazards caused by ignitable fibers, flammable gases, combustible dusts, combustible liquid-produced vapors, and flammable liquid-produced vapors at the workplace.

The rising usage of numerous visual signaling devices, such as strobe beacons and lighting by these companies to prevent the above-mentioned hazards is expected to drive the signaling device market growth in the assessment period. The emergence of novel Light-Emitting Diode (LED) technologies is another vital factor that is projected to bode well for the market.

What are the Challenges Faced by the Signaling Device Industry?

The increasing utilization of wireless signaling devices may lead to explosions on the industry premises. This can occur because of the electromagnetic waves that are emitted by these devices. In addition, key companies are facing challenges with the development of unique devices that can overcome noise and operate in a wide area. New and small-scale industrial setups may not be able to afford the initial cost of these devices, which may hamper the signaling device market growth.

Why is North America Emerging as an Opportunistic Signaling Device Market?

North America is expected to remain at the forefront in the forthcoming years in terms of the signaling device market share. This growth is attributable to the rising number of oil and gas plants in the U.S.

As per the U.S. Energy Information Administration (EIA), in 2018, the U.S. became the largest crude oil producer in the world. In 2020, Texas procured a share of 43.0%, North Dakota held 10.4%, New Mexico accounted for 9.2%, and Oklahoma held 4.1% in terms of crude oil production. This trend is anticipated to continue throughout the assessment period, thereby pushing the market.

How is Asia Pacific Contributing to the Growth of the Signaling Device Market?

The rising production of oil and gas in China and India is likely to spur the Asia Pacific signaling device market share in the upcoming years. The ongoing development of the mining sector is another crucial factor that is projected to augur well for the regional market.

According to the India Brand Equity Foundation (IBEF), the Indian government has enabled 100% Foreign Direct Investment (FDI) in a wide range of domains, including refineries, petroleum products, and natural gas. During 2019-20, crude oil import surged to US$ 101.4 billion, as compared to US$ 70.72 billion from 2016 to 2017 in the country. These numbers are estimated to grow in the forecast period, thereby augmenting the Asia Pacific market.

Market Competition

Some of the prominent companies present in the global signaling device market are R. Stahl AG, PATLITE Corporation, Rockwell Automation, Honeywell International, Inc., ABB Ltd., Eaton Corporation Plc, E2S Warning Signals, NHP Electrical Engineering Products, Emerson Electric Co., and Siemens AG among others.

The global market is concentrated with the presence of multiple manufacturers across the globe. These companies are consistently participating in mergers and acquisitions, enhancement of their existing product lines, and new product launches to compete with their rivals. A few other small-scale firms are focusing on gaining new growth opportunities through the development of their distribution network and direct selling.

Scope Of Report

Report Attribute	Details
Growth Rate	CAGR of 4% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Product Connectivity Service Industry Region
Regions Covered	North America Latin America Western Europe Eastern Europe APEJ Japan Middle East and Africa
Key Countries Profiled	USA Canada Brazil Argentina Germany UK France Spain Italy Nordics BENELUX Australia & New Zealand China India ASEAN GCC South Africa
Key Companies Profiled	R. Stahl AG PATLITE Corporation Rockwell Automation Honeywell International, Inc. ABB Ltd. Eaton Corporation Plc E2S Warning Signals NHP Electrical Engineering Products Emerson Electric Co. Siemens AG
Customization	Available Upon Request

Key Segments Profiled in the Signaling Device Industry Survey

By Product:

• Intercoms
• Strobe Beacons
• Video Surveillance Systems
• Lighting
• Visual and Audible Combination Units
• Bells and Horns
• Speakers and Tone Generators
• Fire Alarms/Call Points

By Connectivity Service:

• Wireless
• Wired

By Industry:                                                                 

• Mining
• Oil and Gas
• Energy and Power
• Food and Beverages
• Chemical and Pharmaceutical
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa

Frequently Asked Questions

What will be the size of the global signaling device market by 2032?

The global signaling device market is likely to be valued at US$ 8.2 Billion by 2032.

Which region is anticipated to dominate the signaling device market in terms of share?

North America is anticipated to dominate the signaling device market in terms of share.

Which are some of the leading companies in the global signaling device market?

R. Stahl AG, PATLITE Corporation, Rockwell Automation, Honeywell International, Inc., ABB Ltd., Eaton Corporation Plc, E2S Warning Signals, NHP Electrical Engineering Products, Emerson Electric Co., and Siemens AG are some of the leading companies in the global signaling device market.