Signaling Devices Market - Forecast(2024 - 2030)
Signaling Devices Market Overview
Signaling Devices Market i s estimated to reach $2122.3 million by 2027 with a CAGR of 4.0% during 2022-2027. It is majorly driven by adoption of signaling devices in industrial applications and growing focus on improving safety measures in industries driving the market growth of smart windows. A signaling device is a device which raises an alarm which can be a sound or visual alarm depending on the signaling device based on the trigger from the control panel. These devices such as?strobe beacons, intruder alarms, intercoms and video surveillance systems?are normally connected through the control panel. These devices are configured and positioned in the right places so that people can be aware of the intrusion easily and take corrective measures. The average cost for Global signaling devices depends on weather it is visual signaling devices or audible signaling devices. However, the overall price of visual signaling devices ranges between $35-$40 per piece approximately and the audible signaling devices has a much higher typical range from $2-$80. Signaling devices are widely adopted in industrial process due to strict safety rules and regulations regarding industrial work safety enforced by governments across the world is the driving factor. Also technological developments, smart city concept and urbanization are other factors boosting the market growth. Industrial organizations are moving towards adoption of IoT platform. Most of the industrial organizations are adopting IoT which is further leading to the deployment of industry 4.0 and smart manufacturing and?this will further enhance the growth of hazardous area and safe zone signaling device market.
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Report Coverage
The report:?“Signaling Devices Market Forecast (2022-2027)”,?by IndustryARC covers an in-depth analysis of the following segments of the Signaling Devices Market report.
By Type – Visual signaling devices, Audible signaling devices, combination, Control devices and Others By Application Area - Fire and Industrial Signaling, Wide area signaling, Hazardous area signaling By Communication - Wired communication and Wireless communication By End Use Industry – Automotive, Food and Beverage, Chemical and Petrochemical, Aerospace, Defense, Oil and Gas, Paper & Pulp, Healthcare, Pharmaceutical, Marine, Mining, Commercial and Others By Geography?- North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Belgium, Russia and Others), APAC (China, Japan India, SK, Australia and Others), South America(Brazil, Argentina, and others), and RoW (Middle East and Africa)
Key Takeaways
Visual Signaling Devices accounted for major share with revenue of $777.2 Million in 2021. This segment is driven by demand for beacons. Beacons are visual signaling devices that are used to signal over a large area. It is also used to indicate warning or draw attention from long distances. Beacons emit visual signals that serve as warnings or information, for example, in the event of device faults or safety issues, or during system commissioning. The various types of beacons considered under the scope of the study includes flashing beacons, strobe beacons, rotating beacons, LED beacons and so on. Rotating beacons incorporate parabolic reflector driven by a motor, which when activated, revolves around an illuminated lamp creating a rotation powerful beam of light. Some of these beacon models are integrated with audible buzzer offering a combined visual and audible signaling device. Rotating beacons are used for industrial process control, machine centres, walk-in testing chambers, fire alarms and security systems, cranes, AGVs, and so on. Strobe beacons are visual signaling devices which are integrated with capacitive discharge converted circuit connected to tube containing xenon gas, which creates bright flash of light on ignition. These lights are majorly used for light and heavy industrial signaling applications and are also used in towers. These visual communication devices are ideal for use in the harsh industrial environments owing to the glass fibre reinforced polyester (GRP) or marine grade and corrosion proof aluminium enclosures. They support wall, ceiling, and floor mounting to ensure that the project is installed in the most appropriate location. With the recent advancement in LED technology incandescent lamps used in various types beacons are being replaced by LED lights which offers excellent product life at a lower cost. This is analysed to drive the market for beacons during 2022-2027
Signaling Devices Market Segment Analysis - By Application
Automobile industry is projected to grow to $209 Million by 2027 growing at a CAGR of 5.1%. Automotive assembly and auto parts manufacturing involves the use of highly automated machines including machine tools, robots, workstation cranes, AVGs, testing chambers and so on in the production line. The workers are exposed to occupational hazards on the factory floor in case of any negligence Audible and visual signalling devices are thereby integrated across the factory floors in robotic work cells, machine centres, AVGs, cranes and various others places to reduce such risks. Apart from this the signalling systems in automotive plants are also used for certain process indications such as, indicate filling of coolant in the central reservoir of the machine centres’ coolant recycling system, issues in the conveyor systems and so on. The shift towards electric vehicles owing to the growing environmental concerns, along with investments towards expansion of production capacities of electric vehicles and related parts is analysed as one of the key factors to assist the automotive signalling devices market during 2021-2023. In September 2021, Ford motor company along with its partner SK innovation, announced its plans to invest $11.4 billion for a new EV and battery production plant in the U.S. In September 2021, Indian government outlaid US$7.81 billion for automobiles and auto components sector in production linked incentive scheme under the department of heavy industries. Such investments by government boosts the market growth of automobile industry which in turn provides market growth of signaling devices market.
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Signaling Devices Market Segment Analysis – By Geography?
Asia-Pacific account for the highest percentage of market share in the signaling devices market during the forecast period at 38% in 2021. Continuous enhancement of signaling devices solution in this region and increasing safety concerns driving the market growth in this region. Signaling devices are widely being adopted by petrochemical units and manufacturing plants in the recent years. The industrial manufacturing is the leading adopters due to significant cost savings and enhancing workplace productivity. This is also anticipated to grow further in the forecast period. In July 2021, Alstom has signed a contract with Germany’s Baden-Wuerttemberg State Institute for Rail Vehicles to retrofit 118 regional trains with the European Train Control System (ETCS) and Automatic Train Operation (ATO) digital signalling technology. The contract is valued at US$150 billion which includes an innovation cooperation agreement software maintenance contract and contract for further maintenance. Which increases the market growth of signalling devices in this region.
Signaling Devices Market Drivers?
Expansion of Automotive Production Plants and investments in Electric Vehicle productions
The visual signaling equipment has been advancing with significant changes in the automotive industry. The automotive industry is gaining importance as a result of new car sales and the growing automotive aftermarket. Increasing adoption of visual and audible signaling devices in automotive industry is set to drive the market growth. Furthermore, growing concern for road safety issues is set to fuel the market growth. However, the information from automotive visual signaling equipment is of interest of the trailing vehicle only and supplies no beneficial information to the driver driving the vehicle equipped with such device. Such systems are undergoing modifications to add to their functionality such as providing information about the traffic on the road, travel data, front emitters, among others. Advancements in technology is set to drive the market. In 2020, Audi launched its traffic signal information vehicle-to-infrastructure (V2I) service in European markets. The service began in Ingolstadt, Germany, and will be expanded to other European cities. The new technology informs Audi drivers in the cockpit of their vehicles about the speed required to reach the next green traffic light. If the driver is unable to proceed due to the permitted speed limit in the area, the service will display a countdown to the next green phase. In 2020, Bajaj Auto had planned to invest $86.72 million to set up new plant in Maharashtra, India. This facility is expected to start producing high-end KTM, Husqvarna and Triumph motorcycles as well as some electric vehicles in 2023. In 2021, Tatas Motors had planned to invest $2 billion over the next four years to launch 10 new electric vehicles. This kind of investments set to provide opportunities for the signaling devices during forecast period.
Expansion and Investments in Marine Ports
Increasing adoption of visual and audible signaling devices coupled with increasing investments in marine industry is poised to drive the market. Emergencies aboard boats require immediate action, whether they are a man overboard, generator failure or a fire. To ensure timely warnings of such events, visual and audible alarms need to offer superior coverage in rugged, weatherproof designs. Additionally, providing unique, distinctive alarms for different events can allow the crew to react more quickly and more effectively and this is set to push the market. In 2021, The Maritime India Vision-2030, a 10-year blueprint with the aim of overhauling the Indian maritime sector, envisages $40 billion investment in port projects that in turn promises to generate employment for 20 lakh persons. This kind of investments in maritime sector provide opportunities for the signaling devices market growth.
Signaling Devices Market Challenges?
Lack of skilled pilots and vulnerable to hackers
Increasing usage of wireless signaling devices can cause an explosion on the industry premises due to electromagnetic waves emitted by signaling devices and this set to restraint the market growth. Moreover, the requirement of signaling devices that can operate in a wide area and overcome noise is the key challenge for industry players and this is one of the major challenges that hamper the market growth. For proper operation, signaling devices such as fire alarms, buzzers, and hooters must be properly installed in any location. The installation of signaling devices necessitates a significant investment, and these devices must be properly maintained which requires high cost and this set to restraint the market growth. Moreover, growing usage of signaling devices in chemical industry causes increased wear and tear issues owing to frequent contact with hazardous chemicals. This contributes high maintenance costs for signaling devices, thus hampering the market growth. High costs involved in the inspection and maintenance of the signaling devices is also one of the factors that hamper the market growth. Thus, minimum awareness on the cost-effective planning of safety equipment installation is estimated to limit the penetration of signaling devices in various industries. The average cost for Global signaling devices depends on whether it is visual signaling devices or audible signaling devices. However, the overall price of visual signaling devices ranges between $35-$40 per piece approximately and the audible signaling devices has a much higher typical range from $2-$80.