Over the years, the manufacturing and production facilities have witnessed a significant surge in the penetration of sophisticated industrial equipment and machinery that require continuous monitoring for their seamless functioning to avoid catastrophic failures. Similarly, high valued assets such as aircraft, marine vessels, aerospace & defense vehicles, owing to their significant investment, require robust as well as efficient alert and centralized solution for providing the information of process controls in real-time. As a result, industrial annunciator is a specially designed solution that facilitates aid in seamless monitoring and supervision of a broad range of industrial processes, equipment, assets, and operational activities across the process and discrete industries. Based on the product design and functionality, the solution offers swift alert or warning to the associated process control in case of unanticipated activities or failures at a centralized location. Thus, unlike the conventional alarm or warning system, the industrial annunciator can significantly aid precisely highlighting the location of the failure and subsequently diverting resources or action teams to prevent the cascading of the fault within the facility or asset.
APAC is anticipated to be the fastest-growing region in the industrial annunciator market. The region consists of several developing countries such as China, India, Japan, Taiwan, and South Korea, which are experiencing substantial growth in the number of industries (both process and discrete). The continuously growing number of industries with advanced technologies is propelling the demand for industrial annunciators among the manufacturers and assemblers. The industrial sector players in the region are increasingly emphasizing on connected technologies, which facilitate the players with optimized productivity, thereby leading to increased revenue. Thus, the growing demand for connected technologies in the industrial sector is considered a prominent factor in promoting annunciators, which is augmenting the industrial annunciator market in the region.
The ongoing global pandemic COVID-19 continues to bring long term disruption across several major process as well as discrete industries. For instance, automotive, steel production, general manufacturing, electrical & electronics industry and OEMs based market players among numerous others are facing disruptions their supply chain. However, among process industries the impact has been varying across different vertical such as impacting heavily on aviation, oil & gas, and numerous materials sectors attracting heavy reduction in their ongoing production volume. Whereas, industries such as food & beverages, pharmaceuticals, power generation and chemicals have noticed limited disruption during the pandemic across different economies. As a result, prevalence of nation-wide lockdown to minimize the transmission of COVID-19 has significantly disrupted the supply chain activities along with the production volume across several manufacturers especially the small & medium enterprise owners. Moreover, the limited production activities along with disappearing demand for numerous control products and components is expected to contract significantly during the 2020 resulting in stark decline in the market growth during the coming few years.
Annunciators are closely related to safety shutdown systems (SIS); however, their function is not similar. Annunciators are vital to preserving the integrity of processing units. These systems alert operators to plant conditions, for instance, divergence from standard operating limits and to irregular events, which need prompt action or evaluation. However, annunciators are not typically related to safety; they play a significant role in supporting operators to moderate the requirement for the safety-related systems, thereby enhancing overall plant safety.
From containment loss at a nuclear site to fuel refinery explosions, such catastrophes are only avoided if operators can promptly recognize and takes steps toward impending danger. Thus, industrial annunciators are being adopted by several plants as an important component of their mission-critical safety systems.
The industrial annunciators have gained prominence over the years and are foreseen to continue surge in numbers and revenues. The continuously rising demand for industrial annunciators is majorly attributed to an increase in the number of industries in developed and developing countries. Additionally, with the rise in industrial automation systems, the requirement and adoption rate of advanced technologies and systems have been surging at a tremendous rate. The industrial annunciator market players are engaging themselves in developing robust solutions to cater to the requirement of their clients, which is boosting the industrial annunciator market in the current scenario. Based on type, the industrial annunciator market is segmented into conventional annunciators and dedicated annunciators.
Based on end user, the industrial annunciator market is segmented into process industry and discrete industry. The demand for industrial annunciators is anticipated to surge during the forecast period owing to the noteworthy rise in the number of industrial component manufacturers and assemblers in developing regions, such as Asia Pacific. The awareness related to the benefits of annunciators among the APAC industrial component manufacturers and assemblers is high, which generates substantial demand for this equipment and is foreseen to support the growth of the industrial annunciator market in the coming years.
The global industrial annunciator market is moderately fragmented at a global level comprising prominent well-recognized brands available across developed economies to a notable number of unorganized industrial annunciator market players operating in emerging countries such as Asian and MEA regions. ABB Ltd, AMETEK Inc, Eaton Corporation plc, Ronan Engineering Company, Automation Displays Inc, Dwyer Instruments, Inc, NOTIFIER, Schweitzer Engineering Laboratories, Inc., Apex Automation Solutions, and Omniflex are among the major players in the global industrial annunciator market.
The regional trends and factors influencing the Industrial Annunciator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Annunciator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1.9 Billion |
| Market Size by 2027 | US$ 2.55 Billion |
| Global CAGR (2019 - 2027) | 3.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Industrial Annunciator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Annunciator Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Industrial Annunciator Market
The discrete industry owing to notable adoption of significant number of electrical machinery, systems, equipment has resulted in their leading market share and is projected to continue to dominate the market during the coming years.
The surge in electrification of industrial process controls and safety system across numerous industry vertical has significantly propelled the growth of the market. IN addition to this, features such as low-cost maintenance of conventional system and durability also has facilitated in the growth of the market in selected industrial sectors.
The Europe region led the industrial annunciator market in 2019 owing to strong considerable demand for maintaining and supervision of industrial system and equipment across its notably large industrial sector and stringent workplace safety regulation.