Signaling Devices Market [2021-2031] Size, Share, and Analysis
The signaling devices market size is projected to reach US$ 5.84 billion by 2031 from US$ 3.45 billion in 2023. The market is expected to register a CAGR of 6.8% in 2023—2031. Growing focus on industrial safety measures and increasing signaling demand are likely to remain key signaling device market trends.
Signaling Devices Market Analysis
The signaling devices market is growing at a rapid pace. Various factors, such as the flexible pricing of signaling devices, are driving the market. Moreover, the signaling device includes audible or visual devices such as signaling lights and signaling equipment. Visual signaling devices can be adapted to the needs of the workplace and present a visible light with sufficient that is visible to the entire workforce.
Signaling Devices Market Overview
Signaling devices provide warnings of faults in systems to alert operators. They give messages concerning machinery operating status of manufacturing lines, machinery, and industrial equipment. Signaling devices should be in an area that can be heard or seen by workers from any area covered by the system. Many industries demand double signaling to give a visual and audible signal when required.
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Signaling Devices Market: Strategic Insights
Market Size Value in US$ 1588.9 Million in 2017 Market Size Value by US$ 2675.3 Million by 2025 Growth rate CAGR of 6.7% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Signaling Devices Market: Strategic Insights
| Market Size Value in | US$ 1588.9 Million in 2017 |
| Market Size Value by | US$ 2675.3 Million by 2025 |
| Growth rate | CAGR of 6.7% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Signaling Devices Market Drivers and Opportunities
Growing Focus on Industrial Safety Measures to Favor Market
Increasing focus on industrial safety measures is a potential driver for the market. Signaling devices protect people and machinery by providing indicators and status displays, and it is utilized in almost every production sector and beyond. Therefore, while creating and producing signaling equipment, innovation is crucial. Signaling equipment is constantly being developed in order to satisfy the demands of advanced applications and to comply with ever-more-complex safety rules. Our broad range of products includes signaling equipment that is suitable for use in all functional areas and application settings.
Increasing demand for high light output per watt lighting solutions.
Increasing demand for high light output per watt lighting solutions such as luminous light efficacy holds a great opportunity for the signaling device market. Luminous efficacy measures how effectively a light source produces visible light. Luminous efficacy is the ratio of luminous flux (the total amount of visible light emitted by a light source) to electrical power consumption, expressed in lumens per watt (lm/w). A higher luminous efficacy indicates a more efficient light source, as it produces more visible light with less power consumption. These kinds of high light output per watt are being used signaling device market.
Signaling Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the signaling devices market analysis are type application and end-user.
- Based on type, the signaling devices market is divided into control devices, audible devices, and visual devices.
- By application, the market is segmented into fire & signaling devices, hazardous area signaling, and wide area signaling.
- Based on end-users, the signaling devices market is divided into warehouses & factories, mining, commercial, marine, and others.
Signaling Devices Market Share Analysis by Geography
The geographic scope of the signaling devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the signaling devices market. High technology adoption trends in various industries in the North American region have fuelled the growth of the signaling devices market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American signaling devices market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of signaling device market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the signaling devices market.
Signaling Devices Market Report Scope
Signaling Devices Market News and Recent Developments
The signaling devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In March 2024, - Comcast Advertising, the advertising division of Comcast Cable, announced the launch of its new Signal Authentication Service. This new industry solution aims to provide measurement companies and platforms with a reliable identity signal that can be used across multiple privacy-forward use cases – namely, impression householding for accurate reach and frequency measurement, cross-device frequency optimization, and attribution measurement.
(Source: Comcast Advertising, Press Release, 2024)
- In February 2024, Newark announced a partnership with Auer Signal to provide customers with a diverse range of audible and visual signaling devices, including steady beacons, flashing beacons, strobe lights, horns, buzzers, and electronic sirens.
(Source: Newark, Press Release, 2024)
Signaling Devices Market Report Coverage and Deliverables
The " Signaling Devices Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Growing focus on industrial safety measures is the major factors that propel the global signaling devices market growth.
The global signaling devices market was estimated to be US$ 3.45 billion in 2023 and is expected to grow at a CAGR of 6.8 % during the forecast period 2024 - 2031.
Increasing demand for high light output per watt lighting solutions, which is anticipated to play a significant role in the global signaling devices market in the coming years.
The global signaling devices market is expected to reach US$ 5.84 billion by 2031.
The key players holding majority shares in the global signaling devices market are ABB, Eaton, Emerson Electric Co., Honeywell International Inc., L3Harris Technologies, Inc., R. STAHL AG, Rockwell Automation, Siemens, Thales, WERMA Signaltechnik GmbH + Co. KG.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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