Zion Market Research has published a new report titled “Signaling Devices (Audible & Visual) Market by Product (Strobe Beacons, Lighting, Bells and Horns, Fire Alarms/Call Points, Speakers and Tone Generators, Visual and Audible Combination Units, Video Surveillance Systems, and Intercoms), by Connectivity Service (Wired and Wireless) for Oil and Gas, Chemical and Pharmaceutical, Food and Beverages, Energy and Power, Mining and Other Application: Global Industry Perspective, Comprehensive and Forecast, 2016 – 2022”. According to the report, global signaling devices market was valued at approximately USD 1.55 billion in 2016 is expected to reach USD 2.01 billion in 2022 and is anticipated to grow at a CAGR of around 4.42% between 2017 and 2022.
The signaling device is a comprehensive range of signaling products designed for use in areas where the prevalence of harsh environmental conditions and where there is a risk of explosion due to the presence of flammable atmospheres. Signaling devices can be in the form of the audio or visual type depending on the signaling devices. Bell, buzzer, device, foghorn, whistle are some signaling devices used in day to day life.
Browse the full report at https://www.zionmarketresearch.com/report/signaling-devices-market
Strobe beacons, lighting, bells and horns, fire alarms/call points, speakers and tone generators, visual and audible combination units, video surveillance systems, and intercoms are product segments of the global signaling devices market. Among these products, strobe beacons segment has dominated the signaling devices market in 2016 due to the increasing demand of ambulance and automotive industry. Strobe beacons also used in hospitals, hotels to give the signal in both audio and visual form.
The wireless connectivity segment is projected to dominate the global signaling devices market. It accounted for the majority share of the entire revenue generated in 2016 and also expected to grow substantially in near future.
Based on applications, oil and gas dominated the global signaling devices market. It accounted for the highest share of the total market in 2016 and expected to grow at highest CAGR in coming years. Due to the increasing applications of signaling devices in the exploration and extraction of shale gas and oil, this application segment is anticipated to maintain its foremost position till 2022.
Signaling devices helps to increase the safety measures of any industry and reduces the probability of accidents. Growing manufacturing industry globally and technological advancement in every sector is expected to exhibit significant growth in the years to come. Furthermore, initiatives taken by the government and rapidly growing urbanization in developing countries are expected to show strong growth in the near future. Other applications like chemical and pharmaceutical, food and beverages, energy and power are also expected to witness significant growth over the forecast period.
North America was the leading regional market for signaling devices in 2016. It accounted for significant share of total revenue generated in 2016. This growth is mainly due to the adoption of advanced technology. In addition, U.S. was the major contributor of signaling devices revenue generated in 2016. Furthermore, Europe was the second largest regional market and is expected to witness significant growth in the years to come. This growth is attributed to the huge investment in oil and gas sector and water & wastewater sector in the region. Asia Pacific is a fastest growing market for signaling devices due to the growing industrialization in countries like China and India. Latin America and the Middle East & Africa are also expected to exhibit significant growth within the forecast period.
Some of the key players in the global signaling devices market include Siemens AG, Honeywell International, Inc., ABB Ltd., Rockwell Automation, Inc., Eaton Corporation PLC (Cooper Industries), Emerson Electric Co., Patlite Corporation, R. Stahl AG, E2S Warning Signals, NHP Electrical Engineering Products Pty Ltd., Federal Signal Corporation and Tomar Electronics, Inc.