According to analysts at Vantage Market Research, the Visual Signalling Devices market is expected to reach USD 2.3 Billion by 2028, growing at a CAGR of 4.43% from 2021 to 2028. Visual Signalling Devices are constructed for consecutive observation of changes in the surrounding parameters and for raising an alarm if any undesirable change is perceived. These devices are suitable for mitigating the expected accidents and detection of malfunctions in the smooth running of the manufacturing or production processes. Growing urbanization and expansion in the industrial sector is one of the key factors contributing it the growth of this market.
Visual Signalling Devices Market Preview
- The Steam segment is projected to expand at the fastest over the forecast period owing to the increasing adoption in the Signaling Devices industry.
- The lighting segment has the most applications in safety for the industrial sector and with rapid urbanization, the use of lighting as a signal is forecasted to boost rapidly
- The Food and Beverages segment held a market share of around 30% in 2020. This share is due to the rising use in monitoring things from a long distance.
- The Asia Pacific is expected to expand fastest among regions and is projected to have a share of about 33%. This surge is attributed to the rising demand for automated sortation systems in developing economies such as China and India.
Some of the key players in the Visual Signalling Devices market include E2S Warning Signals (U.S.), Honeywell International (U.S.), Eaton Corporation (U.S.), Rockwell Automation (U.S.), Emerson Electric (U.S.), PATLITE Corporation (U.S.), ABB (Switzerland), R. STAHL AG (Germany), NHP Electric Engineering Products (Australia), Siemens AG (Germany)., among others. Continuous research and development have led to improved devices for signaling in emergency situations. The market is comprised of a high degree of competition due to the presence of numerous key players. For instants, Aqua Limit is looking for a partnership that can help them tailor their technologies and products to the markets in India and Asia.
The devices that are utilized to convey a signal purposely from origin to target or raise an alarm that can be a sound or visual alarm depending on the characteristics of the material on the trigger from the control panel are analyzed signaling devices. The materials are normally joined within the control panel. These devices are configured and installed in the right accommodations so that people can be notified of the intrusion quickly and take restorative measures.
Asia Pacific region is poised to record the highest CAGR at 5.6% from 2021 to 2028, owing to the increasing demand in countries, such as India, China, and Japan, coupled with the growth of the region's overall subsurface safety valves market. In China, the demand for Subsurface Safety Valves is mainly due to rapid industrialization and exports of finished products to the world. However, the advent of domestic versions has brought down the prices, which is expected to drive the deployment.