According to the new market research report “Signaling Devices Market (Audible & Visual) for Hazardous and Safe Areas, by Product (Strobe Beacons, Lighting and Fire Alarms/Call Points), Connectivity Service (Wired & Wireless), Industry, & Geography – Global Forecast to 2022″, the market is expected to grow from USD 1.49 Billion in 2015 to reach USD 2.03 Billion by 2022, at a CAGR of 4.43% between 2016 and 2022. The growing focus on increasing safety measures in industries, especially process and cooling, is creating a good demand for flame- and explosion-proof signaling audio and visual devices such as horns, speakers, strobe beacons, lighting, and so on.
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Strobe beacons likely to hold the largest market share during the forecast period
Strobe beacons have been a major market for signaling devices. With the increased demand for these products in various industry applications, more advancements are taking place and the end users are focusing on integrating signaling devices as an effective emergency management systems in their industry premise. Strobe beacons are greatly influenced by the signaling devices market (audible & visual) which are most widely used products by almost every industry in the modern era and are posing opportunities for the industry players to invest in these signaling device products.
The Oil and gas industry held the largest share of the signaling devices market in 2015
The signaling devices market (audible & visual) for the oil and gas industry held the largest market size in 2015 and is expected to grow at the highest CAGR between 2016 and 2022. Fueled by the growing application of these signaling devices such as strobe beacons, lighting products, speakers, video surveillance systems, and so on in the exploration and extraction of shale gas and oil, this industry segment is likely to retain its leading position till 2022.
Middle East, Africa, and Latin America together held the largest market share in 2015
The RoW (Middle East, Africa, and Latin America) region held the largest share of the signaling devices market (audible & visual) in 2015, followed by North America and Europe. The Middle East and Africa accounted for the largest share of the signaling devices market (audible & visual) in RoW, followed by Latin America. The high growth of the market in this region can be attributed to the presence of world’s largest oil and gas production, mining, and energy and power industries which are highly prone to explosion.
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The key manufacturers of signaling devices market (audible & visual) include Honeywell International, Inc. (U.S.), PATLITE Corporation (U.S.), Eaton Corporation Plc (U.S.), Siemens AG (Germany), Emerson Electric Co. (U.S.), NHP Electric Engineering Products (Australia), Rockwell Automation (U.S.), E2S Warning Signals (U.S.), ABB Ltd. (Switzerland) and R.STAHL AG (Germany), among others.
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