The global signaling device market size is expected to be valued at US$ 5.3 Billion in 2022 and US$ 8.2 Billion in 2032. It is set to exhibit growth at a CAGR of 4% in the forecast period from 2022 to 2032.
The increasing replacement of conventional products, such as Liquid Crystal Diode (LCD) lighting owing to their less efficiency is likely to fuel the demand for signaling devices in the near future.
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Signaling devices are capable of generating an alarm to alert or warn someone or something about a specific hazard. Alarms raised by these devices can either be video- or audio-based depending on the surroundings, applications, and requirements of the place of installation.
These are often connected to a control panel that can trigger the signal in case of trouble. Strobe lights and hooters are some of the most commonly used signaling devices at industry premises. These are often utilized in combination, such as strobe and siren as they can produce an alarming sound, as well as a visual signal or flash.
The rising focus of the process and cooling industry on the enhancement of safety measures is likely to create high demand for explosion- and flame-proof signaling visual and audible devices, such as lighting, speakers, and horns.
These devices are considered to be a prime requirement at oil and gas stations to control and warn during emergency situations. The ongoing expansion of the oil and gas industry is anticipated to augment the sales of signaling devices globally in the evaluation period.
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Which are Some Prominent Drivers Spearheading Signaling Device Market Growth?
Various companies nowadays are striving to provide utmost safety to their physical assets, as well as employees in the factory premises. They are doing so by implementing stringent norms to avoid hazards caused by ignitable fibers, flammable gases, combustible dusts, combustible liquid-produced vapors, and flammable liquid-produced vapors at the workplace.
The rising usage of numerous visual signaling devices, such as strobe beacons and lighting by these companies to prevent the above-mentioned hazards is expected to drive the signaling device market growth in the assessment period.
The emergence of novel Light-Emitting Diode (LED) technologies is another vital factor that is projected to bode well for the market.
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What are the Challenges Faced by the Signaling Device Industry?
The increasing utilization of wireless signaling devices may lead to explosions on the industry premises. This can occur because of the electromagnetic waves that are emitted by these devices.
In addition, key companies are facing challenges with the development of unique devices that can overcome noise and operate in a wide area. New and small-scale industrial setups may not be able to afford the initial cost of these devices, which may hamper the signaling device market growth.
Why is North America Emerging as an Opportunistic Signaling Device Market?
North America is expected to remain at the forefront in the forthcoming years in terms of the signaling device market share. This growth is attributable to the rising number of oil and gas plants in the U.S.
As per the U.S. Energy Information Administration (EIA), in 2018, the U.S. became the largest crude oil producer in the world. In 2020, Texas procured a share of 43.0%, North Dakota held 10.4%, New Mexico accounted for 9.2%, and Oklahoma held 4.1% in terms of crude oil production.
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This trend is anticipated to continue throughout the assessment period, thereby pushing the market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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