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The global Signalling Device Market is estimated to be valued at US$ 5.51 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Signalling devices are important safety equipment used across various industries and infrastructure to alert and guide individuals. These include audible and visual signalling equipment like alarms, horns, beacons and strobes. They play a crucial role in emergency response, hazard prevention and smooth operations. The market is driven by increasing infrastructure spending along with rapid urbanization and industrialization across developing regions. Greater investments in railroads, airports, ports and smart cities are generating demand for advanced signalling solutions.
Market key trends:
Two major trends are shaping the signalling device market Firstly, there is a growing focus on development of wireless and IoT-enabled signalling devices for effective communication and monitoring. This allows remote activation of alerts, real-time status tracking and integration with other smart systems. Secondly, manufacturers are focusing on energy-efficient solar powered devices to reduce maintenance and operational costs. These devices utilize renewable energy sources and have rechargeable batteries for off-grid applications and areas with infrastructure limitations. Such innovative products cater well to the needs of emerging markets.
Porter’s Analysis
Threat of new entrants: The signalling devices market has moderate threat from new entrants due to high initial investment required for R&D and manufacturing. However, the growing market size offers opportunities to new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are multiple global players offering a variety of signalling devices. Buyers can explore options based on their requirements and budget.
Bargaining power of suppliers: A few large suppliers exist for components like lights, alarms, batteries etc used in signalling devices. This gives them moderate bargaining power over manufacturers.
Threat of new substitutes: There exists low threat from substitutes as signalling devices have application across various industries where safety and alerts are critical requirements.
Competitive rivalry: The market is characterized by presence of few global players and many regional players intensifying price competition.
Key Takeaways
The global signalling device market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period 2023-2030, due to increasing safety regulations across industries. The market size is estimated to reach US$ 8.18 Mn by 2030 from US$ 5.51 Mn in 2023.
Regionally, Asia Pacific is expected to dominate the signalling device market owing to rapid industrialization and infrastructural development activities in countries like China and India. North America is also expected to exhibit significant growth due to stringent workplace safety compliances in industries.
Key players operating in the signalling device market are Honeywell International Inc., e2s warning signals, Hollysys Automation Technologies Ltd., Thales Group, NHP Electrical Engineering Products, Cooper Industries, Koito Manufacturing Co., L3 Communications Holdings, Inc., Auer Signalgerate, and Koninklijke Philips Electronics N.V. Players are focusing on development of intelligent connected devices with integration of IoT and analytics for predictive maintenance and remote operations.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
