in its recently published research report, Market Research Future (MRFR), asserts that the global push buttons and signaling devices market is booming and expected to grow significantly over the review period, reaching a substantial market valuation USD 2,206.2 Million and a healthy 5.1% CAGR in the forecast period.
Drivers and Restraints:
The Increasing stringency in industrial safety reforms for food and beverages, chemicals and pharmaceuticals, and the oil & gas sector has driven the growth of push buttons & signaling devices market. Moreover, the demand for real-time monitoring of machinery has encouraged manufacturers to push buttons & signaling devices to integrate wireless connectivity in these devices. The market is also expected to seek opportunities due to reduced costs of LED lights. , helps market players of industrial signal lights and industrial warning lights to deploy LED lights and which minimizes the manufacturing costs. However, high costs associated with the inspection and maintenance of these devices can hamper market growth. Increasing accidents in manufacturing facilities have supported the adoption of signaling devices for instant notifications. Additionally, with the advancement in technology and connected devices, the manufacturers of push buttons and signaling devices have started expanding the adoption of wireless devices to remotely access these devices and gain insights about machinery in real-time.
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The global market for push buttons & signaling devices has been segmented based on the connectivity, type, vertical, and region.
Based on the type, the market has been bifurcated into push buttons and signaling devices. The push buttons segment has been further divided into 30mm push buttons, 20mm push buttons, and others. However, the signaling devices segment has been bifurcated into visual signaling devices and audible signaling devices. The visual signaling devices segment covers tower lights, rotating beacons, led stick lights, panel light bars, and others, whereas the audible signaling devices segment includes intercoms, alarms, electronic sounders, & tone generators, bells & horns, and others.
On the basis of the connectivity, the push buttons & signaling devices market has been categorized into wired and wireless connectivity.
Based on the vertical, the push buttons & signaling devices market has been segmented into oil & gas, food & beverages, chemicals & pharmaceuticals, mining, energy & utilities, and others.
The geographical analysis of the Global Push Buttons & Signaling Devices Market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America is projected to dominate the push buttons & signaling devices market in terms of revenue generation during the forecast period. Also, the region witnesses a higher concentration of manufacturing facilities in the US and Canada, leading to the growth of the regional market. On the contrary, the Asia-Pacific region is expected to grow with the highest CAGR during the forecast period. The rising adoption of automation and similar technologies in manufacturing plants has increased the demand for push buttons & signaling devices in the region. Furthermore, government regulations favoring the safety of employees in developing countries, including India, Taiwan, and South Korea is anticipated to fuel market growth.
The major market players operating in the global market as identified by MRFR are Emerson Electric Co. (US), ABB Ltd (Switzerland), Robert Bosch GmbH (Germany), Siemens AG (Germany), Rockwell Automation Inc. (US), Eaton PLC (Ireland), Schneider Electric (France), Omron Corporation (Japan), Thomas & Betts Corporation (US), PATLITE Corporation (US), Thales Group (France), Potter Electric Signal Company LLC (US), GENERAL ELECTRIC (US), Honeywell International Inc. (US), and Koninklijke Philips Electronics NV (Netherlands).
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