(I-BusinessNews.Com, January 13, 2022 ) The Global Market for Safe Zone Signaling Device is forecast to reach $1.6 billion by 2026, growing at a CAGR of 4.2% from 2021 to 2026. Rising rate of accidents in workplaces is causing high dominance of safe zone Signaling devices by the growing industries in the market. Moreover, rising growth of automotive, chemical industry, along with many others is causing high adoption of Signaling devices due to improving work related threats. Governmental laws enforced by the countries regarding work safety concerns have been forcing industries to invest in Signaling devices, thus propelling its market growth. The growing need to increase employee safety in industries such as oil and gas, aerospace and so on has raised the demand for hazardous area and safe zone signaling device products. Moreover, the increasing use of products such as led stack lights, emergency stop switches, cable glands, junction boxes, push buttons, pilot lights, call points and led indicators for real-time monitoring will anticipate the growth of the market during the forecast period.
Safe Zone Signaling Device Market Segment Analysis –By Type
Audible Signaling devices have been facing huge demands in the safe zone Signaling devices market driven by their demanding applications across major industry verticals with 32% share in 2020. High adoption of audible devices like sirens, horns, buzzers and many others are growing in large industries as they provide warnings helpful for both onsite and offsite workers. Mining and Oil and gas industries provide hazardous work environments, which can lead to serious dangers like deaths. Usage of these devices helps in minimizing the life risk factor sand explosion by early notifying about the operational failures of the equipment. Moreover, fire alarm sounds in case of dangers eventually help in easier and efficient addressing, causing less damage to the work environment. Growing safety concerns are also causing high investments by high growing industries are also propelling the market growth of audible Signaling devices.
Safe Zone Signaling Device Market Segment Analysis – By Application
Oil and gas segment held the largest market share in the safe zone signaling device market in 2020 at 19.5%. The oil and gas largely includes areas which are hazardous to the employee and also to the equipment used. Moreover, oil and gas includes trunk pipelines, pumping and compressor stations, and other facilities which requires modern and reliable control and safety systems. Thus, this requirement in the oil and gas infrastructure leads to growing demand for safe zone signaling device which are based on high standards that leads to environmental safety. Therefore, the growth of the oil and gas industry will further enhance the demand for the hazardous area and safe zone signaling device market.
Safe Zone Signaling Device Market Segment Analysis – By Geography
Global Safe Zone Signaling Device market is expected to be dominated by APAC during the forecast period from 2021 to 2026 with a CAGR of 5.5%. Rising technological advancements and growing automotive industries majorly in countries like China, Japan and India are acting as major drivers for the market growth of safe zone Signaling devices in this region Increasing rate of occupational accidents have been forcing government to improve workplace safety through stringent laws. Moreover, strict governmental laws have enforced hazardous environmental industries towards higher adoption of Signaling devices. These are the major factors contributing towards high market growth in this region.
Various industry verticals such as mining sector, chemical industries and many others face high rates of accidents while operating complex machines, thus creating major requirements of Signaling devices. Usage of Signaling devices provides early alerts about risks or dangers ahead, which helps work operators to work more efficiently. Adoption of safe zone Signaling devices across various industries have helped in improving the work related safety standards, thus enhancing the overall productivity. Hazardous areas in industries consist of concentrations of flammable gases, vapours along with dust which can lead to explosions, thus causing damage to life and property. Such hazardous environments like mining sector and many others have been also propelling the market demand towards safe zone Signaling devices.
Stringent government regulations towards workplace safety have been causing high market demands for safe zone Signaling devices. Various industries as well as commercial sectors are adopting Signaling devices to ensure safety due to strict government rules, thus fuelling the growth for safe zone Signaling devices market. Governmental initiatives and rules enforced across the world due to rising rates of threats and dangers are eventually promoting usage of Signaling devices in the market. Government has been playing an important role towards improving work safety standards due to rising industrial accidents. High profile industries such as petrochemicals and oil and gas plants witnesses’ major governance due to higher rates of serious accidents as compared with other hazardous environments. This has been also causing higher dominance of safe zone Signaling devices by these industries in the market.
Safe Zone Signaling Device Market Challenges
The major challenge faced by Safe Zone Signaling Device market is the high costs associated with its installation. High investments towards safe zone Signaling devices are hampering its market growth due to less adoption of small industries. Moreover, growing usage of safe zone Signaling devices in chemical industries causes increased wear and tear issues owing to frequent contact with hazardous chemicals. This contributes to high maintenance costs for these Signaling devices, further hampering the market growth.
Safe Zone Signaling Device Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Safe Zone Signaling Device Market. The major key players in the afe Zone Signaling Device Market include E2S Warning Signals (European Safety Systems Ltd.), R. Stahl Group, Pfannenberg GmbH, Emerson Electric Co., Eaton Corporation Inc., Federal Signal Corporation, Rockwell Automation Inc., Werma Signaltechnik GmbH + Co. KG, Edwards Signaling and Siemens AG.
In January 2020, E2S Warning Signals launched UL1971 LED fire alarm beacon for suitable use in hazardous areas. This LED beacon offers candela rating of 82.1 cd, thus making it the brightest emergency Signaling device. The device offers simple installation with four wire connection due to presence of a supervisory diode and duplicated pluggable terminals.
In October 2019, Pfannenberg U.S.A had launched a visual Signaling device in order to improve safety in harsh environments. This visual Signaling device named PYX-M-10 PYRA Series flashing light was developed to provide help for warehousing, logistics and inspection applications. This device comes with flashlight capability of 10 Joules with an adjustable flash rate along with offering high visibility with nearly 1000 ft. distance. The flash light is suitable for all weather conditions due to its designing with IP 66 enclosure rating and IK08 impact rating.
Audible Signaling devices had been creating high dominance in the safe zone Signaling devices market due to their demanding applications across growing industry sectors.
Increasing growth of automotive sector in developing countries like China and India have been acting as major drivers towards rising adoption of safe zone Signaling devices in APAC market.
Increasing governmental laws towards work safety and rising demands from major growing industries are the major growth factors of safe zone Signaling devices market.
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