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Audible & Visual Signaling Devices - Global Market Trajectory & Analytics

  • ID: 4805995
  • Report
  • May 2020
  • Region: Global
  • 509 pages
  • Global Industry Analysts, Inc
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The global market for Audible & Visual Signaling Devices is projected to reach US$1.9 billion by 2025, driven by growing awareness among companies about the benefits of a safe work environment and the ensuing voluntary implementation of safety programs. Few of the benefits of investing in safety improvements include higher employee loyalty, improved employee productivity, quality, and morale, over 55% reduction in illness and injury rate, decreased absenteeism, and financial benefits as lower injury rate means lower insurance expenses and payouts. Stringent and punitive regulations are also driving the safety first motto among companies. Hefty fines and reputational damage are the two major consequences of neglecting mandated safety requirements. In the United States, non-conformance to Occupational Safety and Health Administration (OSHA) can cost companies` upto US$12,934 per violation. Conformance to regulations will therefore result in lower risk of facing lawsuits, legal fees and worker compensation and settlement payouts. Safety is also gaining prominence as smart factories increasingly become common. Automated production plants and warehouses pose higher safety risks for workers with several reported accidents involving overhead crane and/or moving forklift. Although not hyped like other industry 4.0 technologies, connected safety is quietly taking center stage in modern smart factories. Reducing safety management-related costs is key for achieving competitive advantage for companies.

Against this backdrop, audible and visual signaling devices are witnessing healthy demand. The importance of digital signage based safety solutions cannot be undermined in noisy work environments where verbal communication is impossible. Visual signaling devices are part of the digital signage systems that provide visual notifications and alerts to workers of impending dangers such as glitches in the assembly line, dangerous equipment failure, approaching automated industries vehicles, conveyors etc. Inattention to moving and operating machines is a key reason for workplace related accidents and over 60% of accidents can be reduced with appropriate signaling devices. They provide additional sensory information that allows workers to avoid unexpected incidents like falling objects, mobile machinery and other moving objects. A key trend in the market is the growing preference for audible visual signals that combine sound and light in one convenient multi-purpose unit. Types of visual signaling devices include signaling platforms, LED beacons, strobe and warning lights that are vital for process control plants for safety and emergency evacuation. The two types of strobe beacons include Gas beacons and LED strobe beacons. Gas strobe beacons comprise xenon flash lamp and halogen varieties. Light signaling systems are popular in noisy workplace environment, while explosion proof amplified speakers are preferred for equipment malfunction alerts and fire alarms. The United States, Europe and the Middle East represent large markets worldwide with a combined share of 60.2% of the market. China ranks as the fastest growing market with a CAGR of 6.4% over the analysis period supported by the many reforms legislated by the Chinese government of late to regulate and govern employers and the working conditions of the employees.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
Safety at Work Place Throws the Focus on Audible and Visual Signaling Devices
An Introduction to Audible & Visual Signaling Devices
Audible & Visual Signaling Devices: Current Market Scenario and Outlook
Developing Regions Emerge as Core Markets for AV Signaling Devices
Revenue Contribution of Developed Regions Remains High
Product Segment Analysis
Strobe Beacons Dominate the Market
Lighting Systems: Another Major Product Category
Bells & Horns Remain Sought After Industrial Safety Tools
Growing Importance of Fire Alarms
Economic Scenario and its Influence on AV Signaling Devices Market
Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020
Global Competitor Market Shares
Audible & Visual Signaling Devices Competitor Market Share Scenario Worldwide (in %): 2019
Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS
ABB (Switzerland)
Auer Signal GmbH (Austria)
E2S Warning Signals (USA)
Eaton Corporation (USA)
Edwards Company, Inc. (USA)
Federal Signal Corporation (USA)
Honeywell International Inc. (USA)
Moflash Signalling Ltd. (UK)
NHP Electric Engineering Products Pty Ltd. (Australia)
PATLITE Corporation (USA)
Pfannenberg Group Holding GmbH (Germany)
Potter Electric Signal Company LLC (USA)
R.STAHL AG (Germany)
Rockwell Automation, Inc. (USA)
Schneider Electric SE (France)
Siemens AG (Germany)
Sirena S.p.A. (Italy)
Tomar Electronics, Inc. (USA)
WERMA Signaltechnik GmbH + Co. KG (Germany)

3. MARKET TRENDS & DRIVERS
Rise in Workplace Accidents Fuels Demand for AV Signaling Devices
High Levels of Workplace Related Accidents Bring Renewed Emphasis on Audible and Visual Signaling Devices: Breakdown of Annual Work Related Fatalities (In Thousand) in the World by Region
Growing Emphasis on Industrial Safety Creates Fertile Environment for Growth of Audible & Visual Signaling Devices Market
Industrial Safety Regulations Underpin Market Growth
Market Stands to Gain from Rapidly Evolving Role of Industry 4.0 and ‘Smart Factory’ in the Global Industrial Landscape
Major Industry 4.0 Technologies (2020E): Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines
Global Manufacturing CAPEX Spending (In US$ Million) by Sector for the Period 2016-2018
Industrial IoT Gives Impetus to Market Expansion
Oil & Gas Sector: Major Consumer of AV Signaling Devices
Sustained Reliance on Fossil Fuels and Ensuing Demand for Oil Bodes Well for Market Expansion: Global Crude Oil Production (in Mt) by Region for the Years 2014, 2016 and 2018
Worldwide E&P Capital Spending in $ Billion by Region and Type of Company for the Period 2017-2019
North American E&P Capital Spending in $ Billion by Type of Company (2017-2019)
Chemical & Pharmaceutical Enterprises Rely on AV Signaling Devices to Ensure Workplace Safety
AV Signaling Devices Gain Traction in Food & Beverage Facilities
Product Innovations & Improvements
Growth in LED Lighting Solutions to Propel the Market for AV Signaling Devices
Flourishing E-Commerce Sector to Drive Growth Opportunities
Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

CANADA
JAPAN
CHINA
EUROPE

FRANCE
GERMANY
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
AUSTRALIA
INDIA
SOUTH KOREA
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
ISRAEL
SAUDI ARABIA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
AFRICA

IV. COMPETITION
Total Companies Profiled: 57
Note: Product cover images may vary from those shown
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