Push Buttons & Signaling Devices Market Overview, Competitors Strategy, Regional Analysis and Growth Foresight
Global Push Buttons & Signaling Devices Market Overview
Push buttons signaling devices are used to control and monitor equipment and machinery in industries, indicating audio-visual signaling notifications. The global push buttons & signaling devices market is growing continually. The market growth attributes to stringent industrial safety regulations and the rising adoption of Pushbutton signaling devices across the industrial verticals.
Besides, increasing safety concerns in food and beverages, chemicals and pharmaceuticals, and oil & gas industries drive the market growth. Also, the market seeks opportunities due to the reduced costs of LED lights. Moreover, the increasing demand for real-time monitoring of machinery escalates the market growth, encouraging manufacturers of push buttons & signaling devices to incorporate wireless connectivity in these devices.
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According to Market Research Future (MRFR), the global push buttons & signaling devices market is projected to create a valuation of USD 2,206.2 MN by 2023. In its recent COVID-19 analysis of the push buttons & signaling devices market, MRFR states that the market had valued at USD 1,654.0 MN in 2018, which is expected to grow further at approximately 5.1% CAGR during the forecasted period (2019–2024).
Additionally, the proliferation of LED lights encourages manufacturers of industrial signal lights and industrial warning lights to incorporate LED lights to minimize manufacturing costs. On the flip side, high costs involved in the inspection and maintenance of these devices is a major factor estimated to impede the market growth. Nevertheless, the growing demand for push buttons & signaling devices in the automotive sector would support market growth throughout the review period.
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Push Buttons & Signaling Devices Market - Regional Analysis
North America dominates the global push buttons & signaling devices market. The largest market share attributes to government regulations for industrial safety and security, encouraging the adoption of signaling devices in various industrial facilities. Besides, ongoing industrial developments, rapid commercialization, and the rise in security systems implementations across varied commercial spaces drive the market growth.
Moreover, the strong presence of notable players and development centers & manufacturing facilities in the region fosters market growth, allowing early adoption of advanced technologies. Also, growing government spending to enhance security systems in the region boosts the growth of the market. The North America push buttons & signaling devices market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global push buttons & signaling devices market. The market growth is driven by the increasing uptake of advanced signaling technologies across the end-user industry verticals. Rapid urbanization and increasing office & residential premises act as a major growth driver for the market in the region. The European push buttons & signaling devices market is expected to create a substantial revenue pocket over the forecasted period.
The Asia Pacific push buttons & signaling devices market is growing rapidly. Factors such as the presence of the leading manufacturers and technological advances in the region further foster the growth of the market. Besides, early adoption of the latest identification and signaling technologies in various industries, enterprises, and residential properties across the region propels market growth. The APAC push buttons & signaling devices market is estimated to register the highest CAGR during the forecast period.
Push Buttons & Signaling Devices Market - Segments
The report is segmented into five dynamics;
By Type: 20mm Pushbuttons, 30mm Pushbuttons, and others.
By Signaling Devices: Visual Signaling Devices (covers rotating beacons, tower lights, panel light bars, led stick lights, others), and Audible Signaling Devices (electronic sounders & tone generators, alarms, bells & horns, intercoms, others).
By Connectivity: Wired and Wireless Connectivity.
By Vertical: Food & Beverages, Oil & Gas, Chemicals & Pharmaceuticals, Energy & Utilities, Mining, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Push Buttons & Signaling Devices Market - Competitive Analysis
Highly competitive, the push buttons & signaling devices market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key industry players' key trends. Players make a substantial investment in research and development of innovative technologies and to upgrade their product portfolio.
Major Players:
Players leading the global push buttons & signaling devices market include 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), E2S Warning Signals (UK), R. Stahl AG (Germany), Federal Signal Corporation (US), Tomar Electronics (US), WERMA Signaltechnik GmbH + Co. KG (Germany), C&S Electric Limited (India), Thakral Services (India) Ltd (India), and Koninklijke Philips Electronics NV (Netherlands).
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