With Market Size Valued at $2.4 Billion by 2026, it`s a Healthy Outlook for the Global Push Buttons and Signaling Devices Market
SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Push Buttons and Signaling Devices - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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- Global competitiveness and key competitor percentage market shares
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Edition: 8; Released: February 2022
Executive Pool: 8198
Companies: 286 - Players covered include ABB Group; American Distributors LLC; BACO Controls, Inc.; Eaton Corporation PLC; EUCHNER (India) Pvt. Ltd.; Honeywell International, Inc.; Johnson Electric Group; Omron Corporation; Patlite Corporation; Rockwell Automation, Inc.; Schneider Electric SA; Siemens Industry Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Signaling Devices, Push Buttons); End-Use (Automotive, Energy & Power, Manufacturing, Food & Beverage, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Push Buttons and Signaling Devices Market to Reach US$2.4 Billion by the Year 2026
Push-button switches are used for turning on control circuits and switching them off. The switch is a controlling tool used exhaustively in automatic electrical control circuits for manually transmitting a control signal to a control contactor, electromagnetic starters, and relays. While industrial safety regulations have given impetus to growth and progress of the market over the years, healthy trajectory in various end-use verticals, and wider availability of sophisticated signaling devices, have propelled market expansion in a major way. Entities such as Occupational Safety and Health Administration (OSHA) and the National Fire Protection Association (NFPA) have long formulated and implemented rules and regulations for industrial safety, while mandating or recommending the use of safety technologies in hazardous as well as non-hazardous industrial sites. The regulatory thrust steered widespread deployments of AV signaling devices, which generate signals during hazard events in workplaces to help people to evacuate from the danger area. Utility companies are coming under pressure to adopt energy efficient and sustainable technologies. The favorable scenario for utilities in the post pandemic period will drive opportunities for worker safety technologies including push buttons and signaling devices. The post pandemic outlook is fairly encouraging for push buttons and signaling devices as recovery in plant/production activity will lead to a parallel focus shed on worker safety and health.
Amid the COVID-19 crisis, the global market for Push Buttons and Signaling Devices estimated at US$1.9 Billion in the year 2022, is projected to reach a revised size of US$2.4 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Signaling Devices, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Push Buttons segment is readjusted to a revised 3.3% CAGR for the next 7-year period. This segment currently accounts for a 30.2% share of the global Push Buttons and Signaling Devices market.
The U.S. Market is Estimated at $510.8 Million in 2022, While China is Forecast to Reach $284.3 Million by 2026
The Push Buttons and Signaling Devices market in the U.S. is estimated at US$510.8 Million in the year 2022. The country currently accounts for a 26.03% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$284.3 Million in the year 2026 trailing a CAGR of 5.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR while Rest of European market (as defined in the study) will reach US$303.1 Million by the end of the analysis period. Massive oil & gas sector, rapid pace of industrial growth and increased lenience towards strategies and policies adopted by Western enterprises is creating healthy demand for AV signaling devices in these emerging economies. Higher allocation towards safety equipment in oilfields, refineries, chemical plants, and food processing units contributes immensely to wider uptake of AV signaling devices in the developing regions.
Extensive Use in the Automotive Industry to Give a Boost to Market Prospects
The extensive use of push buttons and signaling devices in the automotive industry, particularly commercial vehicles, is expected to strengthen market prospects. Push buttons is primarily used for facilitating keyless access in vehicles. Due to their reliability and comfort factor, push buttons are also increasingly implemented in powering indicators. The increasing focus on vehicular safety, further propelled by stringent government regulations, will promote demand for safety features such as indicators, thus boosting demand for push buttons. Keyless ignition systems first began appearing on production cars in the late 1990s and early 2000s, and like many tech and convenience features, they were initially available only on luxury models and other high-end vehicles. As vehicles need more security and consumers demand more convenience, more and more automakers are adding push button start to their vehicles. Keyless ignition systems come with a fob that transmits a unique low-frequency signal to the car's computer system, which then validates that the correct signal has been sent and allows you to push a button on the dashboard or console to start the engine. Keyless entry allows users to unlock all four doors with the press of a button. In addition to convenience, keyless entry was also rolled out with an eye toward decreasing auto thefts. A car has several signaling devices, including indicators, brake light, hazard warning light, headlights, reversing light and the car horn. These signaling devices, both visual and audible, are used by a driver to communicate to other road users what they intend to do. Commonly signaling devices such as panel lights and horns improve passenger safety. The addition of advanced features such as emergency lighting, video surveillance and strobes in newly manufactured vehicles is also expected to push demand for signaling devices. More
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