The industrial annunciator market was valued at US$ 1,900.88 million in 2019 and is projected to reach US$ 2,547.73 million by 2027; it is expected to grow at a CAGR of 3.9% from 2019 to 2027.
Over the years, the manufacturing and production facilities have witnessed a significant surge in the penetration of sophisticated industrial equipment and machinery that require continuous monitoring for their seamless functioning to avoid catastrophic failures. Similarly, high valued assets such as aircraft, marine vessels, aerospace & defense vehicles, owing to their significant investment, require robust as well as efficient alert and centralized solution for providing the information of process controls in real-time. As a result, industrial annunciator is a specially designed solution that facilitates aid in seamless monitoring and supervision of a broad range of industrial processes, equipment, assets, and operational activities across the process and discrete industries. Based on the product design and functionality, the solution offers swift alert or warning to the associated process control in case of unanticipated activities or failures at a centralized location. Thus, unlike the conventional alarm or warning system, the industrial annunciator can significantly aid precisely highlighting the location of the failure and subsequently diverting resources or action teams to prevent the cascading of the fault within the facility or asset.
APAC is anticipated to be the fastest-growing region in the industrial annunciator market. The region consists of several developing countries such as China, India, Japan, Taiwan, and South Korea, which are experiencing substantial growth in the number of industries (both process and discrete). The continuously growing number of industries with advanced technologies is propelling the demand for industrial annunciators among the manufacturers and assemblers. The industrial sector players in the region are increasingly emphasizing on connected technologies, which facilitate the players with optimized productivity, thereby leading to increased revenue. Thus, the growing demand for connected technologies in the industrial sector is considered a prominent factor in promoting annunciators, which is augmenting the industrial annunciator market in the region.
Impact of COVID-19 Pandemic on Industrial Annunciator Market
The ongoing global pandemic COVID-19 continues to bring long term disruption across several major process as well as discrete industries. For instance, automotive, steel production, general manufacturing, electrical & electronics industry and OEMs based market players among numerous others are facing disruptions their supply chain. However, among process industries the impact has been varying across different vertical such as impacting heavily on aviation, oil & gas, and numerous materials sectors attracting heavy reduction in their ongoing production volume. Whereas, industries such as food & beverages, pharmaceuticals, power generation and chemicals have noticed limited disruption during the pandemic across different economies. As a result, prevalence of nation-wide lockdown to minimize the transmission of COVID-19 has significantly disrupted the supply chain activities along with the production volume across several manufacturers especially the small & medium enterprise owners. Moreover, the limited production activities along with disappearing demand for numerous control products and components is expected to contract significantly during the 2020 resulting in stark decline in the market growth during the coming few years.
Lucrative Regions for Industrial Annunciator Market
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Market Insights
An increase in need for industrial annunciators to manage plant safety
Annunciators are closely related to safety shutdown systems (SIS); however, their function is not similar. Annunciators are vital to preserving the integrity of processing units. These systems alert operators to plant conditions, for instance, divergence from standard operating limits and to irregular events, which need prompt action or evaluation. However, annunciators are not typically related to safety; they play a significant role in supporting operators to moderate the requirement for the safety-related systems, thereby enhancing overall plant safety.
From containment loss at a nuclear site to fuel refinery explosions, such catastrophes are only avoided if operators can promptly recognize and takes steps toward impending danger. Thus, industrial annunciators are being adopted by several plants as an important component of their mission-critical safety systems.
Type-Based Market Insights
The industrial annunciators have gained prominence over the years and are foreseen to continue surge in numbers and revenues. The continuously rising demand for industrial annunciators is majorly attributed to an increase in the number of industries in developed and developing countries. Additionally, with the rise in industrial automation systems, the requirement and adoption rate of advanced technologies and systems have been surging at a tremendous rate. The industrial annunciator market players are engaging themselves in developing robust solutions to cater to the requirement of their clients, which is boosting the industrial annunciator market in the current scenario. Based on type, the industrial annunciator market is segmented into conventional annunciators and dedicated annunciators.
Industrial Annunciator Market, by Type – 2019 and 2027
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End User-Based Market Insights
Based on end user, the industrial annunciator market is segmented into process industry and discrete industry. The demand for industrial annunciators is anticipated to surge during the forecast period owing to the noteworthy rise in the number of industrial component manufacturers and assemblers in developing regions, such as Asia Pacific. The awareness related to the benefits of annunciators among the APAC industrial component manufacturers and assemblers is high, which generates substantial demand for this equipment and is foreseen to support the growth of the industrial annunciator market in the coming years.
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Industrial Annunciator Market: Strategic Insights
Market Size Value in US$ 1,900.88 Million in 2019 Market Size Value by US$ 2,547.73 Million by 2027 Growth rate CAGR of 3.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Industrial Annunciator Market: Strategic Insights
| Market Size Value in | US$ 1,900.88 Million in 2019 |
| Market Size Value by | US$ 2,547.73 Million by 2027 |
| Growth rate | CAGR of 3.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The global industrial annunciator market is moderately fragmented at a global level comprising prominent well-recognized brands available across developed economies to a notable number of unorganized industrial annunciator market players operating in emerging countries such as Asian and MEA regions. ABB Ltd, AMETEK Inc, Eaton Corporation plc, Ronan Engineering Company, Automation Displays Inc, Dwyer Instruments, Inc, NOTIFIER, Schweitzer Engineering Laboratories, Inc., Apex Automation Solutions, and Omniflex are among the major players in the global industrial annunciator market.
2019:
AMETEK France has opened a Technology Solutions Centre as a regional headquarters in Élancourt City in order to support the growth of its electromechanical product and electronic instrument businesses in France. Moreover, the center was opened with an aim to serve as a hub of innovation for the European markets.2019:
Honeywell entered into a definitive agreement to acquire Xtralis, a leading global provider of aspirating smoke detection along with advanced perimeter security technologies and video analytics software.2018:
ABB Ltd. announced an investment of US$ 150 Mn in Shanghai, China. The investment is aimed to build most advanced, automated and flexible robotics factory. This production line will focus on machine learning, digital and collaborative solutions, and the R & D team will focus on AI research.Industrial Annunciator Market Segmentation:
By Type
- Conventional Annunciator
- Dedicated Annunciator
By End user
- Discrete Industry
- Process Industry
Company Profiles
- ABB Ltd
- AMETEK Inc.
- Eaton Corporation plc.
- Ronan Engineering Company
- Automation Displays Inc.
- Dwyer Instruments, Inc.
- NOTIFIER
- Schweitzer Engineering Laboratories, Inc.
- Apex Automation Solutions
- Omniflex
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; End user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Europe region led the industrial annunciator market in 2019 owing to strong considerable demand for maintaining and supervision of industrial system and equipment across its notably large industrial sector and stringent workplace safety regulation.
The surge in electrification of industrial process controls and safety system across numerous industry vertical has significantly propelled the growth of the market. IN addition to this, features such as low-cost maintenance of conventional system and durability also has facilitated in the growth of the market in selected industrial sectors.
The discrete industry owing to notable adoption of significant number of electrical machinery, systems, equipment has resulted in their leading market share and is projected to continue to dominate the market during the coming years.
The List of Companies - Industrial Annunciator Market
- ABB Ltd
- AMETEK Inc.
- Eaton Corporation plc
- Ronan Engineering Company
- Automation Displays Inc.
- Dwyer Instruments, Inc.
- NOTIFIER
- Schweitzer Engineering Laboratories, Inc.
- Apex Automation Solutions
- Omniflex
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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