Rising Adoption of Automation in the Industrial Sector to lead industrial annunciator market growth at 3.9% CAGR during 2019-2027
According to our latest market study on "Global Industrial Annunciator Market to 2027 - Analysis and Forecast by Type (Conventional Annunciators, and Dedicated Annunciators); End-user (Process Industry, and Discrete Industry); and Geography," the 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.
The report highlights key factors driving the market growth, and prominent players and their developments in the market.
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Industrial annunciators are an essential tool in safety management. The requisite for functional safety assessment constantly drives the technical performance of industrial annunciators at attention. Operator participation places a limit on the dependability of safety functions; however, it may be valuable in the management of complex demands. At present, the issue of functional safety in the processing plants is gaining importance worldwide. The adoption of EN61508 standard has presented a comprehensive yet systematic framework that enables plant engineers to implement the functional safety concepts steadily to all existing control equipment. Industrial annunciators are a critical element of safety planning, particularly in processing plants wherein numerous alarm conditions are present. An alarm or amalgamation of multiple alarm conditions requires a response of an operator intending to either inspect the cause of alarms or take measures following the requirements by safety procedures to eradicate the condition.
Annunciators are closely related to safety shutdown systems (SIS), although 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 part 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.
COVID-19 Impact on Industrial Annunciators Market
The ongoing global pandemic COVID-19 continues to bring long terms disruption across several major process as well as discrete industries. 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, selected 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 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.
The Prominent/Emerging Players in the Industrial Annunciator Market Research include:
The Industrial Annunciator Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.
Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "Financial Performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.
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