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 2020 to 2027.
The industrial annunciator market is soaring in the current scenario owing to the rise in number of industries focusing on adopting automated solutions with an objective to boost productivity and increase profit. The existence of a large number of well-established players and emerging players in the market, coupled with a rise in demand from process industries as well as discrete industries, is showcasing an upward growth trend in the industrial annunciator market. Additionally, the development of dedicated annunciators is also attracting a significant number of end users in developed and developing countries, thereby supporting the growth of the industrial annunciator market over the years.
Based on type, the industrial annunciator market is categorized into conventional and dedicated annunciator. In 2019, the conventional annunciator segment dominated the industrial annunciator market. The modern annunciators are manufactured using bright and long-lasting LEDs, which facilitate end users to incur less cost during maintenance of annunciator panels. Pertaining to this, the adoption rate of conventional annunciators is higher than SCADA systems, particularly in industries such as oil & gas and nuclear power plants. Moreover, modern annunciators are equipped with advanced electronics that enhance the capability to withstand loud noise, which ultimately reduces the risk of false alarm. These benefits are attracting a significant number of industrial customers, which is bolstering the growth of the conventional annunciator market.
Geographically, the industrial annunciator market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Europe dominated the industrial annunciator market over recent years, followed by APAC and North America. The European countries consist of a large number of component manufacturers and OEMs from a wide variety of industries such as general manufacturing, automotive, pharmaceutical, medical devices, and semiconductors. The demand for annunciators among the industries mentioned above is prominently high owing to the fact that the production error percentage plays a crucial role in these industries. The annunciators facilitate the end users by initiating a safety alarm in case of any deviation from the configured parameters on the machinery, which ultimately leads to avoid manufacturing errors. Attributing to the factors mentioned above, the demand for industrial annunciators is surging among European manufacturers, which is driving the 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, and Omniflex are among the major players in the global industrial annunciator market.
Impact of COVID-19 Pandemic on Industrial Annunciator Market
The ongoing global pandemic COVID-19 continues to bring long terms 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 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 industrial annunciator market growth during the coming few years.
Overall size of the global industrial annunciator market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the industrial annunciator market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial annunciator market.