The industrial annunciator market in Europe is expected to grow from US$ 601.51million in 2019 to US$ 787.25million by 2027; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027.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.
In terms of type, the conventional annunciator segment held the larger share of the industrial annunciator market in 2019.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 propelling the growth of the conventional annunciators market.
Overall size of the Europe industrial annunciator market has been derived using both 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 market. The process also serves the purpose of obtaining overview and forecast for the Europe industrial annunciator market with respects to all the segments pertaining to the region. 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 Europe industrial annunciator market are ABB Ltd, AMETEK Inc, Eaton Corporation plc, Ronan Engineering Company, and Dwyer Instruments, Inc. are among a few players operating in the Europe industrial annunciator market.