Global Hazardous Area and Safe Zone Signaling Device Market size was valued $673.3 million in 2019, estimated to grow at a CAGR of 4.7% during 2020-2025. The growing need to increase employee safety in industries such as oil and gas, aerospace and so on has raised the demand for hazardous area and safe zone signaling device products. Moreover, the increasing use of products such as led stick lights, cable glands, junction boxes, call points and led indicators for real-time monitoring will anticipate the growth of the market during the forecast period.
- In 2019, the Hazardous Area and Safe Zone Signaling Device market was dominated by Europe owing to increasing deployment of chemical and pharmaceutical which includes the use of explosive equipment that leads to provide risks to the employee. This key factor has led to the growth of the hazardous area and safe zone signaling device in this region.
- The adoption of IoT platform leading to the collaboration of human with the edge technologies in the disaster scenarios in order to perform extreme operations. This factors are leading to the use of advanced signaling device which is leading to the growth of the market.
- The equipment used in the hazardous areas should meet the requirements of the substantial regulations and standards. As, certain regulations and standards restricts the usage of signaling device and products in hazardous areas which hampers the market’s growth.
Application – Segment Analysis
Oil and gas segment held the largest market share in the hazardous area and safe zone signaling device market in 2019. The oil and gas largely includes areas which are hazardous to the employee and also to the equipment used. Moreover, oil and gas includes trunk pipelines, pumping and compressor stations, and other facilities which requires modern and reliable control and safety systems. Thus, this requirement in the oil and gas infrastructure leads to growing demand for safe zone signaling device which are based on high standards that leads to environmental safety. Therefore, the growth of the oil and gas industry will further enhance the demand for the hazardous area and safe zone signaling device market.
Geography – Segment Analysis
In 2019, Europe dominated the Hazardous Area and Safe Zone Signaling Device market with a market share of more than 36.7%, followed by North America and APAC. The aerospace and defense industry in the European region are significantly prone to hazardous locations. Thus, in order to provide safety in this hazardous location the requirement of safe zone signaling devices are widely increasing. This significant factor is further fueling the growth of this market in Europe.. Moreover, the rise of industries such as automotive owing to growing investment in R&D which has reached to 6.7% in 2018 has significantly raised the demand for signaling products. Therefore, the rising demand for signaling products are driving the Hazardous area and safe zone signaling device market in the Europe.
Drivers – Hazardous Area and Safe Zone Signaling Device Market
- Increasing Employee Safety
The growing need to ensure employee safety in hazardous locations has raised the demand for safe zone signaling device. As hazardous areas are prone to explosion due to the involvement of processing potentially explosive devices which may lead to risk the employee safety. So, most of the industries such as petrochemical, food, power generation are adopting devices that can reduce the risk to the workers’ health and further lead to increase productivity. This significant driver will further enhance the growth of the hazardous area and safe zone signaling device market.
- Adoption of Internet of Things (IoT)
With the recent advancement in technology, the hazardous locations are moving towards the adoption of IoT Platform. This is also leading to the collaboration of human with the edge technologies in the disaster scenarios to perform extreme operations. Most of the industrial organizations are adopting IoT which is further leading to the deployment of Industry 4.0 and smart manufacturing. Additionally, with the deployment of IoT and automation has also allowed employees to use technology in hazardous locations. This has further allowed human to interact actively with the machines in the real-time therefore reducing risks.
Challenges – Hazardous Area and Safe Zone Signaling Device Market
- Regulations and Standards
Hazardous areas require substantial regulations and standards for an equipment to be used. Most of the regulations and standards restricts the usage of signaling device in hazardous areas. The hazardous locations are majorly classified in to zones such as Zone 0 to Zone 21 and Zone 2 and Zone 22. As, the different zones requires increased safety devices which are most of time restricted due to the government regulations. This key factor will further hinder the growth of hazardous area and safe zone signaling device market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hazardous Area and Safe Zone Signaling Device market. In 2019, the Hazardous Area and Safe Zone Signaling Device Market top 10 players include– Honeywell International, Inc., PATLITE Corporation, Eaton Corporation Plc, Siemens AG, Emerson Electric Co., NHP Electric Engineering Products, Rockwell Automation, E2S Warning Signals, ABB Ltd. and R.STAHL AG