The global Signalling Device Market is estimated to be valued at US$ 5.51 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Signalling devices are equipment used to transmit and receive signals related to traffic management, environment monitoring and other communication needs. They include products like smoke alarms, train horns, traffic lights etc. These devices play a crucial role in alerting people during emergencies and guiding traffic flow smoothly and safely.
Market key trends:
One of the major trends in the signalling device market is the rising adoption of digital signalling systems. Traditionally, analogue signalling was used for communications but nowadays digital signalling is gaining popularity due to advantages like higher data transmission speeds, longer transmission distances, ease of integration with other digital equipment and protocols, lower maintenance costs etc. The rail industry has widely embraced digital train signalling systems for improved safety and efficiency of train operations. Other sectors like traffic management are also increasingly automated with digital LED/LCD displays at traffic junctions. This shift towards digital is expected to continue driving the signalling device market during the forecast period.
Segment Analysis
The global signalling device market is segmented by type, product, and end user. Based on type, the beacons segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Beacons are increasingly being used for various signalling purposes owing to benefits such as easy installation, accuracy, and reliability in harsh weather conditions.
Key Takeaways
The global signalling device market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing investments in railway infrastructure development in developing nations.
Regional analysis
Regionally, Asia Pacific is expected to grow at the fastest rate owing to rising focus of governments in countries such as China and India to modernize railway networks. China dominates the Asia Pacific signalling device market and the trend is expected to continue during the forecast period due to large scale investments in intelligent transportation systems.
Key players
Key players operating in the signalling device market are Honeywell International Inc., e2s warning signals, Hollysys Automation Technologies Ltd., Thales Group, NHP Electrical Engineering Products, Cooper Industries, Koito Manufacturing Co., L3 Communications Holdings, Inc., Auer Signalgerate, and Koninklijke Philips Electronics N.V. The market is consolidated in nature with top players accounting for more than 50% of the overall market share.
The global signalling device market size was valued at US$ 5.51 Mn in 2023 and is expected to reach approximately US$ 7.73 Mn by 2030 expanding at a CAGR of 4.0% during the forecast period.
