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Hazardous area warning signals to hit $2bn

Hazardous area warning signals to hit $2bn

This entry was posted in hazardous areas on by .

The global market for hazardous area warning signals is set to exceed $2 billion by 2025, according to a report from QYResearch.

Audible and visual warning signs for hazardous areas in particular are often designed not only to raise the alarm, but to contend with challenging conditions in their own right, without raising the risk level.

In its analysis, the market research firm compares the current position of the hazardous area signalling equipment industry with its value five years ago.

Based on this benchmark, it forecasts that the market value worldwide will increase from $1.6 billion in 2017 to nearly $2.2 billion in 2025 at a compound annual growth rate of 3.8%.

At that rate, the market size would break through the $2 billion threshold in 2023, with growth particularly strong in the largest segment for hazardous area signalling equipment, the oil and gas industry.

Hazardous area warning signals comprise both audible and visual warning signals, including strobes, signal lights, bells and horns, loudspeakers and tone generators, fire alarms and call points.

As working environments become more challenging, these categories are seeing growing demand from diverse industries such as petrochemicals, pharmaceuticals, food and drink, mining, energy and power, among others.

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Hazardous area warning signals to hit $2bn