SIGNALLING DEVICE MARKET ANALYSIS

Signalling Device MarketSize and Trends

Signalling Device Market: Regional Insight

North America was one of the dominant markets for signalling devices in 2016, owing to high number of oil & gas plants in the region. For instance, according to 2017 statistics by the U.S. Energy Information Administration (EIA), the production of oil in the U.S. was 14.46 million barrels per day, and that of Canada was 4.87 million barrels per day, accounting to 15% and 5% of the world’s share, respectively. Growth of the oil & gas industry is one of the major driving factors for demand of signalling devices in the region.

Asia Pacific is expected to be the fastest growing market for signalling devices in the forecast period, as this region is also witnessing significant growth in the oil & gas sector. This region includes some emerging economies such as China, India, and Japan, which are the major growth engines for signalling devices in Asia Pacific region. For instance, according to U.S. Energy Information Administration (EIA), in 2017, China was the seventh largest economy in production of oil with 4.45 million barrels per day, accounting to 5% of the total production in the world.

Moreover, Asia Pacific showed significant growth in mining industry, which is another major application area for signalling devices. For instance, according to India Brand Equity Foundation (IBEF), in 2016, India was the third largest producer of coal with 539 million tonnes and had five largest estimated coal reserves in the world. According to the same source, in 2016, India stood fourth in iron ore production with 8% of the world’s deposit and was the third largest steel producer with 90.63 million tonnes of production of finished steel, in the world. Signalling devices are widely used in these sectors as part of safety measures, owing to high chances of risks associated with working in such industries. Thus, growth of oil & gas and mining sectors in Asia Pacific region will subsequently drive growth of the signalling devices market.