LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global push buttons and signaling devices market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global push buttons and signaling devices market for 2017-2021. The market is segmented on the product (signaling devices and push buttons), end-user (oil and gas, automotive, power, and chemical), and geography (APAC, the Americas, and EMEA).
Every year, millions of man hours and machine hours are lost due to industrial accidents, and each accident has a direct and indirect cost related to it. Safety measures in an industrial environment not only reduce the chances of accidents but also eliminate the costs involved. Industrial safety helps in increasing the production rate and reducing the cost of production and damage to machinery and equipment. Push buttons form an integral part of safety controls; they stop an ongoing action, to prevent further causalities, in a workplace.
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Technavio industrial automation research analysts highlight the following three factors that are contributing to the growth of the global push buttons and signaling devices market:
- Growing demand for industrial safety
- Easy setup and low maintenance cost
- Government regulations on improving industrial safety
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Growing demand for industrial safety
In an industrial environment, the safety of equipment and workforce is a major concern. Safety audits and other safety measures have failed to mitigate the loss of life in the industrial environment. Natural hazards, such as earthquake and landslides, cannot be stopped but the safety of workers can be ensured. Companies that support activities related to oil and gas operations and plastic production have recorded high rate of severe injuries, which causes hospitalization or loss of a body part, during 2015-2016.
Sushmit Chakraborty, a lead automation research analyst at Technavio, says, “Push buttons and signaling devices help reduce such incidents. Push buttons enable users to stop the functioning of machines or equipment during an emergency. Signaling devices are essential in any safety management system, be it a fire alarm, earthquake warning or other systems. These devices alert employees about the inbound threat and prevent loss of life.”
Easy setup and low maintenance cost
Push buttons are easy to install on a panel. New models of push buttons allow one-handed installation without using any special tools. Components can be installed in a slanted position to fit the work panel. Push buttons come with simple round milled holes without a groove, hence do not involve ring nut fastening.
“Signaling devices are mostly wall mounted and are placed in apt locations to allow employees to receive audio or visual messages. The installation of signaling devices is easy but deciding their place and position is difficult. There are certain specifications that an industry needs to follow before installation. For instance, installation of visual signaling devices in a place where there are hearing impaired workers. Push buttons and signaling devices require very less maintenance as they are designed to withstand explosions, fire, and corrosion,” adds Sushmit.
Government regulations on improving industrial safety
Local governments have increased their focus on minimizing accidents in an industrial environment. Governments bring implementing policies that ensure that employees are provided with full information about products and technologies they handle and are given sufficient training in safe operational procedures and emergency preparedness.
Stringent government policies and regulations have made it mandatory for companies to improve their safety procedures. The use of safety equipment and controls have increased due to the above-stated reasons. The use of push buttons and signaling devices is estimated to increase considering the number of automation projects that will be undertaken in various industries, which will increase in the coming years.
Top vendors:
- ABB
- Eaton
- GE
- Rockwell Automation
- Schneider Electric
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