Offshore Signaling Devices Market share will expand till 2025
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Applications of offshore signaling devices primarily include ships, offshore oil and gas platforms, offshore wind farms, and offshore laboratories. Several hazards are present in offshore working environment. Wind, water, weather fire, explosion failure of floating systems in ships or oil rigs, etc., can cause tremendous damage to the offshore infrastructure and to the lives of people working there. Signaling devices play a crucial role as far as safety and security management systems are concerned. Signaling devices are manufactured for continuous observation of changes in the surrounding parameters and for raising an alarm if any undesirable change is observed. Most common types of signaling devices are employed in fire alarm systems, gas alarm system in oil & gas platforms, heavy rainfall or storm warning systems, and earthquake or tsunami warning systems. The signaling devices made for offshore applications are more robust than their on-land counterparts. These system are specially designed to resist the rough conditions of humidity and temperatures of offshore environment. The offshore signaling devices are designed to be explosion-proof, fireproof, and waterproof so that they can remain active in case of a disastrous event.
The offshore signaling devices market can be segmented on the basis of type and application. In terms of type, the offshore signaling devices market can be segmented into visual signaling devices, audible signaling devices, and other control signaling devices. Beacons and stack light are sub-segments of the visual signaling devices segment, whereas bells, hooters, and electronic beepers or buzzers are sub-segments of the audible signaling devices segment. The control signaling devices segment can be further sub-segmented into pilot or navigation lights, stop switches, and push buttons.
Strict offshore safety rules and regulations regarding industrial work safety enforced by governments across the world is a key factor driving the offshore signaling devices market. The disastrous incidents of rig blowout and oil spill of Macondo oil well in the Gulf of Mexico, which caused 11 deaths and severe ocean water pollution, prompted the governments of all the nations across the world to strengthen their legislation regarding offshore operations. Almost 90% of global trade takes place by shipping or marine transportation. This is another major factor fuelling the offshore signaling device market. The recent development of offshore wind farms around the world also pose an opportunity for offshore signaling devices. The wind farms are not only prone to storms, high velocity winds, and ocean waves, but also to ships traveling from nearby sea routes. These ships on collision with wind farms can cause significant loss.
The regional market for offshore signaling device is anticipated to expand at a high growth rate; however, it is largely controlled by the end-use of the signaling device. Most oil & gas platforms in Europe are in the North Sea. Similarly, in North America, most oil & gas platforms are in the Gulf of Mexico. The countries in the Middle East are also expanding their offshore operations for oil & gas exploration. These opportunities are estimated to increase the demand for offshore signaling systems. Apart from the oil & gas industry, the shipping or maritime industry is also significantly large in North America, Europe, and Asia Pacific. This also presents an opportunity for the offshore signaling devices market.
Key players operating in the global offshore signaling devices market include E2S, R. STAHL AG, Federal Signal, Moni Log, IEEE Global Spec, Nor Electronics, Viking Offshore & Marine, Eaton, Zenitel, Tyco, and MARINELEC TECHNOLOGIES.
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