Industrial Annunciator Market is anticipated to record a valuation of US$ 2,547.73 million by 2027, a recent study by The Insight Partners

According to our latest market study on "Global Industrial Annunciator Market to 2027 - Analysis and Forecast by Type (Conventional Annunciators, and Dedicated Annunciators); End-user (Process Industry, and Discrete Industry); and Geography," the market was valued at US$ 1,900.88 million in 2019 and is projected to reach US$ 2,547.73 million by 2027; it is expected to grow at a CAGR of 3.9% from 2019 to 2027.

The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Industrial annunciators are an essential tool in safety management. The requisite for functional safety assessment constantly drives the technical performance of industrial annunciators at attention. Operator participation places a limit on the dependability of safety functions; however, it may be valuable in the management of complex demands. At present, the issue of functional safety in the processing plants is gaining importance worldwide. The adoption of EN61508 standard has presented a comprehensive yet systematic framework that enables plant engineers to implement the functional safety concepts steadily to all existing control equipment. Industrial annunciators are a critical element of safety planning, particularly in processing plants wherein numerous alarm conditions are present. An alarm or amalgamation of multiple alarm conditions requires a response of an operator intending to either inspect the cause of alarms or take measures following the requirements by safety procedures to eradicate the condition.

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Over the years, the manufacturing and production facilities have witnessed a significant surge in the penetration of sophisticated industrial equipment and machinery that require continuous monitoring for their seamless functioning to avoid catastrophic failures. Similarly, high valued assets such as aircraft, marine vessels, aerospace & defense vehicles, owing to their significant investment, require robust as well as efficient alert and centralized solution for providing the information of process controls in real-time. As a result, industrial annunciator is a specially designed solution that facilitates aid in seamless monitoring and supervision of a broad range of industrial processes, equipment, assets, and operational activities across the process and discrete industries. Based on the product design and functionality, the solution offers swift alert or warning to the associated process control in case of unanticipated activities or failures at a centralized location. Thus, unlike the conventional alarm or warning system, the industrial annunciator can significantly aid precisely highlighting the location of the failure and subsequently diverting resources or action teams to prevent the cascading of the fault within the facility or asset.

APAC is anticipated to be the fastest-growing region in the industrial annunciator market. The region consists of several developing countries such as China, India, Japan, Taiwan, and South Korea, which are experiencing substantial growth in the number of industries (both process and discrete). The continuously growing number of industries with advanced technologies is propelling the demand for industrial annunciators among the manufacturers and assemblers. The industrial sector players in the region are increasingly emphasizing on connected technologies, which facilitate the players with optimized productivity, thereby leading to increased revenue. Thus, the growing demand for connected technologies in the industrial sector is considered a prominent factor in promoting annunciators, which is augmenting the industrial annunciator market in the region.

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Impact of COVID-19 Pandemic on Industrial Annunciator Market

The ongoing global pandemic COVID-19 continues to bring long term disruption across several major process as well as discrete industries. For instance, automotive, steel production, general manufacturing, electrical & electronics industry and OEMs based market players among numerous others are facing disruptions their supply chain. However, among process industries the impact has been varying across different vertical such as impacting heavily on aviation, oil & gas, and numerous materials sectors attracting heavy reduction in their ongoing production volume. Whereas, industries such as food & beverages, pharmaceuticals, power generation and chemicals have noticed limited disruption during the pandemic across different economies. As a result, prevalence of nation-wide lockdown to minimize the transmission of COVID-19 has significantly disrupted the supply chain activities along with the production volume across several manufacturers especially the small & medium enterprise owners. Moreover, the limited production activities along with disappearing demand for numerous control products and components is expected to contract significantly during the 2020 resulting in stark decline in the market growth during the coming few years.

Annunciators are closely related to safety shutdown systems (SIS), although their function is not similar. Annunciators are vital to preserving the integrity of processing units. These systems alert operators to plant conditions, for instance, divergence from standard operating limits and to irregular events, which need prompt action or evaluation. However, annunciators are not typically related to safety; they play a significant part in supporting operators to moderate the requirement for the safety-related systems, thereby enhancing overall plant safety.

From containment loss at a nuclear site to fuel refinery explosions, such catastrophes are only avoided if operators can promptly recognize and takes steps toward impending danger. Thus, industrial annunciators are being adopted by several plants as an important component of their mission-critical safety systems.

ABB Ltd, AMETEK Inc., Eaton Corporation plc, Ronan Engineering Company, Automation Displays Inc., Dwyer Instruments, Inc., NOTIFIERS, Schweitzer Engineering Laboratories, Inc., Apex Automation Solutions, and Omniflex are some of the well-established players present in the global industrial annunciator market.

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