Push Buttons and Signaling Devices Market Forecast 2023 - 2031
Report ID : CBI_1370 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 5.2% |
| Forecast Year: | 2023 - 2031 |
| Revenue 2022: | $1,914.33 Mn |
| Revenue 2023: | $1,970.34 Mn |
| Revenue 2031: | $2,966.38 Mn |
Push Buttons and Signaling Devices Market Forecast 2023 - 2031
Market Overview :
Push Buttons and Signaling Devices Market is estimated to reach over USD 2,966.38 Million by 2031 from a value of USD 1,914.33 Million in 2022 and is projected to grow by USD 1,970.34 Million in 2023, growing at a CAGR of 5.2% from 2023 to 2031.
Market Definition :
Push buttons are devices that are designed to open or close an electric circuit when a button or knob is pressed and return to a normal position after the button is released. Meanwhile, signaling devices refer to electronic devices that are used for sending audible and visual signals. Push buttons and signaling devices are primarily used in automotive, healthcare, food & beverage, construction, and other industrial sectors.
Market Dynamics :
Drivers :
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Growing automotive sector is driving the market growth.
Push buttons are primarily used in the automotive sector, particularly in automobile interior for applications including engine start/stop, vehicle forward and reverse rotation, interlock, and lighting switches among others. Moreover, push buttons offer a range of benefits including ease of utilization, less space consumption, lower cost, durability, resistance to higher voltages or short circuits, and others. The above benefits of push buttons are crucial aspects increasing its adoption in automotive sector.
Factors including increasing investments in automobile manufacturing facilities, rising automotive production, advancement in autonomous driving, and growing adoption of electric vehicles are among the vital prospects driving the growth of the automotive sector.
For instance, according to the International Organization of Motor Vehicle Manufacturers, the production of passenger cars across the world reached 61.59 million in 2022, representing an increase of around 8% as compared to 57.05 million in 2021.
Meanwhile, according to the European Automobile Manufacturers Association, the production of passenger cars in European Union reached up to 10.9 million in 2022, demonstrating an incline of 8.3% in contrast to 2021. Thus, the rise in automobile production is driving the adoption of push buttons for application in automobile switches, in turn driving the growth of the market. -
Rising utilization of push buttons and signaling devices in food & beverage industry is spurring the market growth.
Push buttons are used in food & beverage facilities for operating various equipment and machinery installed across the facility. Likewise, signaling devices including audible and visual signaling devices are often installed in food & beverage processing facilities for providing a warning in event of equipment malfunction, process control, start up, and a range of other safety related applications for harsh environments. The benefits of push buttons and signaling devices including high-pressure and high-temperature wash down, lower cost, sealed surfaces for food and debris resistance, and others are key prospects increasing its utilization in food & beverage sector.
Factors including significant investments in the food & beverage sector, increasing consumer demand for packaged and processed food products, along with rising adoption of automated solutions in food industry are primary determinants for driving the growth of the food & beverage sector.
For instance, according to Food Drink Europe, a European Union confederation for the food industry, the food and beverage industry in European Union was valued at EUR 1,121 billion (USD 1,292.0 billion) in 2022, demonstrating a growth of 2.6% in comparison to EUR 1,093 billion (USD 1,177.8 billion) in 2021.
Therefore, the growth of food & beverage sector is driving the integration of push buttons and signaling devices in food & beverage processing facilities, in turn proliferating the growth of the market.
Restraint :
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Prevalence of stringent regulations and standards associated with push buttons and signaling devices is restraining the market growth.
Push buttons and signaling devices are used in various industries including automotive, oil & gas, food & beverage, healthcare, and others. However, push button and signaling device manufacturers have to compulsorily comply with various stringent standards and regulations, which is a prime factor restricting market growth.
For instance, push button and signaling device manufacturers have to comply with various standards such as RoHS (Restriction of Hazardous Substances) Directive, ISO (International Organization for Standardization) standard - ISO 7227:1987/ISO 6969, and others.
Additionally, materials used in push buttons and signaling devices must comply with RoHS in relation to Directive 2011/65/EU, including the amendment to Annex II, 2015/863/EU. Further, the quality assurance system and procedures must be audited and certified in compliance with ISO standards. Therefore, the prevalence of the aforementioned standards associated with the push buttons and signaling devices is constraining the growth of the market.
Opportunities :
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Rising investments in healthcare sector is expected to promote potential opportunities for market growth.
The rising investments in healthcare sector are expected to present potential opportunities for the growth of the push buttons and signaling devices market. Push buttons are often installed in healthcare facilities to help admitted patients to communicate with nurses or other healthcare staff in cases of assistance requirement or emergency situations. Additionally, healthcare facilities are integrating signaling devices and warning systems for monitoring patients, improving patient safety, and enhancing operational efficiency among others.
Factors including the rise in healthcare expenditure, growing incidence of diagnostics and surgical procedures, and increasing in-patent admissions are expected to facilitate growth prospects for the market.
For instance, according to American Medical Association, the healthcare spending in the U.S. was valued at USD 4.3 trillion in 2021, representing an incline of 2.7% as compared to 2020. Furthermore, the European Commission invested USD 6 billion budget for 2021-27 period with the aim of supporting the healthcare sector in Europe.
Hence, increasing investments in healthcare sector are projected to increase the integration of push buttons and signaling devices in healthcare facilities for improving patient care and operational efficiency, in turn promoting opportunities for market growth during the forecast period.
Push Buttons and Signaling Devices Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 2,966.38 Million |
| CAGR (2023-2031) | 5.2% |
| By Product | Push Buttons and Signaling Devices |
| By Connectivity | Wired and Wireless |
| By End-User | Automotive, Healthcare, Oil & Gas, Food & Beverage, Construction, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | ABB, Honeywell International Inc., Rockwell Automation, Schneider Electric, Eaton, Robert Bosch GmbH, Johnson Electric Holdings Limited, Siemens, OMRON Corporation, R. STAHL AG, Emerson Electric Co. |
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Download Sample ReportMarket Segmentation :
By Product :
Based on product, the market is bifurcated into push buttons and signaling devices. The push buttons segment accounted for the largest revenue share in the year 2022. Push buttons refer to devices that are designed to open or close an electric circuit when a button or knob is pressed and return to a normal position after the button is released. Moreover, push buttons offer several benefits including less space consumption, ease of utilization, lower cost, durability, and resistance to higher voltages or short circuits among others. The aforementioned benefits of push buttons are driving its utilization in automotive, healthcare, construction, and other sectors.
Honeywell International Inc. offers DPDT - 87940 series of emergency stop push buttons in its product portfolio. The push buttons are primarily designed for utilization in automotive, construction, and other industries. Thus, rising innovations associated with push buttons for industrial applications are among the prime factors driving the growth of the market.
The signaling devices segment is anticipated to register fastest CAGR growth during the forecast period. Signaling devices refer to electronic devices that are used for sending audible and visual signals. Moreover, signaling devices are used for conveying simple messages associated with the operation of machinery, manufacturing lines, or individual industrial equipment in oil & gas, food & beverage, and other industries.
For instance, R. STAHL AG offers a wide range of audible and visual signaling devices for providing improved safety in hazardous zones. The company offers audible and visual signaling devices for utilization in oil & gas, food & beverage, chemical, and other related industries. Therefore, the rising development of signaling devices for utilization in industrial sectors is anticipated to boost the growth of the market during the forecast period.
By Connectivity :
Based on the connectivity, the market is segregated into wired and wireless. The wired connectivity segment accounted for the largest revenue share in the year 2022. Wired push buttons are primarily used in industrial control systems, consumer electronics, and communication devices for mode selection, power on/off, and volume control. The benefits of wired push buttons include high reliability, tactile feedback, compact design, and ease of integration into circuit boards among others.
For instance, Honeywell International Inc. offers RPW101A1003/A model of wired push buttons in its product portfolio. Therefore, the increasing availability of push buttons with wired connectivity is a key factor driving the growth of the segment.
The wireless connectivity segment is anticipated to register fastest CAGR growth during the forecast period. Wireless pushbuttons do not require any cable and enable very flexible handling and arrangement of the switches and pushbuttons. Additionally, wireless push buttons enable users to send a signal from up to 100 meters away from a button that generates its own power and are ideal for deployment in industrial environments that require high flexibility, modularity, and mobility among others.
For instance, Omron Corporation offers A2W model of wireless push buttons. The wireless push buttons are integrated with IP65 rating and work efficiently within a 100m range. Thus, the rising development of push buttons with wireless connectivity for industrial applications is a key factor anticipated to drive the growth of the segment during the forecast period.
By End-User :
Based on the end-user, the market is segregated into automotive, healthcare, oil & gas, food & beverage, construction, and others. The automotive segment accounted for the largest revenue share of 29.52% in the year 2022. Factors including increasing investments in automobile manufacturing facilities, rising automotive production, advancement in autonomous driving, and growing adoption of electric vehicles are driving the growth of the automotive segment.
For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall automotive production in North America reached 14.79 million in 2022, witnessing a growth of nearly 10% from 13.46 million in 2021. Therefore, the growth of automotive industry is driving the adoption of push buttons for its application in automobile engine start/stop, vehicle forward and reverse rotation, interlock, and lighting switches, in turn fostering the growth of the market.
Food & beverage segment is expected to witness fastest CAGR growth during the forecast period. The growth of food & beverage segment is primarily driven by multiple factors including significant investments in the food & beverage sector, increasing consumer demand for packaged and processed food products, along with rising adoption of automated solutions in food industry among others.
For instance, R. STAHL AG is a manufacturer of push buttons and signaling devices that provides a range of push buttons and audible & visual signaling devices for utilization in food & beverage sector. Additionally, Omron Corporation offers a broad series of push buttons for industrial applications including food & beverage in its product portfolio. Thus, the rising development of push buttons and signaling devices for utilization in food & beverage sector is projected to drive the market growth during the forecast period.
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Download Sample ReportBy Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportEurope is estimated to reach over USD 1,049.80 Million by 2031 from a value of USD 674.03 Million in 2022 and is projected to grow by USD 694.05 Million in 2023. The adoption of push buttons and signaling devices in the European region is mostly driven by its utilization in healthcare, automotive, construction, food & beverage, and other sectors. Moreover, the increasing expansion of food manufacturing facilities and increasing utilization of push buttons and signaling devices for operating various equipment and providing warning signals across the facility are among the significant factors driving the market growth in the region.
For instance, in September 2021, Nature Bio Foods BV launched its new organic food processing facility in Rotterdam, Netherlands. The new facility aims at providing organic food ingredients to consumers throughout the country. Thus, the development of food processing facilities is driving the integration of push buttons and signaling devices for operating various equipment and providing warning signals across the facility, in turn accelerating market growth in the European region. Additionally, increasing investment in automotive and healthcare sectors is anticipated to promote lucrative growth aspects for the market in Europe during the forecast period.
Asia-Pacific is expected to grow with the highest CAGR growth of 5.6% and is estimated to reach over USD 788.76 Million by 2031 from a value of USD 492.37 Million in 2022 and is projected to grow by USD 508.20 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 32.80% in the same year.
The growing pace of industrialization and development is providing lucrative growth prospects for the market in the region. In addition, factors including the growth of various industries including automotive, oil & gas, construction, and others are driving the market growth for push buttons and signaling devices in the Asia-Pacific region.
For instance, according to Invest India, the oil and gas sector in India witnessed a growth of around 5% in FY 2021-22 as compared to the previous year. Additionally, the total refining capacity of India is equivalent to 251 MMTPA as of October 2022, comprising of 23 refineries. Signaling devices including audible and visual signaling devices are often installed in oil & gas facilities for providing a warning in event of equipment malfunction, process control, start up, and a range of other safety related applications for harsh environments. Hence, the growing oil & gas sector is driving the deployment of signaling devices, thereby boosting the market growth in the Asia-Pacific region.
Details Countries Growth Insights
Download Sample ReportPush Buttons and Signaling Devices Market Competitive Landscape:
The push buttons and signaling devices market is highly competitive with major players providing push buttons and signaling devices to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in push buttons and signaling devices market. Key players in the push buttons and signaling devices market include-
- ABB
- Honeywell International Inc.
- Rockwell Automation
- Schneider Electric
- Eaton
- Robert Bosch GmbH
- Johnson Electric Holdings Limited
- Siemens
- OMRON Corporation
- R. STAHL AG
- Emerson Electric Co.
Frequently Asked Question
What is push buttons and signaling devices?+
Push buttons are devices that are designed to open or close an electric circuit when a button or knob is pressed and return to a normal position after the button is released. Meanwhile, signaling devices refer to electronic devices that are used for sending audible and visual signals.
What specific segmentation details are covered in the push buttons and signaling devices report, and how is the dominating segment impacting the market growth?+
For instance, by product segment has witnessed push buttons as the dominating segment in the year 2022, owing to the increasing adoption of push buttons in automotive, healthcare, construction, and other sectors.
What specific segmentation details are covered in the push buttons and signaling devices market report, and how is the fastest segment anticipated to impact the market growth?+
For instance, by end-user segment has witnessed food & beverage as the fastest-growing segment during the forecast period due to rising adoption of push buttons and signaling devices in food & beverage facilities for operating equipment and providing warning signals.
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031? +
Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as automotive, oil & gas, construction, and others, and others.
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