Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Strobe beacon is a signaling device or a flashing electric lamp that has application in several industries such as oil and gas, food and beverages, energy and power, mining, and others, either to warn about possible hazards, or to attract potential customers. In addition, strobe beacons technology is widely adopted in various sectors such as retail, healthcare, travel & tourism, and education, owing to its benefits such high degree of accuracy about geo-location technology compared to other geo-location technology, and low impact on the device’s battery life. Strobe beacons are highly visible and allow for multiple configurations with up to 360° of lighting, to warn about potential hazards. Moreover, global rising demand for an LED lighting solution as an attention-getting device and warning of a possible hazard and due to stringent rules set by the government about the industrial safety work across the globe are expected to drive growth of the global strobe and beacons market over the forecast period. Thus, the prominent market players maintain the competitive edge in the global market by focusing on product offerings. For instance, Eaton MEDC offers a range of strobe beacons such as steady-state indicators and flashing and rotating units. These strobe beacons are used to warn about potential hazards, evacuation alerts, gas and oil leaks, and others.
The global strobe and beacons market was valued at US$ 1.58 Bn in 2018 and is expected to exhibit a CAGR of 5.64% during the forecast period (2019-2027)
Market Dynamics- Drivers
Growing demand for strobe beacon as an attention-getting device and warn of a possible hazard is expected to drive growth of the global strobe and beacons market during the forecast period
Strobe beacon is a signaling device, which generate an alarm to indicate or warn end user and this alarm can be audible or visible depending upon the requirement, application and surrounding of the place where it is needed. These devices are connected with control panel installed at specific positions so that people can be aware of it and take corrective measures when needed. Strobe beacons are developed to minimize the losses during natural disasters such as, hurricanes, earthquake, volcano, and others, as they are used as a signaling device. These devices also plays an important role in traffic signaling, mining safety systems, fire alarms, earthquake warning system, and others, which is expected to increase demand of strobe beacon over the forecast period. Thus, rising demand for strobe beacon as an attention-getting device and warn of a possible hazard is expected to drive the global strobe and beacons market growth over the forecast period.
North America region held a dominant position in the global strobe and beacons market in 2018, followed by Europe and Asia Pacific.
Source: Coherent Market Insights
Lack of awareness about industrial work safety is expected to restrain growth of the global strobe and beacons market over the forecast period
The negligence about installation of warning systems and lack of awareness about the industrial work safety in many emerging economies is expected to hamper the growth of the global strobe and beacons market over the forecast period. For instance, according to the International Labor Organization (ILO), and United Nations Agency, in 2017, there were around 380,500 total global fatal industrial accidents, which is 8% increase from the previous year.
Growing demand for signaling audible and visual devices is expected to create lucrative growth opportunities for market players in global strobe and beacons market
Increasing demand for signaling audible and visual devices is attributed to their multiple add-on features and advantages such as good portability, lower cost, and good for one-to-one communication. Moreover, these products are outpacing the traditional signaling device products such as LEDs, liquid crystal diode (LCD) lighting, and other less efficient products, which in turns, expected to create lucrative growth opportunities for market players in the global strobe and beacons market.
Source: Coherent Market Insights
Key Takeaways –
- North America is expected to account for the largest market share in global strobe and beacons market owing to presence of prominent market players in the region such as Honeywell International Inc., Tomar Electronics, and others.
- Moreover, Europe is expected to witness significant growth in the market, owing to presence of large number of signaling device and product providers such as, Siemens, Auer Signal etc.
Global Strobe and Beacons Market - Segment Information
Among product type, gas strobe beacons segment held a dominant position in global strobe and beacons market in 2018, followed by LED strobe beacons segment. Gas strobe beacons include Xenon flash lamp and halogen varieties. Gas strobe beacons consist of a gas-filled tube surrounded by a lens, and when electricity is applied to this device, the tube flashes, which is magnified by the lens, and a 360 degree light is emitted.
Source: Coherent Market Insights
Key companies operating in the global strobe and beacons market include PATLITE Corporation, WERMA Signaltechnik GmbH + Co. KG, Eaton Corporation PLC (Cooper Industries), Federal Signal, Rockwell Automation, Inc., Siemens, Schneider Electric, Potter Electric Signal Company, LLC, Honeywell International Inc., Tomar Electronics, ECCO SAFETY GROUP, Auer Signal, Pepperl+Fuchs AG, Mircom, and Emerson Electric Co. among others.
These key market players are focusing on collaboration to launch new products to meet the increasing needs and requirements of consumers.
- Key companies in the market are focused on partnerships, in order to gain competitive edge in the market. For instance in June 2018, TOMAR Electronics and Carson Manufacturing entered into a partnership for developing audible sirens for emergency vehicles.
- Key manufacturers are focused on product launch, in order to enhance their product portfolio. For instance, in January 2016, Dialight, an innovative global leader in LED lighting technology, launched Vigilant LED Dual Red/White Strobe with Infrared (IR) obstruction lighting system. The Dual IR flash head and systems are approved through Intertek to the FAA AC 150/5345-43G and Engineering Brief No. 67D standards, with the addition of the IR LEDs to the standard red night operation to enhance visibility and safety for pilots, including those who utilize night-vision goggles (NVGs).