North America Push Buttons and Signaling Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The North American push button and signaling device market is expected to record a CAGR of 4.56% during the forecast period. The COVID-19 lockdowns severely impacted infrastructure modernization in commercial and industrial sectors.​ The pandemic adversely affected the supply chain and revenues of major companies operating in the region, mainly in the first half of 2020. However, the signaling device manufacturers and push buttons adopted new digital technology to make the supply chain more efficient in China. The pandemic led to a growth in the initiatives toward renewable energy, boosting the demand for push buttons and signaling devices.

Key Highlights

• Push buttons are extensively used in industries, owing to the comfort and safety provided by them in several industrial and commercial applications. Thus, major factors contributing to the growth of the push button and signaling device market are the rising number of industrial safety regulations imposed by the government, the rampantly growing manufacturing sector, and rising automation in the utility sector.
• North America is one of the prominent regions in the signaling devices market. It is the major revenue contributor due to increasing automation in manufacturing plants and petrochemical units, which require monitoring systems in hazardous locations.
• According to IndustrySelect, the US manufacturing sector plays a crucial role in the economy, accounting for 20% of US capital investment, 70% of business R&D, and 60% of the nation’s exports. Collectively, the sector’s expansion measured in terms of revenue is worth roughly USD 6 trillion, making it a major industry to do business.
• In the United States, automotive manufacturers such as Toyota, Lexus, Ford, Nissan, and BMW are releasing new automobiles with keyless driving facilities, leading to the increasing use of push buttons and signaling devices in the automotive segment of the region.
• In the food and beverage industry, signaling devices are extensively used to store food items at a specific temperature and cold storage. In case of some changes or fluctuation, these devices alarm the workers. Thus, they are being used to avoid the spoilage or wastage of stored foods, such as RTD sensors and temperature transmitter solutions for dairy products.

North America Push Buttons and Signaling Devices Market Trends

Automotive Expected to Witness Significant Market Share

• Push buttons have been used for implementing keyless access in vehicles. Many automobile companies widely adopt push-button ignition due to its comfort and reliability.
• The panel lights and horns are vehicles' most commonly used signaling devices. Automotive manufacturers also focus on providing additional features, such as video surveillance and strobes. Emergency lighting is also included in all newly manufactured vehicles, which may drive the market's growth during the forecast period.
• In North America, there has been a significant rise in accident rates, mainly due to the lack of concentration by drivers while operating various other functions of a vehicle, which has pushed automobile manufacturers to implement steering wheel switches in vehicles to facilitate a seamless driving experience.
• North Fulton County is the international destination for developers testing technology and applications for connected vehicles due to the deployment of equipment that allows cars and traffic signals to talk to each other, pedestrians, and cyclists through various signal devices.

The United States to Hold the Significant Market Share

• In the United States, manufacturing is considered a significantly essential sector, and as per Trading Economics, major segments within manufacturing are chemicals (12%); food, beverages, and tobacco (11%); machinery (6%); fabricated metal products (6%); computer and electronic products (6%); and motor vehicles and parts (6%), along with mining and quarrying, accounting for 11% of production and utilities accounting for the remaining 11%.
• The United Nations of Industrial Development Organization's global manufacturing output increased by 5.7% in the third quarter of 2021 compared to the previous quarter, following a 17.7% gain in the preceding quarter. While economic paths differ significantly among countries, most had solid industrial production improvements over the preceding year. Such high growth in the manufacturing sector may drive the push button and signaling device market to decrease manufacturing time and increase production.
• Large-scale industries prefer and opt for the automation of push-button and signaling devices, primarily to avoid the human error factor. The emergence of industrial control systems, such as SCADA, PLC, and IT control, aided market growth. The primary factor driving the demand is the flexibility in control and functionality that devices offer in the industrial space and the enhancement of the safe work environment on the industry floors.
• The developments in the power plant projects are expected to create opportunities for the market. For instance, in September last year, Takeda and Enel North America announced the signing of a long-term virtual power purchase agreement (VPPA) for the electricity getting delivered to the power grid from a 79 megawatt (MW) portion of Enel's Seven Cowboy Wind Project in the state of Oklahoma in the United States.

North America Push Buttons and Signaling Devices Industry Overview

The North American push button and signalling device market is moderately competitive. An increasing number of players are boosting their share through strategic mergers and acquisitions and partnerships with several small players. Some key players in the market include Rockwell Automation Inc., ABB Ltd, Schneider Electric SE, Siemens AG, and Federal Signal Corporation.

• October 2022 - Siemens Mobility, along with ST Engineering and Stadler, was awarded an Electrical and Mechanical (E&M) turnkey contract. Under this contract, the company will provide its state-of-the-art CBTC signaling technology with GoA4 functionality to deliver the Yellow Line for Kaohsiung Metro, allowing full automated train operations (ATO).

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