The industrial annunciators have gained prominence over the years and are foreseen to continue surge in numbers and revenues.APAC is anticipated to be the fastest-growing region in the industrial annunciators 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 historical trends, current inclinations, and future outlook of the market players, as well as end users, facilitated the analysis of the industrial annunciators market.
The Asia Pacific Industrial Annunciator market is growing along with the Electronics and Semiconductor industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Market Overview and Dynamics
The AsiaPacificindustrial annunciator market is expected to reach US$684.32millionby 2027 from US$452.40million in 2019, at a CAGR of 5.4% from 2020 to 2027.Use of industrial annunciator for plant safety is the major factor driving the growth of the industrial annunciators market. Moreover, the implementation of an effective human-machine interface (HMI) in plants has resulted in an increased necessity for the safety,which in turn is boosting the growth of the industrial annunciators market.
Key Market Segments
In terms of type, the conventional annunciator segment accounted for the larger share of the AsiaPacificindustrial annunciator market in 2019. In terms of enduser, the large discrete industry segment held a larger market share of theindustrial annunciatormarket in 2019.
These factors are expected to offer broad growth opportunities in the Electronics and Semiconductor industry and this is expected to cause the demand for Asia Pacific Industrial Annunciator in the market.
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Asia-Pacific Industrial Annunciator Market Segmentation
- Conventional Annunciators
- Dedicated Annunciators
- Process Industry
- Discrete Industry
- South Korea
- Rest of APAC
- ABB Ltd
- AMETEK Inc
- Eaton Corporation plc
- Dwyer Instruments, Inc
- Schweitzer Engineering Laboratories, Inc.
- Apex Automation Solutions
A few major primary and secondary sources referred for preparing this report on the industrial annunciator market in AsiaPacificare company websites, annual reports, financial reports, national government documents, statistical database, and among others. ABB Ltd, AMETEK Inc, Eaton Corporation plc, Dwyer Instruments, Inc, and NOTIFIERare the major companies listed in the report.
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