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The safety signs market size is estimated to grow at a CAGR of 3.92% between 2022 and 2027. The market size is forecast to increase by USD 385.62 million. The growth of the market depends on several factors such as the growing PPE market, global growth in the commercial sector, and stringent regulatory policies for safety signs.
This safety signs market report extensively covers market segmentation by end-user (commercial, industrial, and residential), material (polymer, metal, and fiberglass), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Global growth in the commercial sector drives the growth in the safety signs market. Developing countries such as China, Korea, and India, as well as countries in the Middle East, are spending heavily on the construction of commercial spaces, institutional buildings, manufacturing plants, and infrastructure for the public. Countries such as the US, UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan are also investing heavily in the construction of non-residential spaces. India is expected to be the leading country among Asian countries for infrastructure development.
Moreover, in commercial buildings, it is required to install safety signs in the form of exit signs, warning signs, luminescent signs, and emergency escape routes. These safety signs are used to guide visitors in direction as well as give advice in the event of an emergency. Therefore, these factors will have a positive impact on the demand for the security signs market during the forecast period.
Increasing innovations in safety signs materials are the primary trend in the market. safety signs see the evolution of the product in terms of the materials used as well as the power source. For example, solar security panels have been introduced which are powered by photovoltaic (PV) panels that light up the security panels, making them visible. In addition, batteries are used to store solar energy during the day, which can be used later at night to power security panels.
Furthermore, suppliers are also focusing on using recyclable materials to produce safety signs. For example, ZING Green Safety Products, a manufacturer of environmentally friendly safety and compliance products, focuses on the use of recyclable materials. All products manufactured by the company are made from recycled or rapidly renewable materials. Hence, such factors will fuel the market growth during the forecast period.
Increasing competition from local safety signs manufacturers is the challenge that affects the growth of the market. Several new suppliers are entering the market to provide better-quality safety signs at competitive prices. The entry of new players into the market will change the dynamics of the market in terms of prices. Leading players are forced to use a low pricing strategy to gain a larger market share or maintain market position. However, this low-price strategy affects the overall profit margins of suppliers and manufacturers worldwide.
Moreover, international players face competition from regional warning sign manufacturers. Furthermore, an increasing price war is expected to force safety sign players to offer their products at discounted prices to improve their market share. As a result, price sensitivity could impede the growth of the global safety signs market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Safety Signs Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The commercial segment is estimated to witness significant growth during the forecast period. The commercial segment includes offices, shopping malls, airports, and hotels. An increase in construction activities in such structures will lead to the installation of safety signs in the future. Population growth, urbanization, rapid industrialization, steady economic growth, and the need to improve the energy efficiency of buildings have boosted the construction of modern building systems.
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The commercial segment was the largest segment and was valued at USD 791.90 million in 2017. Growth will be mainly driven by the construction of office space, shopping malls, airports, and parking lots. The growth of the global hospitality industry will have a positive impact on the demand for security signs. Tourist arrivals led to an increase in hotel construction, especially in Dublin, Ireland. Safety signs are widely used in the hotel industry. In addition, it is very important to evacuate people in the building in the event of an emergency. Thus, such factors will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the main contribution to infrastructure development is expected to come from India and China. The growth of the market in the region is mainly due to the increasing construction activity in emerging countries. The construction market is expected to grow at a steady rate, creating a need for new infrastructure to provide residential and commercial space for the growing urban population.
n the other hand, emerging economies are experiencing significant growth in commercial and residential construction. The rise in affordability in countries like India, China, and Vietnam has a direct impact on the growth of the commercial and residential sectors. Thus, such factors will drive the growth of the market during the forecast period.
In 2020, the region was adversely affected by the outbreak of COVID-19. However, areas and hospital wards with a significant number of COVID-19 cases witnessed high demand for safety signs in 2020. Furthermore, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Governments have raised their focus on healthcare and other infrastructure projects, which will boost the growth of the regional safety signs market during the forecast period.
The safety signs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Safety Signs Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.92% |
Market growth 2023-2027 |
USD 385.62 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.9 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adolf Wurth GmbH and Co. KG, Banner Stakes LLC, Big Beam Emergency Systems Inc., Brady Corp., Brimar Industries LLC, DG Road Safety Pvt. Ltd., Ecoglo International Ltd., EverGlow GmbH, Fireplan India Pvt. Ltd., Glowway Oy Ltd., INCOM Manufacturing Group, Jalite Plc, Jessup Manufacturing Co., Justrite Mfg. Co. LLC, Kroschke sign-international GmbH, Newell Brands Inc., Shital Signs Pvt. Ltd., Signagex, Smart Art Signs, and ZING Enterprises LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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