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The Latin America push buttons signaling devices market size is expected to increase by USD 28.18 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.82%. The market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The push buttons signaling devices market in Latin America report also offers information on several market vendors, including ABB Ltd., BACO, Emerson Electric Co., HESCO, Nuova ASP Srl, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and SOLOMON TECHNOLOGY CORP. among others. Furthermore, this report extensively covers market segmentation by end-user (process industries and discrete industries) and geography (Mexico, Brazil, Venezuela (RB), Argentina, and Rest of Latin America).
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The increasing demand for industry safety is notably driving the market, although factors such as fluctuating prices of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Latin America Push Buttons Signaling Devices Market Driver
One of the key factors driving the market growth is the increasing demand for industry safety. Safety audits and other safety measures have failed to mitigate the loss of life in the industrial environment. Companies that support activities related to oil and gas operations and plastic production have recorded a high rate of severe injuries, which caused hospitalization or loss of a body part, in 2020-2021. Thus, the demand for push buttons and signaling devices is expected to increase as it helps to reduce such incidents. Automation and manufacturing industries are focused on implementing accident-preventing safety measures, such as safe design, critical alarms, emergency response plans, and installing fixed protection devices. Thus, the need for installing safety devices in the workplace will drive the push buttons and signaling devices market in Latin America during the forecast period.
Key Latin America Push Buttons Signaling Devices Market Trend
Another key factor driving the Latin America push buttons signaling devices market growth is the technological advancements in design and functionality. Signaling devices with multiple lighting effects are currently in demand in the industrial environment. These signaling lights can emit multiple colors and can be steady, flashing, or rotating. The high demand for these devices has encouraged manufacturers to integrate signaling devices with technology and come up with smarter solutions. Bluetooth and Wi-Fi-enabled signaling devices are now available, which allow the human machine interface (HMI) operators to run the devices from their smartphones or desktops. Such factors will create opportunities for push buttons and signaling devices and drive market growth during the forecast period.
Key Push Buttons Signaling Devices Market Challenge in Latin America
One of the key challenges to the market is the fluctuating prices of raw materials. For instance, price fluctuations of plastic, steel, and zinc have been high during 2020-2021. With constant price fluctuations in raw material procurement costs, vendors are forced to enter into long-term agreements with their suppliers. The suppliers, as a result, have the upper hand in terms of bargaining power. Several local and regional vendors in the push buttons and signaling devices market have shut down their businesses because of raw material price volatility. Such price variations tend to affect the overall price of push buttons and signaling devices, which is expected to challenge market growth in the coming years.
The market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The push buttons signaling devices market in Latin America is fragmented and the vendors are deploying growth strategies such as technological innovations to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electronic equipment and instruments market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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33% of the market's growth will originate from Mexico during the forecast period. Brazil is the other key market. Market growth in Brazil will be faster than the growth of the market in other countries.
The significant increase in investments in new auto factories and the power industry will facilitate the market growth in Mexico over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic in 2020 affected the push buttons and signaling devices market in Mexico. As of now, the country is recovering from the pandemic, and the number of cases is slightly decreasing due to, which resulted in increasing industrial production. However, in 2021 several companies operating in process industries initiated investments, which will fuel the demand in the push buttons and signaling devices market in Mexico during the forecast period.
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The market share growth by the process industries segment will be significant during the forecast period. The rapidly rising population along with the increasing spending capability of consumers will boost the growth of the market in focus through this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Global Push Buttons and Signaling Devices Market -The market share predicts growth to USD 2.12 billion by 2021.
Latin America Push Buttons Signaling Devices Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.82% |
Market growth 2022-2026 |
USD28.18 million |
Market structure |
Fragmented |
YoY growth (%) |
4.56 |
Regional analysis |
Latin America |
Performing market contribution |
Mexico at 33% |
Key consumer countries |
Mexico and Brazil |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., BACO , Emerson Electric Co., HESCO, Nuova ASP Srl, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and SOLOMON TECHNOLOGY CORP. |
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. |
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