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The safety signs market size is forecast to increase by USD 307.2 million at a CAGR of 3.08% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. The expanding PPE market and increasing emphasis on workplace safety propel the demand for safety signs worldwide. Moreover, the thriving commercial sector globally further boosts the adoption of safety signage. Stringent regulatory policies mandating the use of safety signs underscore their essential role in maintaining workplace safety standards. This convergence of factors positions the market for substantial growth and widespread adoption across industries.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The commercial segment is estimated to witness significant expansion 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 their installation 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 801.60 million in 2018. 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. They 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 45% 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.
On 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. The market research and growth report includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
The market addresses critical concerns regarding hazards in workplaces, aiming to reduce workplace fatalities and industrial mortalities. Employers implement health & safety practices mandated by regulatory norms to protect labors across manufacturing sectors and healthcare settings. With materials like polymer, metal, and fiberglass, they serve businesses, communities, and individuals, ensuring workplace safety amidst industrialization and economic growth. Prohibition, warning, and mandatory signs play pivotal roles in risk mitigation, with emerging trends like digital displays and LED technology enhancing the visibility and communication of safety messages, contributing to the growth of the market.
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 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 these signs in the form of exit signs, warning signs, luminescent signs, and emergency escape routes. They 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 the materials are the primary trend in the market. They 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 these signs. For example, ZING Green Safety Products, a manufacturer of environmentally friendly 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 expansion during the forecast period.
Increasing competition from local manufacturers is the challenge that affects the expansion 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 the players to offer their products at discounted prices to improve their market share. As a result, price sensitivity could impede the expansion of the global market during the forecast period.
The market forecasting 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 market growth and forecasting strategies.
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.
Adolf Wurth GmbH and Co. KG: The company offers safety signs such as Adhesive safety warning sign tapes, Caution signs, and Voltage signs.
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 market is crucial in addressing hazard and promoting Health & safety practices in workplaces across various industries, including manufacturing sectors and healthcare settings. The employer should prioritize compliance with regulatory norms to mitigate workplace fatalities and industrial mortalities, ensuring the safety of labours and communities. The market responds to product demand that effectively communicate hazards, accidents, and prohibition signs through mandatory signs and digital displays, including LED displays. Businesses and individuals rely on it to enhance awareness and prevent accidents, promoting a culture of safety in workplaces and communities worldwide. As safety remains paramount, the market continues to innovate and adapt to evolving standards and requirements.
The market plays a pivotal role in promoting safety or health in workplaces worldwide. Employers prioritize the implementation of safety equipment and stringent industrial regulations to mitigate hazards and accidents, adhering to standards set by organizations like OSHA. With the rise of IoT sensors, digital, and interactive signs, safety awareness is enhanced through multilingual text and international symbols, Global safety signs market ensuring comprehension across diverse work environments. Construction sites and other accidents in industrial setting benefit from clear signage depicting emergency procedures and occupational hazards. As mature markets demand innovative solutions, the market continues to evolve, emphasizing safety training and the importance of proactive safety measures to prevent accidents and ensure the well-being of workers and the broader community.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.08% |
Market growth 2024-2028 |
USD 307.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.96 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
China, US, Germany, UK, and India |
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 forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market forecast 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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