Technavio's latest market research report on the global safety signs marketprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global safety signs market from 2017-2021. (Graphic: Business Wire)
The augmented infrastructural development in APAC will drive the demand for safety signs. Infrastructural development includes the construction of industries and commercial spaces in the region. Stringent regulatory policies for installation requirements of safety signs will be another factor driving the market.
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The top three emerging market trends driving the global safety signs market according to Technavio research analysts are:
- Product development
- Increasing application in aviation industry
- Growing cruise industry
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Product development
Innovation in presentation and materials used is being witnessed in the safety signs market. Safety signs are witnessing new product development in the form of material used as well as source of power. For instance, solar safety signs were introduced in which the boards are sourced by a PV panel that ignites safety signs, making them visible. Furthermore, batteries are used to store solar energy in daytime that can be later used in night-time to power safety signs.
Another trend is the use of digital signage as safety signs. Digital signs use LCD, LED, and projectors to display safety signs. Digital signage use battery-powered bulbs that provide information about the dangers within a work zone or safety area.
"Vendors are also focusing on using recyclable materials to manufacture safety signs. For instance, ZING Green Safety Products, a manufacturer of eco-friendly safety and compliance products, is focused on the use of recyclable materials. All the products manufactured by the company are made from recycled or rapidly renewable materials," says Neelesh Prakash Singh, a lead research analyst at Technavio.
Increasing application in aviation industry
The global aviation industry is expected to grow rapidly after facing sluggish growth in 2014 and 2015. The growth can be attributed to the stable increase in GDP, low prices of crude oil, and increasing demand for passenger travel in the commercial sector of the aerospace industry. Safety signs are used in aircraft in the form of signs and markings. With the increase in fleet size across regions, the demand for safety signs is likely to grow during the forecast period.
Growing cruise industry
The cruise industry is witnessing a steady growth in the year 2017, owing to the increase in the number of people opting for cruise travel and increased investments in the industry. The investment is expected to grow by nearly eight-fold by 2026. This steady growth of the cruise industry is likely to fuel the demand for marine signaling devices during the forecast period.
"Vessels over 16 feet in length are required to carry visual and audible distress signals. Also, these cruise vessels are required to comply with regulations set up by the US Coast Guard. Therefore, the growth of the cruise industry and strict regulations that are set for distress signals will propel the demand for safety signs during the forecast period," says Neelesh.
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