Wednesday, 24 April 2024
The North America 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.
The industrial annunciators have gained prominence over the years and are foreseen to continue surge in numbers and revenues. Continuously rising demand for industrial annunciators is majorly attributed to an increase in the number of industries in developed and developing countries. Additionally, with the rise in industrial automation systems, the requirement and adoption rate of advanced technologies and systems have been surging at a tremendous rate.
The industrial annunciator market in North America is expected to grow from US$ 396.52million in 2019 to US$ 490.18million by 2027; it is estimated to grow at a CAGR of 2.8% from 2020 to 2027.
North America comprises the US, Canada, and Mexico. The increasing adoption of factory automation in countries such as the US and Canada, owing to increasing labor cost and availability of developed infrastructure is expected to boost the market for industrial annunciator in the region. Moreover, stringent government regulations related to the safety of industries is another significant factor propelling the growth of the market.
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These factors are expected to offer broad growth opportunities in the Electronics and Semiconductor industry and this is expected to cause the demand for Industrial Annunciator in the market.
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North America Industrial Annunciator Market-Companies Mentioned
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