North America Panel Mount Indicator Lights Market Size, Share, and COVID-19 Impact Analysis, By Type (Multicolor LED Light, Single Color LED Light), By Application (Electronics, Automotive, Medical), By Region (US, Canada, Mexico, Rest of North America), and North America Panel Mount Indicator Lights Market Insights Forecasts 2023 – 2033

Industry: Energy & Power

RELEASE DATE Jan 2024
REPORT ID SI3601
PAGES 200
REPORT FORMAT PathSoft

North America Panel Mount Indicator Lights Market Insights Forecasts to 2033

  • The North America Panel Mount Indicator Lights Market Size was valued at USD 210.15 Million in 2023
  • The Market Size is Growing at a CAGR of 5.6% from 2023 to 2033.
  • The North America Panel Mount Indicator Lights Market Size is Expected to Reach USD 362.25 Million by 2033.

 

North America Panel Mount Indicator Lights Market

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The North America Panel Mount Indicator Lights Market size is expected to reach USD 362.25 Million by 2033, at a CAGR of 5.6% during the forecast period 2023 to 2033. 

 

Market Overview

Panel mount indicator lights are critical visual signaling devices used in a variety of industries to provide a clear and immediate indication of the operational status or conditions of machinery, equipment, or systems. These lights can be mounted on machines, control panels, or devices, making them readily accessible and visible to technicians, operators, and personnel. Owing to its long lifespan, energy efficiency, and versatility, LEDs are the most commonly used type of panel mount indicator lights. LED indicator lights are available in a variety of colors, including red, blue, yellow, green, and white, providing a diverse range of visual signaling options for Segment 2s. Panel mount indicator lights are critical in providing safety information. They use visual cues to alert operators and personnel to potential hazards or unsafe conditions, promoting a safe working environment and preventing accidents. They show the current operating status of machinery and equipment, indicating whether it is running, in standby mode, idle, or experiencing a fault. This real-time information enables operators and technicians to quickly assess the condition of the equipment and respond appropriately.

 

Report Coverage

This research report categorizes the market for the North America panel mount indicator lights market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America panel mount indicator lights market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America panel mount indicator lights market.                 

 

North America Panel Mount Indicator Lights Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 210.15 Million
Forecast Period:2023 - 2033
Forecast Period 2023 - 2033 CAGR:5.6%
2033 Value Projection:USD 362.25 Million
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Application, By Region, and COVID-19 Impact Analysis.
Companies Covered: INOXPA Group, Alexis Oil Company, RelaDyne, Inc., Gaubert Oil Company, Inc., Schlumberger Limited, Baker Hughes Company, Flowserve Corporation, Sulzer Ltd, SPX FLOW, Inc., Xylem Inc., Graco Inc., Pentair plc, ITT Inc., and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The increasing demand of panel mount indicator lamp has grown owing to the rising number of automobiles in North America. In addition, LED lamps are primarily used for consumer electronics and healthcare applications. Furthermore, the increased use of LED lighting systems has the potential to reduce electrical energy consumption by up to five times. Also, LEDs require little energy to produce a large amount of light, which is why they are so popular in both outdoor and indoor settings. LEDs give designers greater creative freedom and the ability to withstand frequent switching. Moreover, rising consumer awareness of the benefits of LED lights, combined with a shift toward green lighting, is expected to drive demand for LED products. The North American panel mount indicator lamp market is expected to grow as smart lighting and smart homes become more prevalent in North America.

 

Restraining Factors

Concerns about the high upfront costs are likely to hamper the growth of the North America panel mount indicator lamp market. LEDs are more expensive than other types of light sources. The lighting quality of diodes is heavily influenced by the ambient operating temperature. At high temperatures, the properties of the electricity passing through the semiconductor elements change, potentially causing the LED module to burn out. These factors impact areas and surfaces exposed to extremely rapid temperature increases or extremely high temperatures.

 

Market Segment

  • In 2023, the multicolor LED light segment accounted for the largest revenue share over the forecast period.

Based on type, the North America panel mount indicator lights market is segmented into multicolor LED light and single-color LED light. Among these, the multicolor LED light segment has the largest revenue share over the forecast period. Multicolor panel mount indicator LED lights provide clear visual signals, improving workplace safety and enabling real-time monitoring of machinery or processes. Multicolor LED light technology saves energy, has a long lifespan, and lowers maintenance costs. It is also durable, versatile, and simple to install on control panels or machines.

 

  • In 2023, the electronics segment is witnessing significant growth over the forecast period.

Based on application, the North America panel mount indicator lights market is segmented into electronics, automotive, and medical. Among these, the electronics segment is witnessing significant growth over the forecast period. Panel mount indicator lights serve a variety of electronic functions, including visual feedback, status indication, and user interface control. Here are some examples of panel-mounted indicator lights used in electronics. Panel mounted indicator lights are commonly used to indicate whether a device or electronic equipment is turned on or off. They provide users with a quick and obvious visual indicator of the device's current power condition.

 

  • In 2023, the United States accounted for the largest revenue share over the forecast period.

Based on region, the United States segment has the largest revenue share over the forecast period. There is a high demand for panel mount indicator lights in major end-use industries such as electronics, automotive, medical, and power. The automotive, electronics, and power industries are thriving throughout the country. The growing electric vehicle industry in the United States is driving the expansion of the North American panel mount indicator light market. The United States is the third largest country with higher electric car sales which helps to boost North American panel mount indicator lights market growth over the forecast period.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North American panel mount indicator lights market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • INOXPA Group
  • Alexis Oil Company
  • RelaDyne, Inc.
  • Gaubert Oil Company, Inc.
  • Schlumberger Limited
  • Baker Hughes Company
  • Flowserve Corporation
  • Sulzer Ltd
  • SPX FLOW, Inc.
  • Xylem Inc.
  • Graco Inc.
  • Pentair plc
  • ITT Inc.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the North American panel mount indicator lights market based on the below-mentioned segments: 

 

North America Panel Mount Indicator Lights Market, By Type

  • Multicolor LED Light
  • Single Color LED Light

 

North America Panel Mount Indicator Lights Market, By Application

  • Electronics
  • Automotive
  • Medical

 

North America Panel Mount Indicator Lights Market, By Region

  • US
  • Canada
  • Mexico
  • Rest of North America

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