Market Research Future Insights
According to MRFR analysis, The emergency lighting market industry is projected to grow from USD 9.4424 Billion in 2023 to USD 14.41055 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2030).
Emergency lighting is described as lighting that turns on automatically when there is no power supply, and all normal illumination fails. Most newly constructed buildings now have emergency lights fitted during construction.
One of the major factors driving market expansion is the falling average selling price of light-emitting diodes. LED has the largest market share in the light source segment, owing to its energy efficiency and extended life cycle. According to the survey, the market for incandescent light sources is shrinking due to their less energy-efficient properties, and they are most commonly utilized in residential buildings. The dynamic characteristics of liFePO4 batteries, such as lightweight, small volume, high-temperature resistance, and long-life duration, are the primary reasons driving market expansion in the battery segment.
Free Sample Copy - https://www.marketresearchfuture.com/sample_request/3866
Regional Framework
The geographical analysis of the emergency lighting market is further being studied for critical regions of the Americas, Asia Pacific, Europe, and the Rest of the World. The mounting demand for emergency lighting in the commercial, residential, and industrial sectors is motivating the market in the North America region. North America region is also ready to witness leadership towards the emergency lighting market throughout the forecast period.
Asia‐Pacific region is also anticipated to expand at the highest CAGR owing to the high adoption of emergency lighting in developing countries, and an escalating focus on real estate projects is driving the market in the region. The Asia-Pacific region will also have the highest growth rate over the forecast period as the governments in countries are actively promoting the adoption of emergency lighting. Various government flagship programs, such as Housing for All, Atal Mission for Urban Rejuvenation and Transformation (AMRUT), Power for All, and Make in India, are expected to encourage the growth of emergency lighting in the region.
In fact, the rapid urbanization in developing countries, such as China, India, Japan, and South Korea, is also leading to an increase mainly in the construction sector. Noteworthy infrastructure expenditure is witnessed in Hong Kong, Australia, Singapore, the Philippines, Thailand, Taiwan, Myanmar, and Vietnam.
Key Players
Notable players in the emergency lighting market are- Philips Lighting Holding B.V. (Netherlands), Schneider Electric SE (France), Hubbell Lighting Inc. (U.S.), Cooper Industries (Ireland), Emerson (US), Legrand S.A. (France), Acuity Brands (U.S.), Beghelli S.p.A. (Italy), Daisalux (Spain), Zumtobel Group (Austria), among others.
Introduction:
In times of crisis, effective illumination plays a critical role in ensuring the safety and well-being of individuals. Emergency lighting systems serve as a lifeline, providing essential visibility during power outages or hazardous situations. As technology continues to advance, the global emergency lighting market is witnessing significant growth.
- Rise in Demand for Energy-Efficient Solutions
With an increasing emphasis on sustainability and energy conservation, there is a growing demand for energy-efficient emergency lighting systems. LED (Light Emitting Diode) technology has emerged as a popular choice due to its long lifespan, low power consumption, and high brightness. LED-based emergency lights not only contribute to reducing carbon emissions but also result in substantial cost savings for end-users. These factors have led to a surge in the adoption of LED emergency lighting systems across various industries, including commercial, industrial, and residential sectors.
- Stringent Safety Regulations
Governments and regulatory bodies worldwide have implemented stringent safety regulations to ensure the protection of life and property during emergencies. Compliance with these regulations has become a top priority for businesses and organizations. Emergency lighting systems play a crucial role in meeting these safety requirements, as they provide clear visibility and aid in evacuation procedures during power failures or emergencies. The need to adhere to safety standards has fueled the demand for reliable and efficient emergency lighting solutions, driving the growth of the market.
- Growing Focus on Industrial Safety
Industrial settings are prone to accidents and emergencies due to the presence of hazardous materials, heavy machinery, and complex operations. To mitigate risks and ensure worker safety, industrial facilities are increasingly investing in robust emergency lighting systems. These systems are designed to withstand harsh environmental conditions and provide reliable illumination even in high-temperature or volatile atmospheres. The industrial sector, including manufacturing plants, oil and gas facilities, and warehouses, represents a significant market opportunity for emergency lighting manufacturers and suppliers.
- Advancements in Wireless and IoT-enabled Solutions
The integration of wireless and Internet of Things (IoT) technologies has revolutionized the emergency lighting market. Wireless emergency lighting systems offer greater flexibility in terms of installation and maintenance. These systems can be easily retrofitted into existing infrastructure, reducing installation costs and minimizing disruptions. Furthermore, IoT-enabled emergency lighting solutions provide real-time monitoring and control capabilities, allowing facility managers to remotely monitor the status and performance of emergency lights. This enables proactive maintenance and swift response in case of failures or emergencies.
- Increasing Focus on Aesthetic Appeal
Traditionally, emergency lighting systems were considered functional but lacked aesthetic appeal. However, there is a growing demand for emergency lighting solutions that blend seamlessly with modern architectural designs. Manufacturers are now offering a wide range of aesthetically pleasing emergency lighting fixtures that complement the overall ambiance of commercial spaces, hotels, and retail outlets. This trend has opened up new opportunities for designers and architects to incorporate emergency lighting systems into their projects without compromising on aesthetics.
Related Reports
Semiconductor Inspection System Market Research Report – Forecast to 2030
Oscilloscope Market Research Report - Global Forecast till 2030
Conclusion:
The emergency lighting market is witnessing steady growth, driven by factors such as the demand for energy-efficient solutions, stringent safety regulations, and the focus on industrial safety. The integration of wireless and IoT technologies has further expanded the possibilities for advanced monitoring and control of emergency lighting systems. Additionally, the market is experiencing a shift towards aesthetically appealing designs that seamlessly integrate emergency lighting into modern architecture.
