Emergency Lighting Market to Reach $7.9 Billion by 2023

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Emergency Lighting Market to Reach 7.9 Billion
by 2023
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Emergency Lighting Market
Growing number of construction projects drives
demand of emergency lightings
The author estimates that the size of global
emergency lighting market is likely to grow from
4.5 billion in 2016 to reach 7.9 billion by
2023, at a CAGR of 7.9 during 2017 2023.
Booming urbanization gives birth to the
inevitable need for solutions that make
livelihood safe and secure. Emergency lighting is
one such product whose demand is growing
considerably, with the up ticking per capita
income of the consumers globally. The rapid
growth in construction projects can be cited as
an instrumental factor for the growth of the
market.
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Emergency Lighting Market
Insights on market segments
The study highlights that self-contained
emergency lighting has been the largest and
fastest growing category in the market. Based on
battery used, LiFePO4 based emergency lighting is
forecasted to grow at the highest rate. Among the
various light sources, LED emergency lights are
expected to display the strongest growth during
the forecast period. Browse Detailed Report
Summary on Emergency Lighting Market by Power
System (Self-Contained, Central, Hybrid), By
Battery Type (Ni-Cd, Ni-MH, LiFePO4, Lead-Acid),
by Light Source (Fluorescent, LED, Incandescent,
Induction), by Offering (Hardware, Software,
Services), by Application (Residential,
Commercial, Industrial) Global Size, Share,
Development, Growth and Demand Forecast,
2013-2023, at https//www.psmarketresearch.com/
market-analysis/emergency-lighting-market
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Emergency Lighting Market
North America largest revenue stream for
emergency lighting market
North America and Europe stands as the major
markets in the emergency lighting industry, of
which the former has been the key contributor to
the global revenue. However, the emergency
lighting market is expected to witness the
fastest growth in developing regions, wherein
Asia-Pacific seems to be the most prospective
market. During the forecast period, the market in
Latin America and Middle-East Africa are also
expected to grow at a considerable pace.
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Emergency Lighting Market
Technological advancements to play a pivotal role
in market growth
Technological advancement is necessary for the
sustainability of any technology. The companies
involved in manufacturing emergency lights are
investing heavily in research development to
enhance the performance and life span of their
smart emergency lighting products. This has been
keeping the demand for emergency lighting
products aloft. With the increasing adoption of
emergency lighting in residential areas, the
companies are focusing on increasing their
portfolio dedicated to this sector. The providers
are also focusing on developing smart emergency
lighting, which would help in reducing carbon
emission by 90, while being energy efficient.
These smart emergency lights will also be long
lasting and can provide light for more than 90
minutes. In future, Organic LEDs (OLEDs), and the
next generation LEDs will be used for various
application areas, such as residential,
commercial, industrial, railways and
aircrafts. The growing number of construction
projects has been preparing a fertile ground for
the market. Governments of various countries are
focusing towards building world class
infrastructure to attract investors in their
respective countries. Many developed and
developing nations have announced to develop
smart cities, which would drive the demand for
emergency lighting. In addition, the number of
construction projects is also increasing due to
increasing government support and rising
urbanization across the globe. For instance, in
India, the government has announced to develop
100 smart cities and 500 AMRUT cities, and
extended support to light manufacturing companies
to establish their manufacturing facilities
across the country.
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Emergency Lighting Market
Introduction of smart lights shines as key
opportunity
Growing government support, coupled with
increasing awareness level about the benefits
associated with emergency lights among consumers,
have been creating growth opportunities for the
market. To cater to the growing and changing
consumer needs, companies are focusing on the
development of sophisticated and advanced
automation and lighting control systems. Smart
lighting helps in reducing energy loss and cost
by automatically turning off lights when not in
use, or reducing the amount of illumination while
sensing the nearby environment and brightness.
Energy and cost savings through advanced lighting
controls are dependent on specific applications
and site utilization rates.
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Emergency Lighting Market
Key vendors in the industry are focusing on
partnership
Partnerships among competitors is the major
recent development in this market. Besides, the
major companies in the market are also investing
heavily in research development and innovation
to enhance the durability and performance of
products, and to stay competitive in the market.
For instance, Osram Licht's Malaysian unit, Osram
Opto Semiconductors (M) Sdn Bhd, launched
research development center in Penang, which
will cater to regional demand. Most of the major
players in the market offer all major categories
of emergency lighting solutions, including
fluorescent lights, LED lights, incandescent
lights, and induction lights. Some of the major
players in the global emergency lighting market
include Osram Licht AG, Hubbell Incorporated,
Eaton Corporation Plc, Philips Lighting, Syska
LED, Daisalux, S.A.U., Zumtobel Group, Acuity
Brands,Inc, Schneider Electric SE, and Legrand SA.
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Emergency Lighting Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/e
mergency-lighting-market/report-sample
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