SUMMERY:
Market Research Future published a research report on “Emergency Lighting Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Overview
The emergency lighting market analysis 2020 offers a steady compound annual growth rate (CAGR) of 6% during the years between 2016 and 2022. Market Research Future estimates the figures and reveals that the market will witness a valuation of USD 7 Billion in the same period.
Top Impacting Factors
The mounting emphasis on severe fire and safety regulations by governments across the world is motivating the market to a great extent. In the case of point, some regulations, such as NFPA 70 – National Electric Code, Occupational Safety and Health Administration (OSHA) Code of Federal Regulations, International Fire Code, NFPA 101 – Life Safety Code, Standard Fire Prevention Code 1999 and NFPA 1997 5-9.3 are some of the regulations for testing and maintaining ‘emergency lighting’ systems across the world.
Other than this, the growing government policies like the ban in the usage of incandescent light, the use of energy-efficient and cost-saving nature of LEDs are surging the penetration of LEDs at a rapid pace. With this, LEDs are known to be highly controllable, as the integrity of LEDs can vary based on the requirements when incorporated with a driver. These factors have also fostered the global market of emergency lighting simultaneously.
Furthermore, there has also been a recent boost in the usage of self-diagnostic systems in emergency lighting applications. These systems have high-end ability to perform a variety of self-diagnostic functions that repeatedly study the performance of the unit, verify its function, and alert the appropriate department of problems. Technological advancements in emergency lighting, automation systems, and deployment of multi-brand strategies might further arouse the market growth in the forecast period.
On the contrary, other factors such as high capital investment and operational costs are restraining the growth of the emergency lighting market for the future. In fact, lack of standardization and challenges associated with designing emergency lighting is also restraining the growth in this emergency lighting market.
Key Players
The top market players in the emergency lighting market are listed as Hubbell Lighting Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands), Schneider Electric SE (France), Cooper Industries (Ireland), Legrand S.A. (France), Emerson (US), Beghelli S.p.A. (Italy), Acuity Brands (U.S.), Zumtobel Group (Austria) and Daisalux (Spain).
Segmentation
The emergency lighting market, as per the study, has been segmented among the segments of the power system, components, light source, battery, and application.
The power system segmentation has included central, self-contained, and hybrid. Where self-contained emergency lighting is used in small buildings with a low number of lighting points, they can be functional in either maintained or non-maintained mode. Maintained emergency lights are lit all the time. The light used in maintained mode is usually dimmed in crowded places and is known for preventing total darkness.
The components segment has included hardware, software, and services.
The battery segment has included LiFePO4, Ni-Cd, Ni–MH, and Lead–Acid.
The light sources segment has included Fluorescent, LED, Induction, Incandescent, and others.
The application segment has included residential, commercial, and industrial.
Regional Analysis
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.
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