The Emergency Lighting Market Continues to Expand

<< Go Back Posted By:administrator on Nov 07,2019in Industry News

Emergency Lighting Market Overview

The global emergency lighting market is expected to reach $7.4 billion by 2024, registering a CAGR of 7.6% during 2019-2024. The growing number of construction projects, and technological advancements in lighting industry are the key factors contributing to the growth of the emergency lighting market.

 

Global-Emergency-Lighting-Market-Size

Based on power system, the emergency lighting market is segmented into self-contained, central and hybrid; of which self-contained power system is estimated to be the largest power system category in 2018. The self-contained power system takes less time in installation and are cost-effective for small and medium enterprises (SMEs). However, the central power system is expected to witness fastest CAGR in the forecast period. This would be attributed to longer life and easier maintenance of central power system as compared to self-contained system.

Based on application, the emergency lighting market is categorized into residential, commercial, industrial, and others, wherein ‘others’ include railway station, airports, and ship yards. Among these, residential emergency lighting is expected to be fastest growing category, in the forecast period. This would be due to increasing construction of residential homes predominately in APAC and MEA region. Further, several countries such as U.A.E, Qatar, and Brazil, are making it mandatory to install emergency lighting systems in buildings which in turn is fueling the demand for emergency lighting.

Globally, North America is estimated to be the largest emergency lighting market, in 2018. This is attributed to increasing construction of commercial and residential buildings in the U.S., increasing focus of the U.S. government on energy efficient lighting in buildings, and strict safety norms pertaining to installation of emergency lights in commercial buildings in the country.

 

Global-Emergency-Lighting-Market

However, the emergency lighting market in APAC is expected to witness fastest CAGR in the forecast period. This would be owing to growing smart home market in the region, development of smart cities especially in India, and increasing government initiatives supporting adoption of LED lights in India, and Japan.

Emergency Lighting Market Dynamics

Trend

The key trends observed in emergency lighting market include increasing inclination toward LEDs and increasing adoption of emergency lighting in aviation sector. There has been increasing inclination toward LEDs due to its cost effectiveness. The declining prices of LED lamps has to led to rise in demand for these lights. The various application areas of LED lights include industrial, residential and commercial. The companies involved in the manufacturing of lighting products have been broadening their LED emergency lights portfolio. This is due to increasing demand for LEDs; owing to its high energy efficiency and low cost.

The aviation industry has been growing worldwide. This is attributed to booming tourism industry, and lower air fares offered by flights. With growing aviation industry, there is high demand for sophistication, beautification, and inclusion of utility-based components in the aircrafts. This has been augmenting the demand for emergency lighting in the aircrafts. Moreover, declining prices of emergency light is further escalating their demand in this sector, as the aviation companies are targeting to minimize their one-time cost for installation of components.

Driver

The key factors contributing to growth of emergency lighting market include growing number of construction projects and technological advancements in lighting industry. Government of various countries are focusing toward 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 government initiatives and rising urbanization across the globe. 

Earlier, in 2015, the government of India announced to develop 100 smart cities in the country over the next five years. Hence, with increasing construction of smart cities and increasing number of construction projects, globally, the demand for emergency lighting is expected to increase in the forecast period.

 

Emergency-Lighting-Market

Opportunity

The key opportunity in the emergency lighting market is growing adoption of better safety standards. The increasing terror attacks coupled with surging uncertainties in terms of natural calamities, has been gaining government focus toward better safety standards in several countries. Occupational Safety and Health Administration (OSHA) Code of Federal Regulations, and NFPA 70 - National Electric Code, and Standard Fire Prevention Code 1999 are the major lighting regulations for testing and maintaining exit & emergency lighting systems across the globe. With implementation of different fire safety codes and regulations, market players are posed with opportunities for testing, installation and maintenance of emergency lights.

Emergency Lighting Market Competitive Landscape

The intensity of rivalry among players in the emergency lighting market is moderate. In the recent past, product launches, and mergers & acquisitions have been the major activities in the market. As LED Bulb Expert, WELLMAX also developed the Emergency Led bulbs series for global clients on the beginning of this year, featuring “Easy charging, light lasting”. So far, this item has become one of the hottest product within the market by virtue of its ingeniously designed circuit solution.


Source: P&S Intelligence,  December, 2018