Emergency Lighting Market to Generate Revenue Worth $9,993.4 Million by 2030
Arada has revealed smart city plans for its mega urban project in Sharjah in November 2018. Being developed with an investment of $6.5 billion, the project, named Aljada, has a completion deadline of 2025. Similarly, the Indian government has set the wheels turning for setting up 100 smart cities. This is to be a key enabling factor for the growth of the global emergency lighting market value to $9,993.4 million by 2030 from $5,386.0 million in 2020, at a 6.4% CAGR during 2021–2030, according to the market research study published by P&S Intelligence.
Key Findings of Global Emergency Lighting Market
Self-contained power systems continue to be preferred
Demand for emergency lights to rise fastest in residential spaces
Emergency lights becoming mandatory in emerging economies
Widest usage of emergency lights being witnessed in North America
Market is fragmented in nature
Industry players launching new products for higher sales
With the increasing incidence of natural disasters, such as earthquakes, tsunamis, and hurricanes, and the rising number of cases of fires, the awareness on the safety of people inside buildings is increasing. Hence, the emergency lighting market is being propelled by the implementation of strict government mandates for the installation of emergency lights in existing and under-construction buildings and other infrastructure, such as trains and aircraft.
The emergency lighting market is witnessing the negative impact of the COVID-19 pandemic, mainly because of factory shutdowns, which have impacted the trade of emergency lights and their components. Similarly, construction projects have been put on the backburner, and funding for them has been reduced or completely stopped, which has decreased the demand for such fixtures.
The highest CAGR in the emergency lighting market, of 7.1%, on the basis of power system, in the coming years is expected to be seen in the central category. Emergency lights with central power systems are easier to maintain, and they also last longer than those with self-contained and hybrid power systems.
Historically, North America was the highest-revenue-generating emergency lighting market on account of the rapid infrastructure development and stringent government measures regarding the safety of people. Moreover, the energy efficiency measures taken in the U.S. and Canada are propelling the installation of LED emergency lights.
Asia-Pacific (APAC) is predicted to grow the fastest in the emergency lighting market in the years to come. The construction of smart cities in India, South Korea, China, and Thailand, coupled with the increasing awareness on safety, is resulting in the rising demand for emergency lights in the region. Additionally, governments here are mandating the usage of energy-efficient lights, thereby propelling the installation of LEDs.
The most-significant companies in the global emergency lighting market include Signify N.V., Hubbell Incorporated, OSRAM Licht AG, Zumtobel Group AG, Daisalux S.A.U., Acuity Brands Inc., ABB Ltd., Legrand SA, Larson Electronics LLC, Syska LED Lights Private Limited, and Schneider Electric SE.