The global market for the Emergency Lights is anticipated to develop at a compound annual growth rate (CAGR) of 6.34% throughout the course of the forecast, to reach USD 9.23 Billion by 2028.
The global emergency lights market is expected to grow rapidly expected to reach close to USD 9 billion by the year 2028 projecting a sustainable rise in CAGR up to 7% during the forecast period from 2018 to 2028. The catalysing growth of the global emergency lights market can be attributed to the surging demand for highly energy-efficient systems realising the skyrocketing energy consumption levels across residential, industrial and commercial sector accelerating the growth of the global emergency lights market.
Increasing stringency of the fire safety regulations deployed by governments is boosting the need for emergency lights system. Increasing infrastructure development worldwide has escalated the number of construction projects across developed as well as developing countries providing lucrative opportunities for growth. However, prevalence of factors such as lack of affordability due to higher costs associated with installation and operation are hampering the growth of the global emergency lights market.
Emergency lighting system refers to a standalone backup system that is installed within a facility. Such as system typically does not rely on the traditional electric distribution system and is therefore also popularly known as battery-backed lighting device. Emergency lights system aid any particular building, apartment, industrial unit or large machines in case of a power failure.
Primary goal of installing an emergency lights system in commercial estates or high-occupancy residential spaces for instance, dormitories, societies and hotels is to ensure a continuous supply of power even in desperate times of power failure thus protecting people during an emergency situation.
Emergency lighting is popularly adopted by various commercial spaces including applications in theatre, aisles and corridors of larger buildings, entertainment halls, escalators and vast-ranging additional applications that focus fundamentally on security. Technological breakthrough and innovative ideas such as the incorporation of red or green LED displaying exit signs has been a remarkable advancement in the emergency lights system market. emergency light technology has gained momentum and predominantly widespread in terms of application owing to the relatively longer battery life and elevated efficiency levels as compared to the traditional illumination signs.
Global emergency lights market players are well established showcasing deeper roots into the industry as compared to the newly emerging players entering the market with the sole objective of disrupting the conventionally adopted technologies and applications profile. Increasing threat of young industry players coupled with the parallelly up gradation of the market pacing up significantly has resulted in market consolidation. The major players of the global emergency lights market are Schneider Electric SE, Philips Lighting Holding B.V., Arrow Emergency Lighting Limited, Hubbell Lighting, Legrand S.A., Cooper Industries, OSRAM Licht AG, Taurac, Emerson Electric, Fulham, Zumtobel, Acuity Brands, Arts Energy, Daisalux and Digital Lumens. The emergency lights market is constructed of the local players with a robust foundation alongside the expanding global companies. additionally, the previously recognized market participants are coming forth with a range of novel, advanced strategies to enhance opportunities and innovative ideas to remain competitive in the global market.
Emergency Lights Market Scope
|Revenue forecast in 2028
|USD 9.23 Billion
|CAGR of 6.34 % during 2021-2028
|Product, End User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Schneider Electric SE, Philips Lighting Holding B.V., Arrow Emergency Lighting Limited, Hubbell Lighting, Legrand S.A., Cooper Industries, OSRAM Licht AG, Taurac, Emerson Electric, Fulham, Zumtobel, Acuity Brands, Arts Energy, Daisalux and Digital Lumens
Key Segments of the Global Emergency Light Market
Product Type Overview, (USD Billion)
- Central Test
- Self Test
Application Overview, (USD Billion)
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- The chief aim of the study is to efficiently scrutinize the current industry dynamics of the global emergency light market to put you a step ahead of the rest of the market.
- Ascertain your competitive advantage while the key players of the market introduce innovative strategies to catalyse industry growth and development.
What does the report include?
- The study on the global emergency light market holistically surveys the key qualitative aspects evaluating factors such as the key drivers, restrains, market trends, opportunities and challenges.
- The study provides competitive benchmarking assessing the landscape housing existing as well as prospective players in the emergency light industry followed by their strategic initiatives and technological advancements to enhance product development
- Report deliverables also include the quantitative and qualitative assessment of the market segments based on the type of products and array of applications with a similar survey of the key geographies.
- Actual market sizes and forecast estimations have been incorporated with each of the segment mentioned above.
Who should buy this report?
- The report on the global emergency light market provides access to valuable industry analysis for OEMs, emergency lighting software providers, raw material and equipment suppliers, emergency lighting manufacturers and display providers
- Government bodies, stakeholders, and investors looking for an all-inclusive future outlook of the global emergency light market
- Software engineers, electrical engineers, technology experts and consultants seeking insights reshaping the global emergency lights market
Frequently Asked Questions (FAQ) :
Rapidly advancing technological avenue of the lighting industry is encouraging a sustainable rise in the demand for emergency light system. widespread application of emergency lighting and a burgeoning demand resulting from the accelerating industrialization coupled with urbanization is boosting the growth of the global emergency light market over the forecast period. Growing dependency on emergency lighting particularly driven by the increasing frequency of power cuts and failure in supplying consistent power and due to the reliable installation and utilization of emergency light systems ensuring operation proficiency functionalities is encouraging end user industries to urgently adopt advanced emergency light systems.
Manufacturers worldwide are increasing focusing on the research and development aspects of the emergency light industry aiming to significantly modernize the product portfolio showcasing novel capabilities that facilitate improved performance, enhancing the life span of the emergency lighting products and the overall profile of product features. In addition, predominant incorporation of LED technology coupled with the advancing automation integrated within industries to accurately analyse the performance and efficiency of light units, verify and monitor operations and transmit alert signals in case of any problems with specific departments are fuelling the inclination and demand for emergency light products thus underpinning a sustainable market growth throughout the forecast years.
Product Type Segment
In terms of the type of products, the market is categorised into central test, self test, LED, induction, fluorescent and incandescent. The LED segment is anticipated to acquire highest CAGR growth over the forecast years likely to lead the global emergency light market revenue owing to the increasing applications of LEDs across a wide range of end-users with exclusive advantages such as affordability amplifying the access for different customer capacities and the energy-efficient alternative allowing significant reduction in the energy consumption as compared to the conventional sources of light. Adoption of LEDs have largely magnified in the last couple decades owing to the large scale production thus offering easy availability in the market.
Based on the applications, the market is split into industrial, commercial and residential applications of emergency lights. The residential application segment accounts for largest chunk of the global emergency light market revenue share thus projecting an exponential growth during the forecast. It can be attributed to the surging number of construction projects dedicated to the development of residential spaces and apartments across the developing countries with drastic rise in the population therefore fuelling the demand for emergency light systems.
Asia Pacific spearheaded the growth of the global emergency light market in past and is expected to continue dominating the market with a robust market share over the forecast. The region is likely to experience lucrative growth over the forecast period primarily due to the imploding population across countries like India and China driving the need for an enormous amount of housing aid fuelling residential based construction projects across the developing economies. Countries across the region are actively advertising the importance of emergency light adoption across industrial as well as commercial space thus boosting the sales during the forecast. Emergence of new government flagship programs stressing upon sustainability and overall economic growth and development such as Make in India, Housing for All, Power for All, and Atal Mission for Urban Rejuvenation & Transportation (AMRUT) are offering new avenues for business expansion thus supporting the growth of the emergency light market in Asia Pacific.