Increase in government initiatives to support the adoption of energy-efficient lighting solutions, surge in number of construction projects across the world, and rise in adoption of energy efficient lighting products drive the growth of the global emergency lighting market.
PORTLAND, Ore., Feb. 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Emergency Lighting Market by Offering (Hardware, Software and Services), by Power System (Self-Contained Power System, Central Power System and Hybrid Power System), By Lighting Type (Fluorescent Lighting, LED, Incandescent, Others) and Application (Residential, Industrial, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global emergency lighting industry was estimated at $5.48 billion in 2020, and is anticipated to hit $10.73 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030.
Drivers, Restraints, and Opportunities-
Increase in government initiatives to support the adoption of energy-efficient lighting solutions, surge in number of construction projects across the world, and rise in adoption of energy efficient lighting products drive the growth of the global emergency lighting market. On the other hand, various design-related issues restrain the growth to some extent. However, constant developments in technologies and growing demand for software for effectively monitoring and controlling the lights are projected to create lucrative opportunities in the industry.
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Covid-19 Scenario-
- The temporary closure of the majority of manufacturing units across the world gave way to declined demand for emergency lighting strictures, especially during the initial phase, thereby impacting the global emergency lighting market negatively.
- However, the market is anticipated to get back on track soon.
The Self-Contained Power System Segment to Dominate By 2030-
By power system, the self-contained power system segment contributed to the major share in 2020, holding around two-fifths of the global emergency lighting market. The same segment would also cite the fastest CAGR of 7.8% during the forecast period. The installation cost of self-contained luminaries can be relatively cheap because there is no need for any special, fire-rated cabling, which in turn has propelled the segment growth.
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The LED Segment to Maintain the Dominant Share-
By lighting type, the LED segment accounted for the major share in 2020, holding nearly half of the global emergency lighting market. The same segment is also expected to grow at the fastest CAGR of 7.8% from 2021 to 2030. This is because LEDs are commonly used in many electronic devices as indicator lamps, in automobiles as rear-window and brake lights, and in consumer electronics.
North America Garnered the Major Share in 2020-
By region, the market across North America had the lion's share in 2020, generating around one-third of the global emergency lighting market. Government funding for advanced and connected infrastructure plays a major role in the growth of the market. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 8.0% by 2030, due to the availability of high-end enhanced technologies, rise in demand for emergency lighting, and developments in the manufacturing industries.
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Key Players in the Industry-
- Syska
- Daisalux
- Eaton Corporation
- Acuity Brands
- Legrand
- Osram Licht Ag
- Philips Lighitng Holding B.V
- Schneider Electric SE
- Zumtobel Group
- Hubbel Lighting Inc.
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