Emergency Lighting Market Report 2021 - Global Industry Analysis and Demand Forecast to 2030 - ResearchAndMarkets.com
The "Emergency Lighting Market Research Report: By Power System, Battery Type, Light Source, Offering, Application - Global Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The "Emergency Lighting Market Research Report: By Power System, Battery Type, Light Source, Offering, Application - Global Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Arada, a real estate developer based in the U.A.E., 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.
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.
Market Dynamics
Trends
- Increasing adoption of emergency lighting systems in aviation sector
- Surging product development to cater to the rising demand for emergency lighting
Drivers
- Declining prices of LEDs
- Increasing number of construction projects
- Technological advancements in the lighting industry
- Government regulations for emergency lighting for safety
Impact analysis of drivers on market forecast
- Restraints
- High capital investment and maintenance cost
- Impact analysis of restraints on market forecast
- Opportunities
- Rising adoption of emergency lighting solutions for better safety standards
- Impact of COVID-19
Porter's Five Forces Analysis
The most-significant companies in the global emergency lighting market include
- Signify N.V.
- OSRAM Licht AG
- Hubbell Incorporated
- Zumtobel Group AG
- Acuity Brands Inc.
- Daisalux S.A.U.
- Legrand SA
- Syska LED Lights Private Limited
- Larson Electronics LLC
- ABB Ltd.
- Schneider Electric SE
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