Emergency Lighting Market Poised to Reach USD 14.41 Billion at a 7.30% CAGR by 2030

Increasing the number of construction projects to boost the market growth

New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Emergency Lighting Market Information by Components, Power System, Battery Type, Light Source, Application and Region - Forecast till 2030", Emergency Lighting Market could thrive at a rate of 7.30% between 2022 and 2030. The market size will be reaching around USD 14.41 Billion by the end of the year 2030

Emergency Lighting Market Overview:

Emergency lighting refers to the lighting systems used in case of a power outage or other emergencies to provide illumination to help people evacuate a building safely. These lighting systems are critical for ensuring safety and security in various settings, including commercial, industrial, and residential buildings, as well as in transportation and public spaces.

Emergency lighting is widely used in hospitals, airports, shopping malls, hotels, and other buildings where large crowds gather. These lighting systems are also installed in transport vehicles and airplanes to help passengers evacuate in case of an emergency.

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Market Competitive Landscape:

The affluent companies in the Emergency Lighting industry include

Philips Lighting Holding B.V.

Hubbell Lighting Inc

Cooper Industries

Schneider Electric

Emerson

Legrand S.A.

Acuity Brands

Beghelli S.P.A.

Daisalux

Zumtobel Group

Industry News- April 2021

Signify (formerly known as Philips Lighting) launched a new range of emergency lighting products. The company's new range of luminaires is designed to provide optimal safety and security in critical situations, including power outages, fire, and other emergencies.

Report Scope:

Report Metric

Details

Revenue forecast in 2030

USD 14.41 Billion

Growth Rate

CAGR of 7.30% from 2022 to 2030

Base Year

2021

Study Period

2022-2030

Key Market Opportunities

Rapid Advancement & Innovations in Emerging Lighting Products

Key Market Drivers

Increasing number of construction projects Rising Incidents of Power Outages & Power Shortages

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Emergency Lighting Market USP Covered:

Market Drivers:

The demand for emergency lighting systems has increased in recent years due to the rising need for safety and security solutions in public spaces. Emergency lighting is essential in emergencies, such as power outages or fires, as it provides illumination to guide individuals to safety. Moreover, the growing concern over natural disasters and terrorist attacks has further heightened the demand for emergency lighting systems. In such situations, it is critical to have reliable and durable emergency lighting solutions to ensure the safety and security of individuals.

Furthermore, government regulations mandating the installation of emergency lighting systems in various settings, such as commercial and public buildings, have also contributed to the growth of the emergency lighting market. Compliance with these regulations is essential to ensure the safety of individuals and to avoid legal repercussions.

The adoption of LED lighting technology has also contributed to the growth of the emergency lighting market. LED lights are more energy-efficient and have a longer lifespan than traditional lighting solutions, making them more cost-effective in the long run. Moreover, the growing trend toward smart lighting systems has further increased the demand for emergency lighting solutions. Smart lighting systems can be integrated with building management systems to provide advanced control and monitoring capabilities, enhancing the efficiency and effectiveness of emergency lighting systems.

Market Restraints:

While the emergency lighting market is poised for growth, several factors could limit its potential. High installation and maintenance costs are one of the significant market restraints that could affect market growth. Emergency lighting systems require specialized installation and maintenance, which can be expensive for organizations, especially for small and medium-sized enterprises.

Another restraint for the emergency lighting market is the lack of awareness among end-users about emergency lighting solutions. Many organizations are still unaware of the benefits of emergency lighting systems, which may prevent them from investing in these solutions. Additionally, the availability of alternative safety and security solutions, such as fire alarms and sprinkler systems, may also hinder the growth of the emergency lighting market. These solutions are often installed as part of a comprehensive safety and security system, which may make it difficult for emergency lighting systems to gain a foothold in the market.

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COVID 19 Analysis

The COVID-19 pandemic has brought unprecedented challenges to many industries, including the emergency lighting market. The pandemic caused many businesses and public spaces to temporarily close or operate at reduced capacity, resulting in a significant reduction in demand for emergency lighting solutions. This decline in demand was also accompanied by disruptions in supply chains and production capabilities, causing a slowdown in the market's growth.

However, as the world gradually recovers from the pandemic, businesses and public spaces are gradually reopening, and there is a renewed emphasis on safety and security measures. The importance of emergency lighting solutions has become even more evident in the current scenario, with the need to ensure the safety of employees and customers in case of emergencies or power outages. As a result, the demand for emergency lighting solutions is expected to rise in the post-COVID world.

Emergency Lighting Market Segmentation

By Components- The Components in the market include Hardware, Software, and Services.

By Power System- The Power System in the market includes Self-Contained, Central, and Hybrid.

By Battery Type- The Battery Type in the market includes Ni–Cd, Ni–MH, LiFePO4, and Lead–Acid.

By Light Source- The Light Source in the market includes Fluorescent, LED, Incandescent, and Induction.

By Application- The Application in the market includes Residential, Commercial, and Industrial.

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Regional Insights

North America, Europe, and the Asia Pacific are the top three regions driving the growth of the emergency lighting market. North America is expected to dominate the market due to the presence of several key players, stringent government regulations mandating the installation of emergency lighting systems, and growing concerns over natural disasters and terrorist attacks. In Europe, the market's growth is driven by the increasing adoption of LED lighting technology and smart lighting systems. The Asia Pacific region's growth is fueled by the rising demand for safety and security solutions in public spaces and the increasing adoption of emergency lighting systems in various industries.

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