The declining prices of LEDs and rising construction projects are the major factors driving the growth of the global emergency lighting market. Due to these factors, the market is expected to generate $10.4 billion revenue by 2030, advancing at a CAGR of 6.5% during the forecast period (2020–2030).
The impact of the COVID-19 pandemic on the emergency lighting market has been quite negative, as various lockdown measures have been implemented by nations around the world. This has caused significant disruption in infrastructure development activities, in the form of delays and postponement of construction projects, reduction in investments, and ill-effects on the supply chain across the globe.
Self-Contained Category To Hold Largest Share in Market throughout Forecast Period
The emergency lighting industry, based on power system, is classified into self-contained, central, and hybrid. Among these, the self-contained category held the largest market share in 2019, by revenue, and it is expected to lead the industry in the coming years as well. The growth is attributed to the less installation time of self-contained lighting systems and their cost-effectiveness for small and medium enterprises (SMEs).
The emergency lighting market, in terms of application, is categorized into residential, commercial, industrial, and others. The commercial category is expected to hold the largest revenue share during the forecast period. The growing application of emergency lighting in commercial buildings, such as offices, hotels, malls and retail shops, and hospitals, to help people find their way out of them and eliminate work interruption in case of power outages, is a major factor driving the category.
Geographically, North America generated the highest revenue in 2019 in the emergency lighting market. During the forecast period, APAC is expected to witness the fastest growth and become the largest regional market in 2030. It would mainly be due to the growing smart home market in the region, coupled with the increasing number of government projects revolving around smart cities, in countries such as India, South Korea, and Thailand. Additionally, the growing government support for the adoption of LED lighting solutions is driving the market for emergency lighting.
Product Launch Is Strongest Strategic Measure Taken by Players in Industry
Players in the emergency lighting market are focusing heavily on product launches to improve their customer base. For instance, in April 2020, ABB Ltd. launched Naveo Pro, a monitoring system that allows customers to set up, monitor, and maintain their emergency lighting installations, with a new mobile app. This app offers customers a real-time overview of all systems and enables better maintenance planning and building safety. It enables easy installation and programming of self-contained emergency luminaires, while keeping a record of all the activity on the cloud.
Browse report overview with detailed TOC on "Emergency Lighting Market Research Report : By Power System (Self-Contained, Central, Hybrid), Battery Type (Ni-Cd, Ni-MH, Li-Ion, Lead-Acid), Light Source (Fluorescent, LED, Incandescent, Induction), Offering (Hardware, Software, Services), Application (Industrial, Commercial, Residential) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/emergency-lighting-market
Similarly, in April 2019, Eaton Corporation plc launched two new ranges of emergency lighting, for large open plan areas. The new ranges, ideal for industrial applications, such as warehouses and factories, have one or two LED light heads with different variants.
Some of the major players operating in the global emergency lighting market are 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, ABB Ltd., Larson Electronics LLC, Eaton Corporation plc, and Schneider Electric SE.