Emergency Lighting Market To Generate Revenue Worth $9,993.4 Million by 2030

The increase in the number of technological advancements, coupled with the growth in the research initiatives for emergency lighting, increase in the number of construction projects, and rise in the government regulations for emergency lighting for safety are the major driving factors for the emergency lighting market. Due to the aforementioned factors, the market is projected to witness a CAGR of 6.4% during the forecast period (2021–2030), to reach $9,993.4 million by 2030.

Due to the ongoing COVID-19 pandemic, the governments of different nations have implemented several measures to inhibit the spread of the virus. Moreover, the decrease in the funding for public projects and postponement of the ongoing projects are restricting the demand for emergency lighting solutions. Moreover, the low supply of electronic components and raw materials to original equipment manufacturers (OEMs) is reducing the growth rate of the emergency lighting industry.

Self-Contained Category Dominated Industry in 2020

Based on power system, the market is categorized into self-contained, central, and hybrid. Amongst these, the self-contained category accounted for the major market share in 2020, and it is expected to maintain the lead in the coming years. This would be due to the quicker installation of self-contained power systems and the fact they are cost-effective for small and medium enterprises (SMEs).

Based on battery type, the emergency lighting market is categorized into Ni–Cd (nickel–cadmium), Ni–MH (nickel metal hydride), lithium-ion (Li-ion), and lead–acid. Amongst these, the Li-ion category is expected to witness the fastest growth during the forecast period due to the relatively low self-discharge rate of and low maintenance required by Li-ion batteries.

Based on source, it is categorized into fluorescent, LED, incandescent, induction, and others. Amongst these, the LED category accounted for the major market share in 2020, and it is set to continue on this path in the coming years. This is attributed to the growing awareness about energy-efficient emergency lighting solutions, coupled with the government initiatives to boost their adoption.

Based on offering, the market is categorized into hardware, software, and services. Amongst these, the software category is expected to witness the fastest growth during the forecast period. This can be attributed to the increasing demand for advanced software for effectively monitoring and controlling the lights.

Based on application, the market is categorized into residential, commercial, industrial, and others. Amongst these, the residential category is expected to witness the fastest growth during the forecast period. This is credited to the increasing construction of commercial buildings across the globe and implementation of stringent safety norms in this sector.

Geographically, the Asia-Pacific (APAC) region is expected to hold the largest share in the regional category in 2030 and witness the highest CAGR during the forecast period. This is attributed to the increasing number of smart homes in the region, coupled with the increasing initiatives for infrastructure development, including smart city projects, in China, India, South Korea, and Thailand.

Industry Players Are Involved in Product Launches

Players operating in the global market are actively involved in product launches. For instance, In December 2019, Acuity Brands Inc. launched the Renna rectilinear luminaires, with sleek designs, for commercial and architectural spaces. These luminaires are flexible and scalable, and they include emergency lighting support options.

Similarly, in April 2020, ABB Ltd. launched the Naveo Pro system, which allows customers to integrate their emergency lighting installations with a mobile app that provides real-time information on all the systems.

Some of the key players operating in the market are Legrand SA, Hubbell Incorporated, Signify N.V., ABB Ltd., Acuity Brands Inc., Zumtobel Group AG, and OSRAM Licht AG.