Yahoo Finance Emergency Lighting Market Size To Surpass At USD 14.3 Billion at a 7.30% CAGR by 2030 - Report by Market Research Future (MRFR)
Emergency Lighting Market Growth Drives by Increased High Capital Investment and Rising Operational Costs
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Emergency Lighting Market, By Components, Application, Power System, Light Source, Battery Type, and Region- Forecast 2030”, to cross size approximately USD 14.3 Billion at a healthy CAGR of over 7.30% to bolster significantly over the review timeframe from 2022 to 2030.
Emergency Lighting Market Overview:
An emergency light refers to a battery-backed lighting device operated automatically and self-powers when the main power supply is cut and normal light falls. The primary power supply damage can occur because of a power cut or fire. It can also happen because of the damage to daily lighting supplies. The recently constructed houses and offices, among others, have deployed emergency lights. The application of this is in industrial, residential, and commercial. At present, the recently developed buildings deploy emergency lighting to be safe. The emergency lights market has been overgrown in the last few years. The easy availability of the lights on budget and the types and attractiveness of the emergency lights market are boosting the growth of emergency lights market.
Emergency Lighting Market Competitive Analysis
The list of prominent participants across the global market for emergency lighting includes companies such as:
Taurac (U.S.)
Philips Lighting Holding B.V. (Netherlands)
Beghelli S.p.A. (Italy)
Hubbell Lighting Inc. (U.S.)
Daisalux (Spain)
Cooper Industries (Ireland)
Zumtobel Group (Austria)
Schneider Electric S.E. (France)
Arts Energy (France)
OSRAM Licht AG (Germany)
Emerson (U.S.)
Digital Lumens (U.S.)
Legrand S.A. (France)
Fulham Co. Inc. (U.S.)
Acuity Brands (U.S.)
Arrow Emergency Lighting Limited (Ireland)
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Furthermore, the fast technological development in the lighting industry is another prime aspect supporting the growth of the emergency lights market. Moreover, the rapid urbanization across several nations and better living standards of people in various places will likely catalyze the demand for emergency lights market over the review timeframe.
Emergency Lighting Market USP Covered
Emergency Lighting Market Drivers
The emergency lights market has increased in the last few years owing to the aspects such as supportive government initiatives, continuous usage of advanced incandescent light, the latest cost-saving nature of advanced LEDs, and technological advancements in the latest emergency lighting.
Emergency Lighting Market Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 14.3 Billion |
CAGR during 2022-2030 | 7.30% CAGR |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | Major technological advancements in the latest emergency lighting |
Key Market Drivers | Supported by governments across the world. |
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Emergency Lighting Market Restraints
On the other hand, the complexity and expensive lights may restrict the market's growth.
COVID-19 Impact of Emergency Lighting Market
The global health crisis in the form of COVID-19 has had a significant impact on the majority of the industry areas across the globe. Like all the market areas, the emergency lights market has also witnessed several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates across the globe, all industrial and financial activities are returning to normal. With all of these, the emergency lights market is anticipated to witness massive growth over the coming years.
Emergency Lighting Market Segment Analysis
Among all the power systems, the self-contained power segment is predicted to secure the top position across the emergency lights market over the review timeframe. Self-contained batteries offer the needed emergency lighting from a decentralized source, the individual of the central battery system.
Based on the light source, the LED segment is predicted to hold the top position across the emergency lights market over the review era. LEDs are energy-efficient and have become low in price in recent times. Thus, they are widely used for emergency lighting systems, another prime parameter boosting the segment's growth over the coming years.
Among all the application areas, the residential segment is predicted to secure the top position across the emergency lights market over the coming years. the primary aspect supporting the growth of the segment is the growing construction of residential buildings and apartments across the Middle East and Africa (MEA) and the Asia-Pacific regions.
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Emergency Lighting Market Regional Analysis
The emergency lights market is analyzed across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the Asia-Pacific region is anticipated to secure the top position across the emergency lights market over the assessment timeframe. The growing rapid urbanization across emerging economies such as South Korea, Japan, China, and India is the primary parameter boosting the regional market's growth. Furthermore, the rapidly growing construction sector across the region is another crucial parameter supporting regional market growth. The essential infrastructure expenditure is seen primarily across nations such as Myanmar, Thailand, Singapore, Hong Kong, Vietnam, Taiwan, the Philippines, and the Australian subcontinent. The report further suggests that the regional market will thrive at the highest CAGR over the review era. Moreover, the ongoing projects are likely to influence the regional market's growth during the assessment timeframe. In addition, the growing awareness among people regarding safety may boost the regional market's growth over the coming years.
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The emergency lights market for the North American region is predicted to witness substantial growth over the coming years. the primary parameter supporting the growth of the regional market is the presence of large companies responsible for the growth in the North American region.
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