NEW YORK, Aug. 30, 2017 (GLOBE NEWSWIRE) -- Emergency lighting Market is projected to reach $7.9 billion by 2023, growing at a CAGR of 7.9% during 2017 – 2023, P&S Market Research estimates that the size of global emergency lighting market is likely to grow from $4.5 billion in 2016 to reach $7.9 billion by 2023, at a CAGR of 7.9% during 2017 – 2023. Booming urbanization gives birth to the inevitable need for solutions that make livelihood safe and secure. Emergency lighting is one such product whose demand is growing considerably, with the up ticking per capita income of the consumers globally. The rapid growth in construction projects can be cited as an instrumental factor for the growth of the market.
The study highlights that self-contained emergency lighting has been the largest and fastest growing category in the market. Based on battery used, LiFePO4 based emergency lighting is forecasted to grow at the highest rate. Among the various light sources, LED emergency lights are expected to display the strongest growth during the forecast period.
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North America and Europe stands as the major markets in the emergency lighting industry, of which the former has been the key contributor to the global revenue. However, the emergency lighting market is expected to witness the fastest growth in developing regions, wherein Asia-Pacific seems to be the most prospective market. During the forecast period, the market in Latin America and Middle-East & Africa are also expected to grow at a considerable pace.
Technological advancement is necessary for the sustainability of any technology. The companies involved in manufacturing emergency lights are investing heavily in research & development to enhance the performance and life span of their smart emergency lighting products. This has been keeping the demand for emergency lighting products aloft. With the increasing adoption of emergency lighting in residential areas, the companies are focusing on increasing their portfolio dedicated to this sector. The providers are also focusing on developing smart emergency lighting, which would help in reducing carbon emission by 90%, while being energy efficient. These smart emergency lights will also be long lasting and can provide light for more than 90 minutes. In future, Organic LEDs (OLEDs), and the next generation LEDs will be used for various application areas, such as residential, commercial, industrial, railways and aircrafts.
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The growing number of construction projects has been preparing a fertile ground for the market. Governments of various countries are focusing towards building world class infrastructure to attract investors in their respective countries. Many developed and developing nations have announced to develop smart cities, which would drive the demand for emergency lighting. In addition, the number of construction projects is also increasing due to increasing government support and rising urbanization across the globe. For instance, in India, the government has announced to develop 100 smart cities and 500 AMRUT cities, and extended support to light manufacturing companies to establish their manufacturing facilities across the country.
Partnerships among competitors is the major recent development in this market. Besides, the major companies in the market are also investing heavily in research & development and innovation to enhance the durability and performance of products, and to stay competitive in the market. For instance, Osram Licht's Malaysian unit, Osram Opto Semiconductors (M) Sdn Bhd, launched research & development center in Penang, which will cater to regional demand. Most of the major players in the market offer all major categories of emergency lighting solutions, including fluorescent lights, LED lights, incandescent lights, and induction lights.
Some of the major players in the global emergency lighting market include Osram Licht AG, Hubbell Incorporated, Eaton Corporation Plc, Philips Lighting, Syska LED, Daisalux, S.A.U., Zumtobel Group, Acuity Brands,Inc, Schneider Electric SE, and Legrand SA.
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