Asia-Pacific (APAC) Emergency Lighting Market by Offering (Hardware, Software, Services), by Power System (Self-Contained, Central, Hybrid), by Battery Type (Ni-Cd, Ni-MH, Li-Ion, Lead-Acid), by Light Source (Fluorescent, LED, Incandescent, Induction), by Application (Residential, Commercial, Industrial), by Country (China, India, Japan, Australia, South Korea) – Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024
NEW YORK, March 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, The Asia-Pacific (APAC) emergency lighting market is expected to reach $2.1 billion by 2024, registering a CAGR of 10.1%, during the forecast period. The growth in the market can be attributed to the growing adoption of energy efficient light-emitting diode (LED) lights across the APAC region.
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Based on power system, the Asia-Pacific emergency lighting market is categorized into self-contained, central, and hybrid. Among these, the market for central power system is expected to register the fastest CAGR during 2019–2024, in terms of value. This can be primarily attributed to longer battery life and easy battery replacement in central power system as compared to self-contained system.
In terms of light source, the Asia-Pacific emergency lighting market is classified into LED, fluorescent, induction, incandescent, and others, wherein others category includes high intensity discharge (HID), cold cathode, and halogen lamps. Among these, LED light category is estimated to hold the largest revenue share in 2018, and is expected to register the fastest CAGR during the forecast period; owing to increasing government initiatives toward the adoption of LED lights in the region, particularly in India, Japan, and Philippines. For instance, in 2015, the Indian Government launched National LED program to increase the adoption of LED lights for home and street lighting.
Further, in 2017, Tokyo Metropolitan Government (TMG) announced the launch of a campaign to promote energy saving movement among households by shifting toward LED bulbs. Hence, with increasing government support pertaining to the adoption of LED lights, the Asia-Pacific emergency lighting market for LED lights is expected to grow in the coming years.
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Increasing spend on infrastructure in APAC countries mainly in China and India is supporting the growth of the Asia-Pacific emergency lighting market. In China, there are several ongoing infrastructural projects, with major contributions from transportation sector. For instance, in October 2017, China opened the world’s longest sea bridge connecting mainland China to Hong Kong, and Macau, which costed around $20 billion.
Sports events such as Olympic Games, ICC Cricket World Cup, Winter Olympics, Asian Games, and Hockey World Cup are scheduled to take place in the APAC region in the coming years, which would drive the infrastructure spend in the region. In addition, presently, the demand for modern transport systems, schools, universities, and hospitals are rising in the region, which would drive the growth of the Asia-Pacific emergency lighting market.
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The Asia-Pacific emergency lighting market is moderately competitive. In the recent past, product launches have been the major activities in the market in APAC. Companies like Larson Electronics LLC., and Syska LED Lights Pvt. Ltd. have been observed as the forerunner in strategic developments. These companies are majorly focusing on enhancing their product portfolios and expanding their businesses in the region. The companies are also focusing on mergers and acquisitions to strengthen their positions in the market.
Some of the other key players operating in the Asia-Pacific emergency lighting market include PNE Industries Ltd., Zumtobel Group AG, Beghelli S.p.A, Kejie Electronic Co. Ltd., Osram Licht AG, Eaton Corporation plc, and Schneider Electric SE.
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