Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global emergency lighting market size was gauged at USD 6.39 billion in 2022. The market is projected to grow from USD 7.02 billion in 2023 to USD 13.05 billion by 2030, exhibiting a CAGR of 9.3% during the 2023-2030 period. Emergency lighting systems are an effective power backup solution for buildings, homes, workplaces, and study rooms. They turn on automatically in case of power outages to deliver essential illumination and help in decreasing panic while guiding occupants of a building toward safe exit points. These factors are driving market expansion in the coming years. This information is provided by Fortune Business Insights, in its report titled, “Emergency Lighting Market, 2023-2030.”
Key Industry Development:
Schneider Electric won the ‘Outstanding Contribution to Sustainability and Efficiency’, category at the DCS Awards. The award recognizes Schneider Electric’s leadership within the data center sustainability field and its technologies, which enable customers to meet demands for efficiency, resilience, and sustainable operations.
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Emergency Lighting Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 9.3% |
| 2030 Value Projection | USD 13.05 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.39 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 230 |
| Segments covered | Light Type, Battery Type, Power System, End-user, and Region |
| Growth Drivers | Easy Availability of Cost-effective and Attractive Lights to Push Market Growth |
| Rapid Urbanization and Improved Living Standards to Boost Product Demand |
Market Drivers & Restraints:
Easy Availability of Attractive Lights at Low Cost to Drive Market Proliferation
The easy availability of attractive lights at low cost and technological developments in the lighting sector are the key factors facilitating market proliferation. Additionally, the availability of aesthetic emergency light alternatives will also contribute to market growth. Decreasing selling price of LEDs, growth of construction industry, investments in R&D to improve durability, and performance of products will facilitate market augmentation.
On the other hand, high cost of building lightweight centers and the high amount of time needed to build these centers will pose as challenges for businesses operating in this domain.
COVID-19 Impact:
Lack of Raw Materials Hampered Market Expansion Amid the Pandemic
The spread of COVID-19 worldwide resulted in the implementation of stringent lockdowns and closure of manufacturing facilities in several economies. Industry shut downs in the industrial and commercial sectors severely affected the emergency lighting market growth. Lack of raw materials will further hinder market proliferation. Growing work from home population and rising adoption of lighting fixtures in the residential sector will help in market recovery in the coming years.
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Regional Insights:
North America to Dominate Backed by Growing Urbanization and Adoption of Advanced Technologies
North America captured majority of the emergency lighting market share in the recent past owing to rising urbanization and adoption of advanced technologies and energy-efficient products. The presence of leading companies and unregistered players will also contribute to market proliferation in this region.
Asia Pacific is anticipated to register the highest growth rate in all regions owing to the presence of large-scale vendors and increasing export activities in China. Increasing population will also contribute to market growth in this region.
The Europe market is predicted to showcase significant growth trends backed by the adoption of advanced technologies and intelligent systems. The renovation of cities and favorable government policies will facilitate market proliferation in the region.
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Competitive Landscape:
Innovative Initiatives Undertaken by Leading Players to Cut Carbon Emissions to Aid Market Expansion
Industry leaders often make tactical moves such as mergers and acquisitions, partnerships, and product launches to boost product demand and enlarge profit margins. Sometimes these companies launch innovative initiatives and projects in tandem with governments for social causes. For example, in April 2021, Schneider Electric announced the Zero Carbon Project. Under the new initiative, the company will work with its top 1,000 suppliers who account for 70% of Schneider's carbon emissions to reduce carbon emissions of their operations by 50% by 2025. The initiative is part of Schneider's Sustainable Development Goals for 2021-2025. It will help control the increase in average global temperature to 1.5°C or less by 2100, as per Paris Agreement targets.
List of Key Players Mentioned in the Report:
- Schneider Electric SE (France)
- Emerson (U.S.)
- Legrand SA (France)
- Hubbell Lighting Inc. (U.S.)
- Panasonic Corporation (Japan)
- Philips Lighting Holding B.V. (Netherlands)
- General Electric (U.S.)
- Zumtobel Group (Austria)
- Acuity Brands (U.S.)
- Orient Electric (India)
- Wipro (India)
- Honeywell HBT (U.S.)
- Eaton Corporation (Ireland)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Emergency Lighting Market
- Global Emergency Lighting Market Analysis (USD Billion), Insights, and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Light Type
- Fluorescent
- LED
- Incandescent
- Others
- Market Analysis, Insights, and Forecast – By Battery Type
- Lithium
- Nickel Cadmium
- Nickel Metal Hydride
- Lead–Acid
- Market Analysis, Insights, and Forecast – By Power System
- Self-Contained
- Central Powered
- Market Analysis, Insights, and Forecast – By End-user
- Residential
- Commercial
- Industrial
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2023
- Company Profile
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- Business Overview
- Product & Services Offering
- Recent Developments
- Financials (Based on Availability)
-
Continued…
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