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Early Impacts of COVID-19 on Emergency Lighting Market – Exclusive Report Analysis by P&S Intelligence
countries are focusing on the development of world class infrastructure in order to attract investors in their countries. Several developing and developed countries have made announcements regarding the development of smart cities. The fastest growth in demand is expected to be witnessed by the Li-ion batteries in the near future as they require low-maintenance and take less time to self-discharge.
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Apart from this, construction activities are also increasing because of the rising government initiatives and rapid urbanization around the globe. For example, the government of India announced in 2015 to build 100 smart cities in the country over the next five years. Ascribed to all these factors, the demand for emergency lighting is predicted to increase in the near future.
Emergency lighting is a battery backed lighting device which activates automatically in case of a power outage in a building. As per a report by P&S Intelligence, the global emergency lighting market is projected to generate a revenue of $7.4 billion by 2024, advancing at a 7.6% CAGR during the forecast period (2019-2024). Hybrid, self-contained, and central are three types of emergency lighting power systems.
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Among these, the largest demand during 2014-2018 was created for self-contained power systems, which are expected to be the most in demand in the near future as well. This is because these power systems are cost-effective and take less time for installation. The different types of light sources utilized in emergency lighting solutions are induction, fluorescent, incandescent, and light emitting diode (LED).
Some other light sources are cold cathode and halogen lamps and high intensity discharge. Out of these, the LED light source was the most in demand during 2014-2018 and the situation is projected to remain the same in the coming years as well.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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