Emergency Lighting Market Growth Prospects, Key Vendors, and Future Scenario

The prices of light-emitting diodes (LEDs) are decreasing, while the number of construction projects is rising. These are to be the key factors in the advance of the emergency lighting market revenue from $5,386.0 million in 2020 to $9,993.4 million by 2030 at a 6.4% CAGR between 2021 and 2030 (forecast period). Other key reasons behind the growth of the market are the technological advancements in such products and government regulations mandating their installation due to the rising focus on safety.

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Thus, the burgeoning number of construction projects is the biggest market driver. With the increasing concerns being raised over tenant and employee safety, emergency lights are being installed in almost all new industrial, residential, commercial, and government buildings. In this regard, the rampant urbanization and construction of houses, office buildings, hospitals, universities, restaurants, shopping complexes, hotels, and factories are helping market players gather high revenue. For instance, these lights will be procured in monumental numbers for the 100 smart cities being developed in India.

Another key growth driver for the emergency lighting market are the government regulations mandating their installation. In closed buildings, anything can go wrong anytime, for instance, due to a major power cut, short circuit, fire, natural disasters, and bombing and other acts of violence. Moreover, if not constructed properly, buildings could fall, trapping people inside. The increasing concerns in this regard have impelled governments to mandate the installation of emergency lights so that the people inside can have a properly illuminated exit path.

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Presently, North America is the largest emergency lighting market because the laws mandating their installation in all sorts of buildings are rather stringent here. Some of these regulations are Occupational Safety and Health Administration (OSHA) Code of Federal Regulations, NFPA 101 – Life Safety Code, NFPA 70 – National Electric Code, International Fire Code, Standard Fire Prevention Code 1999, and NFPA 1997 5–9.3. APAC will witness the fastest growth in the installation of such fixtures till 2030 due to the increasing preference for smart homes and adoption of LEDs.

Hence, the market will continue to grow with the surging focus on safety inside buildings.

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This release was published on openPR.