Emergency Lighting Market To Generate $9,993.4 Million Revenue by 2030

A number of factors such as the increasing number of construction activities, ongoing technological developments in the lighting industry, and rising focus of governments on energy-efficient lighting solutions are expected to drive the emergency lighting market at a 6.4% CAGR during this decade. According to P&S Intelligence, the market was valued at $5,386.0 million in 2020, and it will generate $9,993.4 million revenue by 2030. Additionally, the surge in research initiatives for emergency lighting solutions will also support the market growth worldwide.

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The global demand for emergency lighting systems can be owed to the ongoing technological advancements in the lighting industry. In contemporary times, manufacturers of emergency lights are making hefty investments in R&D activities to increase lifespan and improve the performance of their products. Nowadays, LEDs are being incorporated in green and red exit signs to conserve electricity and reduce operational costs. With the growing use of emergency red and green exit signs in residential areas, market players are actively focusing on expanding their portfolio of LED emergency lights.

In recent years, the increasing use of emergency lighting solutions in the aviation sector, on account of the rising awareness about energy-efficient lighting systems among aviation companies, has become a major trend in the emergency lighting market. The surging focus of aviation firms on such lighting solutions can also be credited to their declining upfront and installation costs. The expanding aviation industry, owing to the growing disposable income of people, will support the market growth globally.

Under the offering segment, the software category accounted for the largest share in the emergency lighting market in 2020, due to the extensive demand for emergency lighting software for effective monitoring and controlling of lights. In addition, the surging use of this software by market players in analyzing the performance of their emergency lights and conducting battery tests also facilitates the growth of the market in this category. Owing to all these factors, the category will also generate the highest revenue in the coming years.

Globally, the North American emergency lighting market generated the highest revenue in the past, due to the soaring focus of the U.S. government on energy-efficient lighting solutions and increasing construction of residential and commercial structures in the country. The Energy Independence and Security Act, 2007 laid down the lighting efficiency standards for CFLs, LEDs, and halogen incandescent in the U.S. The lighting standards require lightbulbs to consume about 25% less electricity for the amount of light generated by traditional incandescent bulbs.

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However, the APAC emergency lighting market will exhibit the fastest growth during this decade, owing to the soaring infrastructure expenditure in India and China. Moreover, the mounting popularity of smart homes and the increasing number of smart cities in Thailand, India, and South Korea will also contribute to the market growth in the region. Besides, the growing public awareness about energy-efficient lighting solutions, primarily on account of the soaring power tariff, will also drive the demand for emergency lighting solutions in regional countries.

Thus, the plunging cost of LEDs and the increasing use of energy-efficient lights in the aviation industry will supplement the market growth in the future.

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This release was published on openPR.