NEW YORK, Nov. 4, 2020 /PRNewswire/ --
Emergency Lighting Market Research Report : By Power System (Self-Contained, Central, Hybrid), Battery Type (Ni-Cd, Ni-MH, Li-Ion, Lead-Acid), Light Source (Fluorescent, LED, Incandescent, Induction), Offering (Hardware, Software, Services), Application (Industrial, Commercial, Residential) - Global Industry Analysis and Growth Forecast to 2030
Read the full report: https://www.reportlinker.com/p05982452/?utm_source=PRN
P&S Intelligence says that the most important factors leading to the growing demand for emergency lighting solutions are the continuous slump in light-emitting diode (LED) prices, expanding infrastructure sector, and advancements in lighting technology. Due to these factors, from $5.2 billion in 2019, the revenue generated in the emergency lighting market is expected to reach $10.4 billion by 2030, at a 6.5% from 2020 to 2030. As the name suggests, emergency lights are designed for use during power cuts and other emergencies.
On the basis of battery, the market is classified into nickel–metal hydride (Ni–MH), nickel–cadmium (Ni-Cd), lead–acid, and lithium-ion (Li-ion). Among these, Li-ion is the largest classification in the emergency lighting market, and the situation is not expected to change in the coming years. This is ascribed to their slow self-discharge and low maintenance requirement advantages. In addition, not only are these batteries lighter than lithium–cadmium or lead–acid variants, but they also recharge quicker. Moreover, government support for Li-ion batteries, particularly in Asia-Pacific (APAC) would continue driving this category.
The emergency lighting market is categized, based on offering, into services, software, and hardware, among which the software category would experience the fastest growth during the next decade. This is attributed to rising demand for sophisticated software, so the operations of the lights can be remotely monitored and controlled. In addition, such software is also used by lighting original equipment manufacturers (OEMs) to analyze how well the lights are working, as well as to run various tests on them.
Emergency lighting solutions are trending in the aviation sector, on account of the expansion in the tourism industry and entry of low-cost carriers (LCC). The growth in the aviation sector, on a year-on-year basis, is leading to the rising demand for sophisticated aircraft components, such as emergency lights. Moreover, the safety regulations the aviation sector is subject to are among the most stringent in the world, and they make the installation of emergency lights in aircraft mandatory. During emergencies, such products are expected to illuminate the path to the nearest exit, which drives their adoption.
The most important driver for the advance of the emergency lighting market is the rising number of construction projects. To accommodate the rapidly growing population, residential, industrial, and commercial infrastructure is being developed at a substantial scale, which is resulting in the increasing demand for emergency lights. In addition, several countries around the world have initiated smart city projects, to offer the booming urban population better living conditions. For instance, the Indian government launched the Smart City Project, revolving around the construction 100 such urban centers, in 2015.
In 2019, North America made the largest revenue contribution to the emergency lighting market, on account of the increasing infrastructure development activities. Further, the focus on energy conservation is high, while there also strict mandates for the installation of emergency lights at all settings. In the years to come, the highest CAGR in the industry is expected to be witnessed by Asia-Pacific (APAC). The smart homes market is expanding in the region, and the government of numerous nations, including South Korea, India, and Thailand, are developing smart cities.
Therefore, with the growing construction sector, in a world where the focus on energy efficiency is strong, the demand for emergency lighting products will keep increasing.
Read the full report: https://www.reportlinker.com/p05982452/?utm_source=PRN
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