Emergency Lighting Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030


Posted September 3, 2020 by devanshu

The global emergency lighting market is predicted to attain a value of $7.4 billion by 2024, advancing at a 7.6% CAGR during the forecast period (2019–2024)

 
Major applications of emergency lighting are residential, industrial, and commercial. Some other applications are ship yards, railway station, and airports. Out of these, the residential sector is expected to register the fastest growth in demand for emergency lighting solutions during the forecast period. This is attributed to the rising construction of residential homes in APAC and Middle East and Africa.

Apart from this, in countries including Brazil, the U.A.E., and Qatar are making it mandatory to integrate emergency lighting solutions in buildings, which is further driving the demand for emergency lighting. Geographically, North America made the most use of emergency lighting in 2018, owing to the rising construction of commercial and residential buildings in the U.S.

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The rising adoption of better safety standards is opening up wide opportunities for the companies operating in the emergency lighting market. The focus of governments around the world has increased towards enhancing their safety standards because of the rising terror attacks and growing uncertainties in terms of natural calamities.

According to a report by P&S Intelligence, the global emergency lighting market is predicted to attain a value of $7.4 billion by 2024, advancing at a 7.6% CAGR during the forecast period (2019–2024). Apart from LEDs, induction, fluorescent, and incandescent are other light sources which are used for emergency lighting. Some other light sources are halogen lamps, cold cathode, and high intensity discharge.

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Out of these, LEDs were utilized the most for emergency lighting in 2018 and is further projected to register the fastest growth in demand during the forecast period. This is due to the rising demand for energy efficient lighting solutions in North America, Asia-Pacific (APAC), and Latin America.

Some of key lighting regulations for testing and maintaining exit & emergency lighting systems across the globe are Standard Fire Prevention Code 1999 and Occupational Safety and Health Administration Code of Federal Regulations. Due to this, the players in the domain have opportunities for testing, installing, and maintaining emergency lights.
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Issued By Devanshu
Country United States
Categories Business
Last Updated September 3, 2020