Emergency Lighting Market Size, Share, Trends, Growth and Demand Forecast 2023

Emergency Lighting Market is projected to reach $7,900 million by 2023, growing at a CAGR of 7.9% during 2017 – 2023.

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The author estimates that the size of global emergency lighting market is likely to grow from $4.5 billion in 2016 to reach $7.9 billion by 2023, at a CAGR of 7.9% during 2017 – 2023. Booming urbanization gives birth to the inevitable need for solutions that make livelihood safe and secure. Emergency lighting is one such product whose demand is growing considerably, with the up ticking per capita income of the consumers globally. The rapid growth in construction projects can be cited as an instrumental factor for the growth of the market.

North America and Europe stands as the major markets in the emergency lighting industry, of which the former has been the key contributor to the global revenue. However, the emergency lighting market is expected to witness the fastest growth in developing regions, wherein Asia-Pacific seems to be the most prospective market. During the forecast period, the market in Latin America and Middle-East & Africa are also expected to grow at a considerable pace.

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The growing number of construction projects has been preparing a fertile ground for the market. Governments of various countries are focusing towards building world class infrastructure to attract investors in their respective countries. Many developed and developing nations have announced to develop smart cities, which would drive the demand for emergency lighting.

The number of construction projects is also increasing due to increasing government support and rising urbanization across the globe. For instance, in India, the government has announced to develop 100 smart cities and 500 AMRUT cities, and extended support to light manufacturing companies to establish their manufacturing facilities across the country.

Growing government support, coupled with increasing awareness level about the benefits associated with emergency lights among consumers, have been creating growth opportunities for the market. To cater to the growing and changing consumer needs, companies are focusing on the development of sophisticated and advanced automation and lighting control systems. Smart lighting helps in reducing energy loss and cost by automatically turning off lights when not in use, or reducing the amount of illumination while sensing the nearby environment and brightness. Energy and cost savings through advanced lighting controls are dependent on specific applications and site utilization rates.

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Some of the major players in the global emergency lighting market include Osram Licht AG, Hubbell Incorporated, Eaton Corporation Plc, Philips Lighting, Syska LED, Daisalux, S.A.U., Zumtobel Group, Acuity Brands,Inc, Schneider Electric SE, and Legrand SA.

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