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

Posted by Devanshu Shrivastava on January 5th, 2021

The declining prices of LED prices are helping the industry advance, as LEDs are the most popular choice of lights for such fixtures. LEDs are energy-efficient and low-maintenance, which is why governments around the world are replacing conventional lights with them. Additionally, the U.S. Department of Energy (DoE) expects a 15% decline in the amount of energy being consumed in the country for lighting purposes by 2020 end and a total of 40% decrease by 2030 due to the widespread usage of LEDs.

Another key driver for the emergency lighting market is the constant rise in construction activities to cater to the increasing population. Smart cities are being developed in numerous countries, where emergency lighting would be an important installation. Similarly, the construction of hospitals, education centers, shopping malls, hotels, factories, and other infrastructure is also picking up. Additionally, emergency lighting is important inside tunnels, to light up the path to the nearest exit, in case of a mishap.

With the increasing awareness on the safety aspects inside built spaces, emergency lighting is being made mandatory. Some of the laws passed in this regard include the NFPA 70 – National Electric Code, Occupational Safety and Health Administration (OSHA) Code of Federal Regulations, International Fire Code, NFPA 101 – Life Safety Code, Standard Fire Prevention Code 1999, and NFPA 1997 5–9.3. The rising implementation of such standards in the emerging economies of APAC, MEA, and Latin America (LATAM) is predicted to offer market players lucrative opportunities during the forecast period.

North America was the largest emergency lighting market during the historical period owing to the rising construction of commercial and residential buildings in the U.S., increasing government focus on energy-efficient lighting, and stringent norms on the safety of people inside buildings, in case it goes completely dark. The highest CAGR is projected to be seen in APAC because of the increasing development of smart homes, itself due to the government smart city initiatives in South Korea, India, and Thailand.

Thus, as the awareness about the safety of people inside built structured grows, so will the installation rate of emergency lights.

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Devanshu Shrivastava

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Devanshu Shrivastava
Joined: January 31st, 2020
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