The global emergency lighting market attained a revenue of $5,386.0 million in 2020, and it is predicted to advance at a CAGR of 6.4% between 2021 and 2030. The market is also predicted to reach a value of $9,993.4 million by 2030. The factors driving the expansion of the market are the falling prices of light-emitting-diode (LED) lights, increasing implementation of government initiatives for encouraging the usage of energy-efficient lighting devices, and surging number of construction projects around the world.
The falling prices of LEDs is a major growth driver of the emergency lighting market. This is because the declining prices of these devices are fueling their usage in several application areas such as residential, commercial, and industrial. Moreover, companies manufacturing lighting systems are increasingly focusing on expanding their LED emergency light offerings, due to the escalating demand for these devices, on account of their high energy-efficiency. Additionally, the enactment of favorable government policies is also boosting the market growth.
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The rapid technological advancements and innovations taking place in the lighting industry are also propelling the expansion of the emergency lighting market across the globe. The integration of LEDs in red and green exit signals is one such major technological advancement. These lights are more cost-effective and provide more energy-efficiency than the traditionally used lighting sources. Moreover, many emergency lighting system manufacturers are investing heavily in research & development (R&D) projects for enhancing the lifespan and performance of their products. The emergency lighting market is classified, on the basis of power system, into hybrid, central, and self-contained. Out of these, the self-contained category held the largest share in the market in 2020, and it is predicted to retain its market dominance in the forthcoming years. This will be because of the increasing adoption of self-contained power systems, especially by small and medium enterprises (SMEs), on account of their high cost-effectiveness.
