Emergency Lighting Global Market Key Driver: Growth In The Construction Sector To Propel Growth In The Market

The Business Research Company's Emergency Lighting Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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What Golf Ball Will Ensure Growth for the Emergency Lighting Market by 2024?

The emergency lighting market size has grown strongly in recent years. It is projected to increase from $6.34 billion in 2023 to $6.85 billion in 2024, reflecting a compound annual growth rate CAGR of 8.1%. This growth during the historic period can be attributed to several factors such as safety regulations, urbanization and infrastructure growth, power outages, fire safety codes, and resilience in disaster preparedness.

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What Factors Will Drive the Global Emergency Lighting Market Through the Forecast Period?

The emergency lighting market is expected to see strong growth in the next few years. It is projected to reach $9.33 billion by 2028, boasting a CAGR of 8.0%. This growth in the forecast period can be attributed to green building practices, IoT integration, smart building solutions, resilience and disaster preparedness, adaptive lighting, and much more. Major trends include technological advancements, battery technology advancements, LED technology adoption, centralized monitoring and control, sustainability and energy efficiency.

The growth in the construction sector is set to further propel the growth of the emergency lighting market. Emergency lighting is a vital component on construction sites to ensure the safety of the workers, as sites often have materials, electrical switchboards, and other obstructions that can hinder quick evacuation during an emergency. For instance, in 2022, the Indian Ministry of Statistics and Programme Implementation predicted a double-digit growth of 10.7% for the construction sector. Thus, the expanding construction sector is a major factor driving the growth of the emergency lighting market.

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Who Are The Key Players Impacting the Growth of The Global Emergency Lighting Market?

The market is populated by key industry players such as Acuity Brands Inc., Syska LED Lights Private Limited, Eaton Corporation plc, Hubbell Incorporated, Legrand Group, OSRAM Licht AG, Signify Holding, Schneider Electric SE, Zumtobel Group AG, Daisalux S.A.U., Emerson Electric Co., Larson Electronics LLC, ABB Group, Acuity Brands Inc., Beghelli S.p.A., Fagerhult AB, Glamox AS, HADLER GmbH, Herbert Waldmann GmbH & Co. KG, iGuzzini illuminazione S.p.A., LIGMAN Lighting Co. Ltd., Lumenpulse Group Inc., NVC Lighting Technology Corporation, Opple Lighting Co. Ltd., PAK Corporation, R. STAHL AG, Raytec Ltd., Safelincs Ltd., SCHRÉDER Group, SITEM S.p.A., Thorlux Lighting, Trilux GmbH & Co. KG, and WISKA Hoppmann GmbH.

In the competitive landscape, major companies are focusing on introducing next-generation solutions. For instance, in March 2023, Hochiki, a Japan-based manufacturer of fire detection and emergency lighting products, launched FIREscape Nepto, a next-generation emergency lighting system that complies with BS 5266 and operates at an exceptionally low voltage.

What Segments Define the Emergency Lighting Global Market?

The emergency lighting market is segmented as follows:

1 By Power System: Self-Contained, Central, Hybrid
2 By Offering: Hardware, Software, Services
3 By Battery: Ni–Cd, Ni–MH, LiFePO4, Lead–Acid
4 By End-User: Residential, Commercial, Industrial, Other End-Users

How Are the Global Regions Impacting the Emergency Lighting Market?

Regionally, North America held the largest market share in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the emergency lighting market during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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