The global emergency lighting market is growing with the rapid pace is mainly due to the declining average selling price of light emitting diode, which is propelling the emergency lighting market growth to the large extent. According to a recent study report published by the Market Research Future, The global market of Emergency Lighting is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2023).
The global Emergency Lighting market is significantly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The revolution in various lighting technologies with the introduction of various virtual machines is helping the market to grow. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. For instance, the market of incandescent light source is declining due to less energy efficient characteristics and is most widely used in residential building. By battery segment, liFePO4 is expected to account for highest market share owing to dynamic characteristics it possess that includes light weight, small volume, high temperature resistant and long life span is the prime factors driving market growth. The emergency lighting market is highly competitive due to the presence of several large vendors.
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Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting Inc. (U.S.), Cooper Industries (Ireland), Schneider Electric SE (France), Emerson (US), Legrand S.A. (France), Acuity Brands (U.S.), Beghelli S.p.A. (Italy), Daisalux (Spain), Zumtobel Group (Austria), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Emergency Lighting Market.
October 14, 2016- Philips Lighting has been chosen as a key partner to provide the urban lighting infrastructure. The company is a global leader in Lighting products and services.
June.30, 2015 – Hubbell Lighting, a global leader of lighting innovation, has launched its Dual-Lite product which NEMA 4X Dynamo Emergency Light. It also includes LED emergency egress luminaire. It is designed for complex industrial applications.
NOV 09, 2015– Eaton has introduced full range of emergency LED lighting for commercial buildings. These lighting are used for the safety purposes in the occupant places. The company has introduced its LED technology which is efficient in case of low energy usage and low maintenance requirements.
The Emergency Lighting Market is expected to grow at approximately USD 7 Billion by 2023, at 6% of CAGR between 2017 and 2023.
The market of emergency lighting appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on latest technology and, most of all, in acquiring other firms. Prominent vendors of emergency lighting targeting to invest more in technology and research and development activities to innovate their already existing products. The rising government funding is also expected to motivate key companies to invent new emergency lighting modules that match the changing trends and needs across the globe. These players possess a strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among emergency lighting industry marketers on inbound lead generation over branding-oriented efforts.
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North America is dominating the global emergency lighting market with the largest market share due to increasing demand for emergency lighting in commercial, residential and industrial sector, is gaining demand in Emergency Lighting market in these region, and is expected to gain growth by 2023. Global emergency lighting market in European market is expected to grow at a substantial high CAGR during 2016 to 2023. The Asia Pacific market for emergency lighting market is expected to grow at a considerable CAGR (2016-2023) due to high adoption of emergency lighting in developing countries and increasing focus on real estate project is driving the market in the region.