Emergency Lighting Market to be worth 6.68 Billion US$ by 2022
Some of the major players operating in the emergency lighting market are Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting Inc. (US), Cooper Industries (Ireland), Schneider Electric SE (France), Emerson (US), Legrand S.A. (France),...
According to a report by MarketsandMarkets, the emergency lighting market is expected to be valued at US$ 6.68 Billion by 2022, growing at a CAGR of 7.83% between 2017 and 2022. The growth of this market is driven by the combination of emergency lighting with esthetic lighting, booming construction industry globally and the continuous advancements in the upcoming products.
Market for LiFePO4 battery in emergency lighting expected to grow at the highest rate during the forecast period
LiFePO4 stands for lithium-iron phosphate battery. It is a kind of lithium-ion battery which has long life, high temperature resistance and have small volume and light weight. LiFeP04 is becoming the preferred choice for emergency lighting not only because the batteries are physically smaller but also they draw far less power when they are charging. LiFeP04 can also last twice as long as traditional emergency lighting batteries such as nickel cadmium or nickel metal hydride. Therefore, they are largely deployed for emergency lighting systems.
Emergency lighting market for LED light source expected to grow at the highest rate between 2017 and 2022
LEDs are energy-efficient and their price has been declining since the last few years. Therefore, they are largely used for emergency lighting systems. The market for incandescent light is declining because these are often considered as the least energy-efficient type of lighting commonly found in residential buildings. The old-generation light sources are being slowly phased out and LEDs are preferred as they offer a longer working life and also consume less energy.
Emergency lighting market in APAC expected to grow at the highest rate during the forecast period
The emergency lighting market is rapidly expanding in APAC. The focus on real estate projects where lighting is a basic requisite is a major driver for the growth of this market. The countries such as India and China within Asia Pacific are still seeing rapid urbanisation. Hence, the overall growth and demand for infrastructure is higher compared to Europe and North America.
Some of the major players operating in the emergency lighting market are Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting Inc. (US), 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), OSRAM Licht AG (Germany), Digital Lumens (US), Fulham Co. Inc. (US), Arrow Emergency Lighting Limited (Ireland), Arts Energy (France), and Taurac (US).