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Future Growth Potential Powered by Non-residential Building Regulations and Technological Advancements
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Global emergency lighting is expected to account for 3.3% growth in 2021 after a decline of 6.7% in 2020 due to the pandemic. The market will only reach pre-COVID-19 growth rate in 2022. Market revenue is forecasted to be valued at $6.9 billion by 2027 with a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027.North America will continue to be the largest region for this market in 2027. Europe is considerably a relatively more mature market for emergency lighting. Historically, it is the second largest region in market revenue, but it is likely to take the third spot in 2025. Asia-Pacific will emerge as the second largest emergency lighting market as early as 2025. The region will also account for the highest CAGR. Latin American and Middle Eastern and African regions form the smallest revenue in emergency lighting.The emergency lighting market is moving toward 100% LED for light source and lithium-ion technology for battery systems. Adoption of adaptive evacuation systems with dynamic signage features is gaining momentum due to increasing need for more integrated and advanced life safety systems during emergency situations.Every country and regional association, such as European Union, came up with huge stimulus packages to make the economies recover and get back on their feet. The stimulus packages were targeted toward social welfare, healthcare, public infrastructure, energy efficiency, and many more. This is expected to increase local investments and cash flow for small and medium enterprises associated with the construction sector.Some of the Tier I and leading emergency lighting companies are yet to come up with major technology-based product updates that would directly compete with other regional and Tier II vendors’ innovative products. It is imperative for them to invest in R&D to develop adaptive evacuation systems with automated testing and logging features.Key drivers for market growth include regulatory compliance, new construction and renovation of buildings, and energy efficiency and other technology advancements. Key restraints include threat of low-cost emergency signage boards and non-compliance to emergency lighting regulations and building codes. Leading participants in the market are ABB, Eaton, Signify, Legrand, Beghelli, Acuity Brands, Zumtobel Group, and Hubbell. Key competitive factors include compliance with regulations and standards, energy efficiency, adaptive lighting, price, brand, product performance. In addition, key growth opportunities in the global emergency lighting market are life safety systems integration in buildings, and fire and building code reforms in developing countries.Author: Anirudh Bhaskaran
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