NEW YORK, July 16, 2018 (GLOBE NEWSWIRE) -- According to the market report published by P&S Market Research, the global emergency lighting market size is projected to reach $7.9 billion by 2023. Booming urbanization gives birth to the inevitable need for solutions that make livelihood safe and secure. Emergency lighting is one such product whose demand is growing considerably, with the up ticking per capita income of the consumers globally. The rapid growth in construction projects can be cited as an instrumental factor for the growth of the market.
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The increasing adoption of emergency lights in the aviation sector is a major trend witnessed in the emergency lighting market. The aviation industry has been growing worldwide, and this leads to increasing demand for sophistication, beautification, and inclusion of utility-based components in the aircrafts. This has been augmenting the demand for emergency lighting in the aircrafts. With the increasing awareness level about emergency lighting among aviation consumers, their adoption has been increasing. Several benefits associated with emergency lighting including the fact that it reduces the negative effects of the unnecessary rays emitted by the ordinary lighting, and improves the in-cabin experience, is increasing their adoption rate. Further, their declining prices is further escalating their demand in this sector, as the aviation companies are also targeting to minimize their one-time cost for installation of components. Now it is also mandatory for the aircrafts of various countries to install emergence lighting for in-cabin applications, such as emergency exit signage.
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The growing terror attacks coupled with surging uncertainties in terms of sudden natural calamities, has been gaining government focus towards better safety standards in several countries. Occupational Safety and Health Administration (OSHA) Code of Federal Regulations, NFPA 70 - National Electric Code, NFPA 101 - Life Safety Code, International Fire Code, NFPA 1997 5-9.3 and Standard Fire Prevention Code 1999 are the major lighting regulations for testing and maintaining Exit & Emergency lighting systems across the globe. This is expected to positively impact the emergency lighting market in the years to come.
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Some of the hidden cost of emergency lighting, such as cleaning cost, certification cost, testing cost, whole fitting cost due to battery failure, are impacting the emergency lighting market. The impact of high capital investment and maintenance cost will be high in short term, moderate in medium term and low in long term, as such costs will become less considerable for those who require lighting solutions in abundance, as the overall operational costs declines for them.
Some of the key players operating in the global emergency lighting market are Hubbell Incorporated, Osram Licht AG, Philips Lighting Holding B.V, Eaton Corporation Plc, Daisalux S.A.U, Syska LED, Acuity Brand Inc., Zumtobel Group AG, Legrand S.A. and Schneider Electric SE.
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