New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Emergency Lighting Global Market Report 2023" - https://www.reportlinker.com/p06285808/?utm_source=GNW
, Larson Electronics LLC, ABB Ltd., Digital Lumens, and Cooper Industries.
The global emergency lighting market grew from $5.82 billion in 2022 to $6.47 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The emergency lighting market is expected to grow to $8.89 billion in 2027 at a CAGR of 8.3%.
The emergency lighting market consists of sales of central power supply systems, damp room trays, LED light strips, twin flood light.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The emergency lighting are designed to activate when a power outage creates low-visibility conditions.It allows the safe, rapid, and effective evacuation of places and buildings not only in the event of a power loss but even when the main lighting is still accessible.
Emergency lighting lowers panic and saves lives by providing critical illumination and directing occupants to safe locations and safety equipment.
North America was the largest region in the emergency lighting market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the emergency lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of emergency lighting are self-contained, central, and hybrid.Self-contained emergency lighting systems use devices with a built-in power supply, the power supply being a battery or accumulator recharged by exposure to light, and the solar unit being distinct from the lighting unit.
The offerings of emergency lighting are hardware, software, and services that contain different battery types such as ni-cd, ni–mh, lifepo4, and lead-acid. The various end-users include residential, commercial, industrial, and other end users.
The growth in the construction sector is expected to propel the growth of the emergency lighting market going forward.Emergency lighting is required on construction sites to ensure the safety of the construction workers because, construction sites often have construction materials, electrical switchboards, portable equipment, and other obstructions in the way of evacuation routes that obstruct quick evacuation during an emergency.
For instance, according to the Indian Ministry of Statistics and Programme Implementation, in 2022, the construction sector is expected to grow in double digits at 10.7%. Therefore, growth in the construction sector is driving the growth of the emergency lighting market.
Technological advancements are a key trend gaining popularity in the emergency lighting market.Major players in the market are focusing on developing technologically advanced products to lead the market.
For instance, in March 2020, ABB Ltd., a Switzerland-based company that manufactures and sells electrification, industrial automation, and robotics launched the Naveo Pro system. This system allows customers to set up, maintain and fully control their entire emergency lighting installation with a new mobile app by providing a real-time overview of all systems, saving time, enabling better maintenance planning, and enhancing building safety by keeping a record of all activities safely in the cloud.
In August 2021, Kohlberg & Company, a US-based private equity firm acquired Myers EPS from Graham Partners for an undisclosed amount.As part of the acquisition, Myers EPS will continue to be led by its management team, and Graham will retain a large ownership stake in the company.
Myers EPS is a US-based designer and manufacturer of emergency lighting systems.
The countries covered in the emergency lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The emergency lighting market research report is one of a series of new reports that provides emergency lighting market statistics, including emergency lighting industry global market size, regional shares, competitors with a emergency lighting market share, detailed emergency lighting market segments, market trends and opportunities, and any further data you may need to thrive in the emergency lighting industry. This emergency lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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