The emergency lighting market is expected to reach USD 6.68 Billion by 2022, at a CAGR of 7.83% between 2017 and 2022. The demand for emergency lighting is increasing because of several factors such as technological advancements taking place in the lighting industry, declining average selling price of LEDs, and increased infrastructure growth in various developing countries such as India, China, and South Korea.
The report covers the emergency lighting market segmented on the basis of power system, battery type, light source, application, offering, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges. It also profiles the key players operating in the emergency lighting market.
The market is majorly dominated by North America; however, the market in APAC is expected to grow at the highest rate during the forecast period. The technological advancements in lighting industry and increasing awareness about safety are the factors responsible for the largest market share in North America. The increasing adoption of emergency lighting in developing countries, such as India and China, is driving the growth of the market in APAC.
High capital investment and operational cost, challenges related to design of emergency lighting, and lack of standardization are the factors restraining the growth of this market.
Key Market Drivers:
Technological Advancements in Lighting Industry
Combination of Emergency Lighting With Esthetic Lighting