The value of the emergency lighting market is predicted to grow from $5,386.0 million in 2020 to $9,993.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.4% between 2021 and 2030. Depending on power system, the emergency lighting market is divided into hybrid, central, and self-contained categories.
Out of these, the self-contained category recorded the highest growth in the market in the past years and this trend is predicted to continue in the future years. This is ascribed to the lesser installation time required by self-contained lighting systems and the higher convenience of using these systems, especially for small and medium enterprises, than the other lighting devices.
Geographically, the emergency lighting market will boom in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be primarily because of the rapid expansion of the smart home industry and the surging number of smart city development projects being announced by the governments of several regional countries such as India, Thailand, and South Korea.
As per the U.S. Department of Energy (U.S. DOE), in the U.S., the total lighting energy consumption is predicted to reduce by as much as 15% by 2020 because of the surging LED usage. Furthermore, the organization estimates that the growing adoption of LEDs will reduce the total lighting energy consumption in the country by 40% by 2030.
Hence, it can be said with surety that the demand for emergency lighting solutions will shoot up all over the world in the forthcoming years, primarily because of the falling prices of LEDs and the huge requirement for these lighting devices in smart cities.