The
increasing number of construction projects, and technological improvement in the
lighting sector are driving the growth of the emergency lighting market. The market is predicted to attain a size
of $7.4 billion by 2024, progressing at a CAGR of 7.6% during the forecast
period (2019–2024), according to P&S Intelligence.
An emergency lights is a
battery-backed device that starts automatically during a power cut in a
building. These lights are widely used in commercial and residential buildings,
such as college dormitories.
The
emergency lighting market includes three
categories based on the power system, viz. self-contained, hybrid, and central.
Out of these, in 2018, self-contained power systems led the market and are
predicted to do so during the forecast period as well. Lights with these power
systems can be installed quickly and are cost-effective for small and medium
enterprises (SMEs), as there’s no need for additional power cables for them to work.
However, the central power system category is anticipated to witness the
fastest CAGR during the 2019–2024 period. This is ascribed to the better
durability and easier maintenance of these systems as compared to the self-contained
type.
Now
on the basis of application, the emergency
lighting market is classified into commercial, industrial, residential, and
others. Among these, the residential classification is expected to witness the fastest
growth during the forecast period. This is mainly attributed to the rapid
construction of houses, especially in the Asia-Pacific (APAC) and Middle East
and Africa (MEA) regions.
Countries such as Qatar, the U.A.E, and Brazil are
making it compulsory to install these systems in buildings, thereby fueling the
demand for emergency lighting. Hence,
the increasing number of construction projects in different regions are
escalating the market growth.
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