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.
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As stated earlier, the key factors driving the growth of the emergency lighting market are the expanding construction projects and technological advancements in lighting industry. Government of many countries are working on building world-class infrastructure to gain the interest of investors.
On a global ground, in 2018, North America dominated the emergency lighting market and is predicted to continue leading it in the 2019–2024 period, owing to the expansion of the real-estate sector in the U.S., rising focus of the U.S. government on energy-saving lighting, and strict policies toward installation of emergency lights in buildings for safety in the country.
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Some of the key players operating in the emergency lighting market are Osram Licht AG, Hubbell Incorporated, Eaton Corporation plc, Signify Holding, Syska LED Lights Pvt Ltd., Zumtobel Group AG, Acuity Brand Inc., Schneider Electric SE, Legrand S.A., Daisalux S.A.U., and Larson Electronics LLC.
Hence, the increasing number of construction projects in different regions are escalating the market growth.
This post was originally published on Technology Trend