Constant technological developments are quintessential for the sustainability of any technology. This holds true for the lighting technology as well. As a result, the emergency lights manufacturing companies are making huge investments in research and development (R&D) activities to increase the lifespan and performance of their offerings. The incorporation of light-emitting diodes (LEDs) in red and green exit signs is one of the prominent technological advancements made in emergency lighting systems in recent years. These lights are more affordable and offer more energy efficiency than the traditional lighting sources.
The declining prices of LEDs, owing to the continuous technological developments, will therefore help the emergency lighting market advance at a CAGR of 6.4% during 2021–2030. The market revenue stood at $5,386.0 million in 2020 and it is projected to reach $9,993.4 million by 2030. LED emergency lights are being increasingly used in residential, commercial, and industrial facilities to reduce energy consumption and maintenance costs. Owing to this reason, light manufacturing companies are focusing on expanding their LED emergency light portfolio.
Nowadays, the aviation sector is adopting a significant volume of emergency lights, due to the rising awareness of such solutions among aviation companies. Moreover, the plunging cost of emergency lighting systems is also propelling their adoption by aviation companies, because of their increasing aspiration to reduce their one-time cost for the installation of lighting components. Apart from this, the residential sector is also creating a significant demand for such lighting solutions, due to the surging construction of residential apartments and buildings, especially in the Middle East and African (MEA) and Asia-Pacific (APAC) countries.
At present, emergency light manufacturers are largely focusing on launching new and improved products to offer better alternatives to customers. For instance, in April 2019, Legrand SA introduced a new range of self-contained emergency lighting units, which are ideal for commercial facilities, especially offices. Likewise, in April 2020, ABB Ltd. introduced the Naveo Pro system, which enables users to check and keep a tab on the maintenance requirements of their systems.
According to P&S Intelligence, North America dominated the emergency lighting market in the recent past, due to the rising construction of residential and commercial buildings in the U.S. and the escalating focus of the U.S. government on adopting energy-efficiency lighting systems. For instance, the Energy Independence and Security Act enacted by the U.S. government encourages the adoption of energy-efficient lighting solutions, such as general service LED lamps, compact fluorescent lamps (CFLs), and organic light-emitting diode (OLED) lamps.
Whereas, the APAC region is expected to adopt emergency lights at the highest rate in the foreseeable future. This can be ascribed to the soaring popularity of smart homes, surging implementation of supportive government policies regarding the adoption of LED lighting solutions in Japan and India, and the launch of government initiatives for developing smart cities in Thailand, India, South Korea, and China. Besides, the mounting infrastructure expenditure in China and India will also augment the installation of emergency lighting systems in the region in the forthcoming years.
Therefore, the surging technological developments being made in the lighting industry and declining LED costs will fuel the adoption of energy-efficient emergency lights in the foreseeable future.