World News: 14:39 GMT Monday 11th February 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The emergency lighting market is expected to reach $7.4 billion by 2024, the growth in the market would be attributed to growing number of construction projects, globally as well as technological advancements in the lighting industry.Based on battery type, global emergency lighting market is segmented into nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH), lithium-ion (Li-ion), and Lead-acid. Among these, Li-ion battery category held largest share in the market, accounting for an estimated share of around 39% in 2018. Further, it is expected to register fastest CAGR during the forecast period. This can be attributed to its slow self-discharge time, and low maintenance required by Li-ion batteries as compared to other batteries. Moreover, increasing government initiatives toward adoption of Li-ion batteries especially in APAC region is further contributing to its growth.Based on light source, emergency lighting market is categorized into fluorescent, light emitting diode (LED), incandescent, induction, and others; wherein others' include high intensity discharge (HID), cold cathode and halogen lamps. Among these, LED light category held largest share in the market, accounting an estimated share of over 40% in market in 2018. The market for LED light is expected to record fastest CAGR in the forecast period. This would be owing to increase in demand for energy efficient lighting in APAC, LATAM, and North America.Technological advancements in lighting industry is one of the key drivers positively impacting emergency lighting market growth. Technological advancement is necessary for sustainability of any technology. The companies involved in manufacturing emergency lights are investing heavily on research & development (R&D) to enhance the performance and life span of emergency lighting products. The incorporation of LEDs in green or red exit signs is one of the significant technological advancements in emergency lighting. The use of this technology offers more energy efficiency and is cost-effective as compared to fluorescent and incandescent bulbs.Additionally, there is an increase in use of self-diagnostic systems in emergency lighting applications. The self-diagnostic systems perform a self-diagnostic function that analyzes the performance of light units, verify its operation and send alerts to the respective department regarding problems. Also, in the coming years, Organic LEDs (OLEDs), and the next generation LEDs would be used in several application areas including residential, commercial, industrial, railways, and aircrafts. Hence, with increasing technological advancements in lighting, the demand for energy efficient emergency lighting is increasing, globally.North America is the largest market for emergency lighting, contributing over 30% to the global emergency lighting market in 2018. This is attributed to rise in construction of commercial and residential buildings in the U.S., increasing focus of the U.S. government on energy efficient lighting in buildings, and strict safety norms toward the installation of emergency lights in commercial buildings in the country.The intensity of rivalry among players in the emergency lighting market is moderate. The major activities witnessed in the market are product launches and mergers & acquisitions. The key players like Acuity Brand Inc. in the market are involved in mergers and acquisitions to increase their presence in different countries and expand their product portfolios. 4.1 Definition of Market Segments4.1.1 By Power System220.127.116.11 Self-contained18.104.22.168 Central22.214.171.124 Hybrid4.1.2 By Battery Type126.96.36.199 Ni-Cd188.8.131.52 Ni-MH184.108.40.206 Li-ion220.127.116.11 Lead-acid4.1.3 By Light Source18.104.22.168 Fluorescent22.214.171.124 LED126.96.36.199 Incandescent188.8.131.52 Induction184.108.40.206 Others4.1.4 By Offering220.127.116.11 Hardware18.104.22.168 Software22.214.171.124 Services4.1.5 By Application126.96.36.199 Industrial188.8.131.52 Commercial184.108.40.206 Residential220.127.116.11 Others4.2 Value Chain Analysis4.2.1 Raw Material Providers4.2.2 Component Manufacturing & Testing4.2.3 System Integrators4.2.4 Distribution Channel4.2.5 End-User4.3 Market Dynamics4.3.1 Trends18.104.22.168 Rising inclination toward LEDs22.214.171.124 Increasing adoption in aviation sector4.3.2 Drivers126.96.36.199 Growing number of construction projects188.8.131.52 Technological advancements in lighting industry184.108.40.206 Impact analysis of drivers on market forecast4.3.3 Restraints220.127.116.11 High capital investment and maintenance cost18.104.22.168 Impact analysis of restraints on market forecast4.3.4 Opportunities22.214.171.124 Growing adoption of better safety standards4.4 Porter's Five Forces Analysis5.1 By Power System5.2 By Battery Type5.3 By Light Source5.4 By Offering5.5 By Application5.6 By Region11.1 List of Key Players11.2 Product Benchmarking of Key Players11.3 Recent Activities of Major Players11.4 Global Strategic Developments of Key Players11.4.1 Mergers and Acquisitions11.4.2 Product Launches11.4.3 Other Developments
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Related Topics: Lighting Equipment , Battery Technology
Globe Newswire: 14:39 GMT Monday 11th February 2019
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