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Emergency Lights Market Will Witness a Steady Growth Until 2020 Due to the Rising Power Outages, Says TechnavioAccording to the latest market study released by Technavio, the global emergency lights market is expected to reach USD 5.18 billion by 2020, growing at a CAGR of almost 8%. This research report titled 'Global Emergency Lights Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the study considers the revenue generated from the sales of emergency lights by manufacturers. Modern lifestyles and increasing adoption of electrical equipment have resulted in increased dependency on electricity. A power outage is an issue with many countries that lead to significant losses at work. Emergency lights can resolve the issue to an extent. Power outages are rising in many countries, which increases the applications of emergency lights. Egypt suffers from frequent power outages due to poor organization and lack of maintenance in the infrastructure. Countries that face power outages due to lack of organization and resources opt for emergency lighting solutions to reduce financial losses. Manufacturers of emergency lights can capitalize on these markets for growth. Request a sample report: http://www.technavio.com/request-a-sample?report=54304 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Technavio's analysts categorize the global emergency lights market into three major segments by application. They are:
By revenue, the industrial segment accounted for the major share of 49% of the global emergency lights market in 2015, due to the demand from industries like construction, warehouse, and storage. It was closely followed by the commercial segment with a share of 36% and the residential segment with a share of 15%. Increasing safety regulations and the increasing construction of commercial buildings have also contributed to the growth of the global emergency lights market. Global emergency lights market for industrial applications Thedemand for emergency lights is expected to be driven by the increasing industrialization across the world. According to the US Bureau of Labor Statistics, the employment in the construction industry increased from 5.43 million in 2011 to 6.36 million in 2015. The global construction industry is growing rapidly, which will have a direct positive impact on the global emergency lights market as it occupies 3%-7% of overall lighting units. According to Sarah Haque, a lead analyst from Technavio, "Heavy industries, including machinery manufacturing, oil and gas, shipbuilding, steel, chemical, and paper mills, are a key end-user in the industrial segment. These industries are capital intensive, and any power-related issues can cause substantial damage to the business." Global emergency lights market for commercial applications Emergency lights such as safety signs, directional signs, exit routes, and standby lights are used in commercial buildings like hospitals, educational institutions, shopping malls, and office buildings. In 2015, the global market for emergency lights for commercial applications was valued at USD 1.28 billion. With the increasing regulations by local and international safety authorities, the adoption of emergency lights in commercial buildings is increasing. "Commercial building owners prefer energy-efficient solutions, as there is a rise in commercial buildings. Commercial buildings account for the highest primary energy consumption and the corresponding carbon emissions in a country. So, industry stakeholders are collaborating introduce advanced energy-efficient products," says Sarah. Global emergency lights market for residential applications Developing countries that face frequent power outages are engaged in constant policy planning and investments to address this issue. Consumers use flashlights, portable emergency lights, inverters, and UPS as backup sources in the event of power failures. Due to such hindrances, the growth of the emergency lights market is moderate in these regions. The urban population in developing regions use UPS as a source of power supply during power outages, while the rural population adopts cost-efficient portable emergency lights. Emergency lights for residential application exhibit slow growth as many substitutes like an emergency light stick and battery-operated candles are available. In developing countries, the adoption of wall mounted or self-contained emergency lights for residential applications is lower than developed countries, where the high awareness of benefits using emergency lights drives adoption. The top vendors highlighted by Technavio's research analysts in this report are: Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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