EMERGENCY LIGHTING BATTERY MARKET ANALYSIS

Emergency Lighting Battery MarketSize and Trends

Figure 1: Global Emergency Lighting Battery Market Share (%), By Region, 2021

The Global Emergency Lighting Battery Market was valued at US$ 5,690 Mn in 2021 and is expected to reach US$ 9,886.3 Mn by 2030, growing at a CAGR of 6.5% between 2022 and 2030.

Figure 2: Global Emergency Lighting Battery Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

North America held a dominant position in the Global Emergency Lighting Battery Market in 2021, followed by Europe.

North America dominated the global emergency lighting battery market in 2021, due to the fast increasing construction of commercial as well as residential buildings in the U.S., as the U.S. government focus on energy efficiency lighting in buildings. In addition the implemented strict safety norms referring to installation of emergency lights in commercial buildings in the U.S.  Therefore, these factors are expected to drive the market growth for emergency lighting battery in North America.

Asia Pacific emergency lighting battery market is expected to witness highest CAGR over forecast period from 2022 to 2030. The emergency lighting battery market for Asia Pacific is forecasted to hold 21.9% share in the global market by 2030. The growth in this region is attributed to increasing population, which is propelling demand for construction projects in this region.

According to Worldometers, the population of Asia was 4,542 million as of June 8, 2018, which is equivalent to 59.66% of the total world population. India and China are densely populated countries in this region. For instance, as of June 8, 2018, the population of India was 1,353 million which increased from 1,339 million estimated by the end of 2017. India marked second position in the list of countries by population, worldwide. Hence, increasing population and increasing purchasing power are expected to drive growth of construction and real estate sector. According to India Brand Equity Foundation (IBEF), the Indian real estate market is expected to reach US$ 180 billion by 2020. Housing sector is expected to contribute around 11% to India’s GDP by 2020. Hence, the economic expansion of India is expected to boost growth of residential, commercial, and industrial sector.

For instance, in 2015, 100 smart city mission was launched by the Government of India to develop 100 smart cities across the country. Therefore, rising population and increasing construction industry projects will proportionally increase emergency lighting batteries demand in this region.

Increasing number of construction activities is driving global emergency lighting battery market growth

Increasing initiatives for development of smart city and connected infrastructure by various governments has resulted in adoption of advanced lighting technologies such as LED lights in buildings. For instance, according to a white paper by Technology that was sponsored by United Parcel Services and Consumer Technology Association, globally smart city initiatives increased to over 235 in 2016, which is increase of over 38% in comparison to 2013. Increasing number of infrastructural activities is expected to create a conducive environment for growth of the emergency lighting market through 2026, as emergency lights enables all emergency and exit lighting required for commercial, retail, industrial, or office building, even during power outage. Emergency lights are used for assisting people to exit buildings during fire or natural disasters.

LED segment is expected to drive the Global Emergency Lighting Battery Market during the forecast period

LED segment is expected to drive the global emergency lighting battery market during the forecast period. The increasing government policies includes ban on the usage of incandescent light. In addition, the energy-efficient and cost-cutting nature of LEDs, are rising the penetration of LEDs.

Integration of LEDs with the security industry is expected to significantly impact the market growth of emergency lighting.

Emergency lights are battery operated lighting devices that can automatically light emergency exit signs during power outage, in order to maintain continuous operation of the emergency light such as emergency escape lighting and standby lighting among others, to enable all occupants to evacuate the premises safely during an emergency situation. The key features of emergency lights includes low maintenance costs where only the periodic test and general cleaning are required along with low hardware equipment costs, which does not require extended wiring and special ventilation.