Global Emergency Lighting Battery Market to Surpass US$ 3,107.8 Million by 2026 Coherent Market Insights
June 13, 2018 --
SEATTLE, June 13, 2018 (GLOBE NEWSWIRE) -- The global emergency lighting battery market was valued at US$1,107.4 million in 2017, and is projected to exhibit CAGR of 12.1% over the forecast period (2018 2026).
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Key Trends and Analysis of the Emergency Lighting Battery Market:
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 sponsored by United Parcel Services and Consumer Technology Association, smart city initiatives increased to over 235 in 2016 worldwide, which is increase of over 38% as compared to 2013. Increasing number of construction activities is expected to drive growth of the emergency lighting market through 2026, as emergency lights aids in emergency exit lighting required for commercial, retail, industrial, or office building, even during power outage. Emergency lights assist people to exit buildings during fire or natural disasters.
Key Market Takeaways:
- The emergency lighting battery market is projected to witness CAGR of 12.1% during the forecast period (2018 2026), owing to increasing growth of construction industry, globally.
- LED lighting segment accounted for largest share in the global emergency lighting battery market in 2017, owing to transformation in semiconductor industry and evolution of light bulbs from incandescent bulbs to LEDs leading to introduction of smart and intelligent lighting systems is accelerating adoption of LED lights, which in turn is fueling growth of the global emergency lighting battery market.
- The market in Asia Pacific is projected to witness highest CAGR over the forecast period (2018 2026), owing to increasing infrastructural developments across emerging economies in Asia Pacific such as India, China, and Singapore. For instance, Government of India launched 'Smart City Mission' in 2015, an urban renewal and retrofitting program to develop 100 cities across the country.
- Major players operating in global emergency lighting battery market include Philips Lighting Holding B.V., Hubbell Lighting, Inc., Cooper Industries, Schneider Electric SE, Emerson, Legrand S.A., Acuity Brands, Beghelli S. P. A., Daisalux, Zumtobel Group, and Osram Licht AG.
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