Emergency Lighting Service Providers Offering IoT-integrated Products and Services Present Higher Value to Clients
Service providers that adopt M&A strategy find greater growth opportunities in Asia-Pacific, finds Frost & Sullivan
LONDON, July 30, 2019 /PRNewswire/ -- Technological advancements such as Internet of Things (IoT)-driven applications with monitoring and control facilities are playing a huge role in propelling the $4.67 billion emergency lighting market towards $7.42 billion by 2025. While IoT is creating new opportunities in mobile applications and cloud services, advancements in batteries are driving their use as a power source for emergency lighting products.
"A central management console integrated with the system architecture will enable customers to obtain control and monitoring facilities and deploy remediation services in case of emergencies," said Anirudh Bhaskaran, Senior Industry Analyst, Energy & Environment. "The integrated platform can enhance the security posture of end users and simultaneously aid with regulation compliance. Vendors can also employ automated management services and advanced analytics to develop a comprehensive service portfolio that can be adapted by end users across the spectrum."
Frost & Sullivan's recent analysis, Global Emergency Lighting Market, Forecast to 2025, analyses both self-sustained and centrally supplied emergency lighting systems. It covers the product segments of emergency lamps, luminaries, and lighting accessories such as monitoring systems, sensing modules, power packs (battery and inverter), and lighting test switches. The regions studied are North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa.
For further information on this analysis, please visit: http://frost.ly/3nb
"Tier I and II participants are particularly looking to expand their footprint in India, China, Malaysia, Singapore, Saudi Arabia, Qatar, Dubai, Australia, New Zealand, Brazil, Ethiopia, and Nigeria," noted Bhaskaran. "Asia-Pacific, the Middle East, and Africa will increasingly resort to mergers and acquisitions, as these markets have a mix of local and international participants. Furthermore, with highly mature industries located in Europe and North America, and the rising awareness of safety protocols, companies are investing in innovation to improve their product offerings."
Current offerings must be improved to increase the efficiency of emergency lighting. Providers need to adopt the following practices to augment their portfolio and better tap growth opportunities:
- Ensure that compatible LEDs are installed and necessary modifications are made in the lighting control platform.
- Integrate drivers with various control systems such as sensors to improve functionality and efficiencies.
- Employ a multi-brand strategy business model to allow Tier I and Tier II companies to provide end-to-end coverage to the global market.
- Collaborate with institutes and governments to establish the technical feasibility of emerging chemistries.
- Develop customized approaches for product and service portfolios.
- Acquire start-ups working on breakthrough technologies.
Global Emergency Lighting Market, Forecast to 2025 is part of Frost & Sullivan's global Homes & Buildings Growth Partnership Service program.
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Global Emergency Lighting Market, Forecast to 2025
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