The global emergency lighting battery market is expected to grow at a CAGR of 7.83% during the period 2017-2021.
Global Emergency Lighting Battery Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is technological advancement. Incorporating light emitting diodes (LEDs) in green or red exit signs has been one of the most important technological advancements in the emergency lighting systems market. Owing to this improvement, the market has witnessed growth worldwide. Almost every exit sign in the industry now uses LED technology owing to its cost-competitive nature when compared with other traditional illumination emergency lighting sources. LED emergency light technology has a longer life cycle and is more energy efficient. Also, owing to improved efficiency, white LEDs are now bright enough to be used for emergency lighting applications like pathway lighting.
According to the report, one of the major drivers for this market is the rise in power outages. Rising awareness of the numerous benefits of emergency lights among consumers has boosted the use of emergency lighting solutions. Modern lifestyles and increasing adoption of consumer electronics among people have made people dependent on electricity. Power outage is a major cause of concern in many countries, especially in developing countries, as it leads to significant losses at work. Power outages are rising in many countries, owing to which there has been an upsurge in the installation of emergency lighting systems.
Further, the report states that one of the major factors hindering the growth of this market is less awareness about emergency lighting systems in developing countries. In developing countries like India, consumers opt for cost-effective alternatives to emergency lights such as portable emergency lights and UPS. Though emergency lights offer improved advantages in the event of UPS failure, fires, or natural disasters, there is a prerequisite to raising awareness about the benefits of emergency lighting systems over other solutions or substitutes in developing countries. The cognizance about the need to do consistent maintenance of emergency lights to ensure proper functioning is not proper in most of the developing countries. To overcome this challenge, some manufacturers are concentrating on creating cognizance about the use of the right kind of emergency lights for specific purposes.