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Emergency lighting market on upswing with Li-ion batteries most preferred

Call it greater awareness or a heightened sense of responsibility in the construction industry, the market outlook for emergency lights is on the upswing. The emergency lighting market is expected to reach $7.4 billion by 2024, the growth in the market would be attributed to growing number of construction projects, globally as well as technological advancements in the lighting industry.

Based on battery type, global emergency lighting market is segmented into nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH), lithium-ion (Li-ion), and Lead-acid. Among these, Li-ion battery category held largest share in the market, accounting for an estimated share of around 39% in 2018.

Further, it is expected to register fastest CAGR during the forecast period. This can be attributed to its slow self-discharge time, and low maintenance required by Li-ion batteries as compared to other batteries. Moreover, increasing government initiatives toward adoption of Li-ion batteries especially in APAC region is further contributing to its growth.

Based on light source, emergency lighting market is categorized into fluorescent, light emitting diode (LED), incandescent, induction, and others; wherein others' include high intensity discharge (HID), cold cathode and halogen lamps. Among these, LED light category held largest share in the market, accounting an estimated share of over 40% in market in 2018. The market for LED light is expected to record fastest CAGR in the forecast period. This would beowing to increase in demand for energy efficient lighting in APAC, LATAM, and North America.

Technological advancements in lighting industry remain one of the key drivers positively impacting the emergency lighting market growth. Technological advancement is necessary for sustainability of any technology. The companies involved in manufacturing emergency lights are investing heavily on research & development (R&D) to enhance the performance and life span of emergency lighting products. The incorporation of LEDs in green or red exit signs is one of the significant technological advancements in emergency lighting. The use of this technology offers more energy efficiency and is cost-effective as compared to fluorescent and incandescent bulbs.