Latin America. According to a new report from Guidehouse Insights, global revenue attributed to emergency lighting systems in commercial buildings is expected to increase from $46 billion in 2022 to $8400 million in 2031 at a compound annual growth rate (CAGR) of 6.8%.
So far, the market has been driven solely by changes in building and construction codes, but recent advances in smart emergency lighting systems are expected to significantly change the industry.
"As improving the energy efficiency of buildings and reducing costs become top priorities for corporations globally, the market for emergency lighting systems in commercial buildings is rapidly evolving," says David Gonzalez, research analyst at Guidehouse Insights. "The latest advances in emergency lighting devices enable automated self-diagnosis and system reporting to meet building code mandates, while improving energy use with more efficient lighting technologies."
Although basic emergency lighting systems that comply with building codes drive much of the market, there are indications that more complex emergency lighting systems will become increasingly common in the coming years. A growing emphasis on energy and workforce efficiency is likely to continue over the next decade, which will drive demand for smart emergency lighting systems. Additional market drivers include compliance with building codes, central life and safety systems reporting interface, and growth in new construction, according to the report.
The report, Emergency Lighting Systems, analyzes the global Emergency Lighting Systems market in five technology segments: LED exit signals, combined emergency lights and exit units, emergency controllers, unit equipment, and inverter systems.
The study provides an analysis of the market issues including market drivers, market barriers, and trends associated with emergency lighting systems. The global market outlook for unit shipments and revenue, broken down by technology segment and region, extends through 2031.
An executive summary of the report is available for free download on the Guidehouse Insights website.
