According to a report from market research firm Guidehouse Insights, smart technology is beginning to make inroads into emergency lighting systems for commercial buildings—a market segment that has typically been slow to adopt new technologies due to life and safety regulations—and will have a transformative effect on the market over the next few years.
The report, “Emergency Lighting Systems: Global Market Analysis and Forecasts,” was published in the second quarter of this year. It analyzes market opportunities, key drivers of growth and technology trends associated with emergency lighting systems in commercial buildings. It is based on phone and in-person interviews with industry leaders including executives, engineers and marketing professionals.
The analysis is broken down into five technology segments: LED exit signs, combination emergency lights and exit units, emergency drivers, unit equipment and inverter systems.
The report finds that the market for emergency lighting systems in commercial buildings is evolving as efficiency and cost savings become a top priority. More complex systems are becoming increasingly common, and smart systems are making it easier for building owners to test for compliance with new federal and local standards.
Other factors contributing to growth in the market include building code compliance, life of systems and their reporting interface, growth in new construction and digital addressable lighting interface adoption. The latter is an increasingly popular centralized, digital control application for building lighting.
Guidehouse projects the global market to increase from $4.6 billion in 2022 to $8.4 billion in 2031 at a compound annual growth rate of 6.8%. The North American market is expected to grow at CAGR of 6.0%.