The Emergency Lighting Battery Market was valued at US$ 1,107.4 Mn in 2017, and is expected to increase to US$ 3,107.8 Mn by 2026 registering a CAGR of 12.1% over the forecast period from 2018 to 2026, according to Emergency Lighting Battery Market Report, by Battery Type (NiCd battery, NiMH battery, Li-ion battery, and Lead-acid battery), by Lighting Source (LED, Incandescent, and Others), by Application (Residential, Commercial, and Industrial), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights
Proliferation of smart cities and connected infrastructure are expected to propel growth of the emergency lighting battery market through 2026. According to United Nations’ press release in July 2014, around 54% of the global population lived in the urban areas, which is expected to account for overall 66% by 2050. Rapid urbanization across all the major global economies, specifically in the BRIC countries is expected to drive demand for better infrastructure. Moreover, increasing population and government initiatives for smart city infrastructures are expected to fuel market growth. According to the white paper report by Technology that was sponsored by the United Parcel Services and Consumer Technology Association, the worldwide smart city initiatives rose to over 235 in 2016, an estimated surge of over 38% in comparison to 2013. Proliferation of such infrastructural activities are expected to support growth of the emergency lighting battery market.
LED lighting segment accounted for largest market share in 2017
On the basis of lighting source segment, LED lights are expected to account for the largest market share by 2026. Technological advancement in lighting industry coupled with rampant product invention is gaining traction. This is due to drastic transformation in semiconductor industry and evolution of light bulbs from incandescent bulbs to LEDs, leading to introduction of smart and intelligent lighting systems. Intelligent lighting systems can be of two types such as sensor incorporated and non-sensor incorporated. Sensor incorporated lighting systems are able to change the brightness of lights automatically by detecting people and daylight. However, non-sensor incorporated lighting systems are regarded as smart lighting systems, as they can be operated through programming.
Furthermore, increasing demand for green technologies is fueling growth of the LED lights segment. LED lighting systems consume around 50% less energy to generate an equivalent light intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). According to Coherent Market Insights analysis, this reduced energy consumption directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually. By observing the current market trend, LEDs are estimated to completely replace CFLs and CCFLs in the near future.
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