Government Push to Improved Safety Warnings Positions Emergency Warning Lights Market to Grow by 1.4X through 2030: Fact.MR
China to Remain at Epicenter of Emergency Warning Lights Market Growth in Asia
DUBAI--(Korea Newswire) November 16, 2021 -- Fact.MR has projected the the emergency warning lights market to register a CAGR of 4% during the forecast period, from 2020 to 2030. Sales of emergency warning lights are likely to grow in mid-term and long-term, as governments around the world acknowledge crime and safety as concerns affecting the quality-of-life.
Initiatives adopted to tackle underlying issues of community, focusing on safety and law enforcement will fuel the demand for various security products. This will enable the expansion of emergency warning lights market in countries such as China, Japan, and South Korea.
In the last few years, incidents of natural catastrophes such as tsunamis, hurricanes, and earthquakes, and manmade disasters such as accidental fires have increased. This has caused serious destruction, loss of money, personal injuries, and deaths in some cases. According to the Insurance Information Institute, in 2020, overall losses caused by natural disasters across the world totaled US$ 210 Bn, accounting for deaths of nearly 8200 people.
To tackle future occurrences of natural disasters, governments and regulatory organizations have imposed several laws, mandating the installation of emergency warning lights in existing and under-construction buildings, industries, and other infrastructures.
The International Organization for Standardization’s Standard CIE S 020/E by the International Commission on Illumination, states that emergency lighting must be compulsorily provided at escape routes, open areas, and high-risk tasks areas in case of a power cut. These regulations are expected to unlock attractive prospects for emergency warning lights market growth.
Driven by aforementioned factors, the sales of emergency warning lights are expected to grow by 1.4X over the forecast period 2021 to 2031.
“Lighting designers and leading manufacturers are emphasizing on the combination of emergency warning lights with aesthetic look to address the surging demand from hotels, houses, and architectural buildings. Focus on improving safety of buildings without compromising on their overall décor will encourage innovations in emergency warning lights designs,” says a Fact.MR analyst.
China Emergency Warning Lights Market to Register High Growth
Fact.MR has stated that the emergency warning lights market in China is projected to contribute maximum sales within Asia Pacific. This can be attributed to the rising demand for energy-efficient lighting systems across the industrial, residential, and commercial sectors.
Increasing number of industrial and construction activities such as smart city projects is fueling the demand for emergency warning lights in the country. For instance, according to the Thomson Reuters Foundation, China has planned to construct more than 500 smart cities across the nation to provide sustainability and encourage growth amidst the economic downturn.
Also, numerous regulations are laid out by government for the installation of emergency warning lights at industrial and construction sites. For instance, as per the Fire Protection Law of the People's Republic of China’s Code for Fire Protection Design of Buildings Article, emergency lighting systems are compulsory for all industrial and construction sites.
The article also states that lighting evacuation signs and emergency lighting should be continuously working in case of a power cut with a minimum of half an hour’s power supply. Implementation of stringent regulations has created attractive prospects for sales of emergency warning lights in China.
Some of the leading emergency warning light market players profiled by Fact.MR are:
· Hubbell Incorporated
· OSRAM Licht AG
· Zumtobel Group AG
· Daisalux S.A.U.
· Acuity Brands Inc.
· ABB Ltd.
· Legrand SA
· Larson Electronics LLC
· Syska LED Lights Private Limited,
· Schneider Electric SE
· Federal Signal Corporation
· ECCO Safety Group
· Whele Engineering Company
· Tomar Electronics
Key Questions Answered by the Report
· The market survey also highlights projected sales growth of the emergency warning lights market between 2020 and 2030
· The report offers insight into emergency warning lights demand outlook for 2020-2030
· Emergency warning lights market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
· Emergency warning lights market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Emergency Warning Lights Market Survey Report: https://www.factmr.com/report/1438/emergency-warni
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