Dec 1, 2016: The global LED emergency lighting market is expected to grow at a significant rate of grow 11% by 2022. This is due to the integration of the security industry with LED lighting, changing the paradigm of the lighting industry to the electronics & healthcare industry and the continuous advancement in upcoming products. Increasing uncertainties in terms of sudden natural calamities and terrorist attacks have increased the need for taking necessary precautions before any mishap occurs.
This factor has made various companies start investing in the emergency LED lighting market as the business is growing at a rapid pace. The smart homes market along with customization benefits and continuously falling average selling price (ASP) of LED lights are some of the factors driving the growth of the market. However, designing challenges while using LED, and a lack of standards and the associated interoperability issues are restraining the growth of the global LED emergency lighting market.
The US generated the maximum amount of revenue in the year 2015 in the global LED emergency lighting industry as compared to other countries, whereas India has the maximum potential to grow in the forecast period. The US has always been on the forefront of the world map when it comes to technological advancement. While profiling major companies it has been found out that most of the renowned companies are US based, giving significant impetus to the growth of this market in the US as well as the whole of North America.