The global intelligent evacuation system market was valued at $504 million in 2016, and is projected to reach $775 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The commercial segment is anticipated to grow at the highest rate during the forecast period.
Portland, OR -- (SBWIRE) -- 11/22/2017 -- Intelligent Evacuation System Market an integrated hardware and software solution developed to facilitate the safety protocol of individuals in case of emergencies. This system establishes a notification and alerting medium that supports smooth and hassle-free evacuation procedure during variety of changing event circumstances such as fire situation, toxic incident, extreme weather condition, violence, and others. The intelligent evacuation system market is influenced by the rise in demand for technologically advanced products, increase in need for quick response management for emergency incidences, and supportive regulatory structure.
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Europe generated the highest revenue in 2016 due to adequate infrastructural development for the adoption of intelligent evacuation system. The Asia-Pacific intelligent evacuation system market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growth in trend of integrated building technologies.
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The major factors that drive the intelligent evacuation system market growth are technological innovation in product offerings, rise in adoption for building automation and control systems, increase in application areas among end users, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities.
Intelligent Evacuation System Market Key Segments:
Voice Evacuation System
Mass Notification System
Technological innovation in product offerings, rise in adoption for building automation and control system solutions, increase in application areas among end users, supportive and evolving regulatory framework among developing and developed economies, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities drive the market. In addition, government organizations and companies enhance their emergency response building infrastructure due to rise in number of hazardous events. This in turn boosts the intelligent evacuation system market growth.
The voice evacuation system business segment contributed the highest share in 2016. This segment accounted for $362 million in 2016, and is projected to grow at the CAGR of 5.4% during the forecast period. However, the intelligent evacuation system market for emergency lighting segment is projected to grow at the highest rate of 10.6%. The commercial segment accounted for the highest revenue share in 2016, while the residential segment is anticipated to grow at the highest rate of 11.0%.
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The key players profiled in the study are Robert Bosch GmbH, HOCHIKI Corporation, Honeywell International, Johnson Controls International Plc, Siemens AG, Legrand, ABB Group, Automated Logic, Beckhoff Automation GmbH & Co. KG, and Eaton Corporation Plc.
Top Impacting Factors
The global intelligent evacuation system market is influenced by a number of factors including growth in demand for building automation and control system, rise in need for advanced emergency response systems, supportive industry standards and regulatory compliance, increased application areas, higher installation and maintenance costs, demand from developing economies, and dearth of trained professionals. These factors collectively provide opportunities for the market growth. However, each factor has its definite impact on the market.