Emergency Lighting Market is mainly driven by rising number of construction projects in various countries, modern technological advancements in the lighting industry also drives market demand.
pune, Maharashatra -- (SBWIRE) -- 01/13/2020 -- According to International Energy Agency (IEA), the demand for cooling units will reach 2.5 billion units by 2040. The demand is expected to be mainly driven by emerging countries, which globally stands at 600 million units today. Additionally, despite the tremendous prospects like electric vehicles (EVs), and cooling demand from the emerging economies, the heating will remain a prominent application along with EVs. IEA estimates that electricity demand for motor systems in China will alone account for a fifth increase in global electricity demand by 2040. The estimations by IEA may not seem surprising to people who are following developments on the ground in China.
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China has adopted policies to drive infrastructure developments for EVs, and E-buses. Some of the biggest municipalities in China like Shenzhen have already fully electrified their public bus fleets to drive new initiatives. The rising electrification around the world and major uptake in EV sales, with an expected adoption of over 40% by IEA estimates by 2040, are likely to drive major growth for the emergency lighting market.
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Growing Advancements Like IoT to Open New Opportunities for Growth
Emergency lighting plays a crucial role in protecting expensive valuables like IoT gadget for consumers, enterprises, and public entities alike. Additionally, demand for these is rising with new trends like smart cities, home automation, and global initiatives like IoV. Trends like IoV refer to Internet of Vehicles, wherein all vehicles will be interconnected to each other, and to main servers to communicate, and enhance traffic safety. These developments rely heavily on stable, and interrupted supply of electricity. This is one of the major reasons why globally, government initiatives are aimed at improving the current power generation infrastructure to bring in more reliability, efficiency, and transparency in electricity promising new product development, and growth opportunities for players in the emergency lighting market. This has already started happening as emergency solutions come increasingly embedded with voltage regulators to protect valuables in residential and commercial properties.