2020-2024 Global Emergency Lighting Battery Market Compound Annual Growth of 6%

Technavio, an international market research institution, invested in its report that the world emergency lighting battery market is expected to grow by $634.
2 million
from 2020 to 2024.

Increasing global safety parameters and regulations is one of the major factors positively influencing the growth of
the market.
According to Technavio's Emergency Lighting Battery Market Analysis, the industry is expected to grow
at a CAGR of 6% through 2024.
The industry needs emergency lighting, and residential buildings also need emergency lighting
.
The global growth of the emergency lighting market by governments in terms of safety regulations is driving the growth of the global emergency lighting market, which will subsequently drive the growth of the
emergency lighting battery market.

The emergence of smart emergency lighting systems is one of the latest emergency lighting battery market trends that will boost the growth
of this market in the coming years.
Emergency lighting manufacturers are focusing on smart emergency lighting system technology as consumers find it difficult to manually test emergency lights
after installation.
The rise of smart solutions across various industries with various capabilities across the globe has led consumers to turn to smart solutions
.

North America was the largest regional market for emergency lighting batteries in 2019, and this region will provide some growth opportunities
for market vendors during the forecast period.
The established emergency light market in North America and the strict regulations set by the Occupational Safety and Health Administration (OSHA) and the National Fire Protection Association NFPA regarding the installation of emergency lights on exit routes have increased the use
of emergency lights.
This will significantly drive the growth
of the emergency lighting battery market in the region during the forecast period.

However, during the forecast period, a significant 39% of the market share will come from the Asia-Pacific region
.
China and Japan are the major markets
for the emergency lighting battery market in the Asia-Pacific region.

Factors such as increasing demand for these batteries in emergency lighting systems in developed countries due to their cost-effectiveness and high energy storage capacity will drive the growth of the industry in the coming years
.
From the perspective of battery type, the market growth in the nickel-cadmium battery field will be slower than the market growth
in the lead-acid battery field.