According to the report, the emergence of smart emergency lighting systems is expected to drive the emergency lighting battery market growth during the forecast period. The rise of smart solutions in various industries worldwide with various features has led to the shift in consumers toward smart solutions. Similarly, emergency lighting manufacturers are focusing on smart emergency lighting system technologies, which can be used for tracking testing of emergency light conditions. These technologies allow building managers to test the lighting system automatically, understand its usage, detect any luminance failure, and provide solutions for places that require emergency lights with a single software or a mobile app. Such innovations are expected to stimulate the demand for emergency lighting, thereby driving the growth of the market. In addition, the increasing number of infrastructure projects is anticipated to boost the growth of the emergency lighting battery market.
The global emergency lighting battery market size is expected to grow by $636.42 million from 2020-2024, according to a recent market study published by Technavio. This marks a significant market slowdown due to the impact of COVID-19 in the first half of 2020. However, analysts expect healthy growth to continue in this market throughout the forecast period at a CAGR of approximately 6%.