According to a recent market study published by Growth Market Reports (GMR), titled, “Global Emergency Exit Signs Market by Type, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 965.4 Million in 2019 and is expected to grow at a healthy growth rate of 4.2% by the year 2027. Rising investments in public safety measures, increasing commercial buildings with emergency exit signs, availability of different features in emergency exit signs, and growing adoption of green and red exit sign boards are considered as the primary factors driving the market growth. Moreover, the modern emergency exit signs come with different features such as materials, colors, types, and bulb types. These sign boards are also available with pictograms that have been approved by government bodies.
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The global emergency exit signs market is fragmented based on type, application, and region. In terms of type, the market is segmented into electrical exit sign, non-electrical exit signs. Based on application, the market is classified as residential, commercial, industrial, and public facility. On the basis of region, the global emergency exit signs market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.
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In year 2020, the emergency exit signs market is witnessing a lower growth trend owing to the adverse impact of COVID 19 pandemic. Global disruptive supply chain, lack of raw material availability, temporary shutdown of production units is the reason of lower production output. Moreover, global demand from customer’s side has also fallen due to spread of pandemic. The year-on-year decline of emergency exit signs market in 2019-2020 is estimated around 2.0% and it is believed that the emergency exit signs market will expand at 4.2% CAGR during 2020-2027 on post COVID situation.
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As per GMR industry analyst Partha Paul, “The global emergency exit signs market is anticipated to witness significant growth during forecast period 2020-2027 driven by some factors such as public safety & security, increasing investment into commercial sector. Factors increasing investment in public safety are the high demand for public safety and protection in exit signs applications, increasing IoT implementation in public safety and security across the globe, and growing number of providers of public security solutions. Hence, increasing investments in public safety boosts the growth of the emergency exit signs market. Moreover, Rising investments in IT-based solutions and services are increasing commercial building globally. Growing number of startup companies are increasing the number of commercial building. These companies concentrate on the employee’s safety measures to provide better facilities in the company premises to improve employee work output. This, in turn, increases the demand for emergency exit signs for emergency situations in the office”
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