Australia Emergency Lighting Market Size

Australia Emergency Lighting Market Analysis

The Australian emergency lighting market is expected to register a CAGR of 5% during the forecast period.

• The increasing demand for energy-efficient lighting systems across the commercial, residential, and industrial sectors is driving the growth of low-power consumption bulbs in the emergency lighting system.
• Technological advancement in the lighting market has led to the development of energy-efficient, self-diagnostic with an extended lifespan, driving the market's growth. Moreover, the government's strict fire and safety regulations are expected to flourish in the Australian emergency lighting market. Further, in September 2022, according to Australasian Fire and Emergency Service Authorities Council (AFAC), a new nationally consistent bushfire danger rating system started across Australia, providing more explicit and accurate information to communities at risk of bushfires.
• The need for more commercial buildings, social spaces, housing, and infrastructure comes with a growing population. Sector-wise, the value of construction work in the private sector was significantly higher than in the public sector. According to the Australian Bureau of Statistics (ABS), in 2022, the total number of dwellings under construction arrived at 241,926 in June, an additional 0.7% increase from the record raised in March of 240,156 homes. This increase was driven by new private sector houses, which have increased to record highs since March 2021, with 102,908 new private dwellings under construction in June 2022.
• Furthermore, the Australian market is also witnessing several strategic collaborations with a global player to gain significant market share in the regional market. For instance, Clevertronics, an Australian evacuation product company, recently partnered with Wirepas, Finland's wireless IoT connectivity provider. The partnership is expected to enable Clevertronics to provide the market with massive-scale, low-cost smart emergency lighting solutions. The easily installable solutions are quickly proving a success, with already 630 sites across Australia, New Zealand, and the United Kingdom deployed in just a few years.
• Moreover, the supporting government regulations (National Construction Code) provide the minimum requirements for the safety and health of workers that are necessary to incorporate in all the on-site construction, such as adequate emergency lighting to guide the constructor to safely exit the place in case of any failure of standard artificial lighting during an emergency. Further, in May 2022, the Australian Building Codes Board released Stage 1 of the NCC 2022 as a general preview in preparation for its execution in September 2022.
• The Internet of Things (IoT) advancement has led to the emergence of networked and communications-enabled emergency lights systems (IoT based). Most key vendors are developing and commercializing IoT-based emergency light systems that can be operated through smartphones. For instance, WBS Technology's EMIoT is an emergency lighting network and testing system that leverages IoT technology to create a cost-effective, wireless cloud solution that allows live remote monitoring of 99% of the building with no cabling or additional hardware. Its implementation in smart buildings is expected to drive the market in the future.
• According to global Australia, the Internet of Things, smart devices connected to the internet that collect and share data, can boost Australia's GDP by USD 230 billion over the next decade. Further, the number of companies operating in blockchain and cryptocurrency exploded by 153%. Australian industry players are expected to contribute an estimated global annual business value of more than USD 175 billion by 2025.
• However, significant barriers to market revenue growth include high initial investments, an extensive cabling system requirement, and a need for appropriate system integrity. The high cost of emergency power and lighting systems, equipment, installation, and wiring will significantly reduce customer desire.
• Amid the outbreak of COVID-19, the market witnessed a production shutdown and disruption in the supply chain, leading to weakened industrial output growth and a decline in light-manufacturing production across significant manufacturing hubs. Major halts in construction activities during the initial phase of the pandemic have resulted in a slump in demand for lighting products, as the construction industry used to be a significant adopter of emergency lighting systems. Furthermore, the construction industry is anticipated to register substantial growth in the forecast period.