Intelligent evacuation system Market is Poised to Grow at a Healthy CAGR of 6.4% between 2021-2030
An increase in the market for smart cities is expected to provide lucrative opportunities for the intelligent evacuation system market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 21, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global intelligent evacuation system market size was valued at $0.63 billion in 2020, and is projected to reach $1.15 billion by 2030, registering a CAGR of 6.4% from 2021 to 2030.
The emergency lighting segment is expected to experience significant growth in the coming years owing to, growing market of emergency lighting system and rise in need for emergency management system to minimizes confusion & panic in case of evacuation.
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The key factor that drives the intelligent evacuation system market size includes an increase in the market for automated building solutions drives the growth of the market. In addition, supportive industry standards and regulations fuel the growth of the intelligent evacuation system market.
However, higher installation and maintenance costs are expected to impede market growth. Furthermore, an increased market for smart cities is expected to provide lucrative opportunities for market growth.
By end user, the commercial segment dominated the intelligent evacuation system market size in 2020, and is expected to continue its dominance in the coming years, owing to rapidly evolving infrastructure complexities, congested escape routes, and increased acceptance of application-specific solutions that facilitate phased evacuation.
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However, residential segment is expected to witness growth at the highest rate owing to, factors such as increased market for smart homes and development of application specific solutions.
Region wise, the intelligent evacuation system market was dominated by North America in 2020, owing to the presence of strong regulatory framework and favorable government policies. However, Asia-Pacific is expected to witness growth at the highest rate owing to supportive regulatory standards from major countries like China, Japan, India, and Australia.
The key players profiled in the intelligent evacuation system market analysis are ABB Group, Automated Logic, Beckhoff Automation GmbH & Co. KG, Eaton Corporation Plc, HOCHIKI Corporation, Honeywell International, Johnson Controls International Plc, Legrand, Robert Bosch GmbH, and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures, to strengthen their foothold in the global intelligent evacuation system industry.
Key Findings Of The Study:
• On the basis of type, the voice evacuation system segment accounted for the largest intelligent evacuation system market share in 2020.
• Region-wise, North America generated highest revenue in 2020.
• By end user, the commercial segment generated the highest revenue in 2020.
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