The intelligent evacuation system market is in its growth phase, and is expected to grow at a CAGR of 6.7% during the forecast period. Organizations focus on improving their product offering to cater to the rise in market demands, which drive the market growth during the forecast period. Europe was the highest shareholder in terms of revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
According to a new report published by Allied Market Research, titled, Intelligent evacuation System Market by Type, and End-User: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global intelligent evacuation system market was valued at $504 million in 2016, and is projected to reach $775 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The commercial segment is anticipated to grow at the highest rate during the forecast period.
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Europe generated the highest revenue in 2016 due to adequate infrastructural development for the adoption of the intelligent evacuation system. The Asia-Pacific intelligent evacuation system market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growth in trend of integrated building technologies.
The voice evacuation system business segment contributed the highest share in 2016. This segment accounted for $362 million in 2016 and is projected to grow at the CAGR of 5.4% during the forecast period. However, the intelligent evacuation system market for emergency lighting segment is projected to grow at the highest rate of 10.6%. The commercial segment accounted for the highest revenue share in 2016, while the residential segment is anticipated to grow at the highest rate of 11.0%.
Technological innovation in product offerings, rise in adoption for building automation and control system solutions, increase in application areas among end-users, supportive and evolving regulatory framework among developing and developed economies, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities drive the market. In addition, government organizations and companies enhance their emergency response building infrastructure due to rise in number of hazardous events. This in turn boosts the intelligent evacuation system market growth.
The report features a competitive scenario of the global intelligent evacuation system industry and provides a comprehensive analysis of key growth strategies adopted by the major players.
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The key players profiled in the study are Robert Bosch GmbH, HOCHIKI Corporation, Honeywell International, Johnson Controls International Plc, Siemens AG, Legrand, ABB Group, Automated Logic, Beckhoff Automation GmbH & Co. KG, and Eaton Corporation Plc. These players adopt competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the intelligent evacuation system market.
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