Intelligent Evacuation System Market by Type (Voice Evacuation System, Mass Notification System, and Emergency Lighting) and by End User (Commercial, Industrial, and Residential) - Global Opportunity Analysis and Industry Forecast, 2016-2023
Intelligent evacuation system is a type of alert and response generation facility designed to enhance the safety level of individuals endangered due to the occurrence of an emergency situation. It facilitates a suitable and safe evacuation procedure.
This system conducts orderly evacuation and notifies building and surrounding occupants of variety of changing event circumstances, such as fire situation, toxic incident, extreme weather condition, violence, and others. It generally consists of a set of hardware and software that enables automated response solution.
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.
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The intelligent evacuation system market is expected to experience significant growth during the forecast period, owing to technological innovation in product offerings, rise in adoption for building automation and control system solutions, increase in application areas among end users, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities.
Moreover, constant development of the supportive regulatory structure fuels the demand for intelligent evacuation system products. In addition, increase in adoption of smart construction is expected to boost the intelligent evacuation system market growth in the coming years.
However, high initial costs of implementation and dearth of trained professionals to implement the right solution for the specific needs among consumers hinders the growth of the market.
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The global intelligent evacuation system market is segmented based on type, end user, and geography. By type, the market is divided into voice evacuation system, mass notification system, and emergency lighting.
On the basis of end-user, it is classified into commercial, industrial, and residential. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the intelligent evacuation system market are Robert Bosch GmbH, HOCHIKI Corporation, Honeywell International, Johnson Controls International Plc, Siemens AG, Legrand, ABB Group, Automated Logic, Beckhoff Automation GmbH & Co. KG, Eaton Corporation Plc, and others.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global intelligent evacuation system market.
- Porter’s Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets.
- Current and future trends adopted by the key market players are highlighted to determine overall competitiveness.
- The quantitative analysis of the intelligent evacuation system market growth from 2017 to 2023 is provided to elaborate the market potential.
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