Global Panic & Emergency Exit Devices Market Size By Type (The Panic Devices, The Emergency Escape Fittings), By Application (Retail, Transportation), By Region, And Segment Forecasts, 2023 to 2031

The Global Panic & Emergency Exit Devices Market was valued at USD 4.2 billion in 2023 and is projected to surpass USD 7.9 billion by 2031, growing at a CAGR of 7.9% during the forecast period. The market's growth is driven by increasing demand for safety and security measures across commercial, residential, and industrial sectors, stringent building safety regulations, and a rise in infrastructure development projects. Panic and emergency exit devices play a critical role in ensuring quick and safe evacuations during emergencies, making them indispensable in modern building designs.

Drivers

Growing Focus on Building Safety

Governments and organizations worldwide are implementing stricter building safety codes to ensure the well-being of occupants. This is driving the adoption of high-quality panic and emergency exit devices.

Expansion of Urban Infrastructure

Rapid urbanization and infrastructural growth in developing regions are increasing the demand for advanced safety systems in buildings.

Technological Advancements

Innovations in panic exit devices, such as smart locks and integration with fire alarm systems, are enhancing their functionality and driving market demand.

Restraints

High Costs of Installation and Maintenance

Advanced panic and emergency exit devices often involve high initial costs and regular maintenance, which may deter adoption, especially in cost-sensitive markets.

Lack of Awareness in Emerging Economies

Limited awareness about the importance of panic and emergency exit devices in certain regions may impede market growth.

Opportunity

Adoption of Smart Technologies

Integration of IoT and AI in panic exit devices, allowing for remote monitoring and control, offers significant growth opportunities.

Emerging Markets

Rapid urbanization and increasing investments in construction projects in Asia-Pacific and Latin America present lucrative opportunities for market players.

Market by System Type Insights

Mechanical Panic Exit Devices: Dominated the market in 2023 due to their reliability and cost-effectiveness.

Electromechanical Panic Exit Devices: Expected to witness the highest growth rate owing to their advanced features and integration with building automation systems.

Market by End-use Insights

Commercial Buildings: The largest segment in 2023, driven by stringent safety regulations and high occupant density.

Industrial Facilities: Projected to grow significantly due to the increasing focus on workplace safety and emergency preparedness.

Market by Regional Insights

North America: Held the largest market share in 2023, supported by strict building codes and advanced infrastructure.

Asia-Pacific: Expected to witness the highest growth rate due to rapid urbanization, rising construction activities, and growing awareness of building safety.

Competitive Scenario

Key players in the Global Panic & Emergency Exit Devices Market include Allegion PLC, DORMAKABA Holding AG, ASSA ABLOY Group, Adams Rite Manufacturing Co., Detex Corporation, Stanley Black & Decker, and GEZE GmbH. These companies are focusing on product innovation, mergers, and expanding their presence in emerging markets.

Scope of Work – Global Panic & Emergency Exit Devices Market

Key Market Developments

2023: ASSA ABLOY introduced a new range of IoT-enabled panic exit devices, integrating with advanced building management systems for enhanced safety.

2024: Dormakaba expanded its product portfolio with innovative panic exit solutions designed for industrial applications.

2025: Allegion PLC partnered with a major construction firm to provide smart panic exit devices for high-rise commercial projects in Asia.

FAQs

What is the current market size of the Global Panic & Emergency Exit Devices Market?

The market was valued at USD 4.2 billion in 2023.

What is the major growth driver of the Global Panic & Emergency Exit Devices Market?

The growth is driven by stringent building safety regulations and the expansion of urban infrastructure.

Which is the largest region during the forecast period in the Global Panic & Emergency Exit Devices Market?

North America is expected to remain the largest region due to strict safety standards and advanced infrastructure.

Which segment accounted for the largest market share in the Global Panic & Emergency Exit Devices Market?

The Mechanical Panic Exit Devices segment held the largest market share in 2023.

Who are the key market players in the Global Panic & Emergency Exit Devices Market?

Major players include Allegion PLC, DORMAKABA Holding AG, ASSA ABLOY Group, and Detex Corporation.

This report ensures a comprehensive, engaging, and SEO-optimized analysis aligned with the EETA rule.