The global emergency lighting market reached a value of $5,386.0 million in 2020, and it is expected to attain a revenue of $9,993.4 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will exhibit a CAGR of 6.4% from 2021 to 2030 (forecast period). The market is being driven by the surging number of construction projects, falling prices of LED lights, rapid technological innovations in the lighting industry, and increasing implementation of government initiatives aimed at promoting the use of energy-efficient lighting solutions across the world.
The rapid deployment of self-contained power systems and their high cost-effectiveness, which is making them ideal for small and medium enterprises (SMEs). The emergency lighting market is also classified, on the basis of source, into LED, induction, incandescent, and fluorescent. Among these, the LED category contributed the highest revenue to the market in the years gone by, and this trend will continue in the upcoming years as well.
This will be because of the rising public awareness about the benefits of using energy-efficient lighting solutions and the implementation of government initiatives for boosting their adoption. Globally, the Asia-Pacific (APAC) region is predicted to be the largest emergency lighting market in the coming years. Moreover, this region will also be the fastest-growing market throughout the forecast period.
This is credited to the surging number of smart homes and launch of various initiatives by the governments of regional countries, such as India, China, Thailand, and South Korea, for facilitating infrastructure development, including several smart city development projects. Thus, the demand for emergency lighting solutions will shoot up in the coming years, mainly because of the plunging prices of LED lights, surging number of construction and infrastructure development projects, and soaring need for energy-efficient lighting systems across the world.
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- Market restraints and their impact during the short, medium, and long terms
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