Falling Prices of LEDs Driving Emergency Lighting Market Growth

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.

To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/emergency-lighting-market/report-sample

The adoption of LEDs in red and green exit signs is one such major technological advancement in the emergency lighting market. These lights are more cost-effective and exhibit greater energy-efficiency than conventional lighting sources. With the growing use of emergency red and green exit signs in various residential areas, companies are increasingly focusing on expanding their product portfolios. Depending on power system, the market is segmented into central, hybrid, and self-contained categories, out of which, the self-contained category held the largest market share in 2020, and it is predicted to retain its dominance throughout the forecast period as well.

This is attributed to 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.

Inquire before purchase@ https://www.psmarketresearch.com/send-enquiry?enquiry-url=emergency-lighting-market

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.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.