Press release
Emergency Lighting Market to Soar to $9.33 Billion by 2028, Driven by Construction and Healthcare Sector Developments
Emergency Lighting Market
The emergency lighting market showcases remarkable strides, elevating from $6.34 billion in 2023 to a projected $6.85 billion in 2024, marked by an impressive Compound Annual Growth Rate (CAGR) of 8.1%. Anticipations for the forthcoming years paint a promising picture, with an estimated growth to $9.33 billion by 2028, sustaining a steady CAGR of 8.0%.
Driving Forces:
Construction Sector Boost:
The robust expansion of the emergency lighting market is intricately linked with the burgeoning construction sector. A vital component for ensuring the safety of construction workers, emergency lighting witnesses heightened demand on construction sites. The construction sector, poised for a double-digit growth of 10.7% in 2022, as forecasted by the Indian Ministry of Statistics and Programme Implementation, emerges as a pivotal driver propelling the growth of the emergency lighting market.
Healthcare Sector Momentum:
The burgeoning healthcare sector plays a pivotal role in propelling the growth of the emergency lighting market. Catering to a diverse spectrum of health-related services, the healthcare sector relies heavily on emergency lighting to ensure safety during unforeseen events. Supported by data from the Canadian Institute for Health Information, indicating a rise in healthcare expenditure from $328 billion in 2021 to $331 billion in 2022, the growing healthcare sector emerges as a significant driver stimulating demand in the emergency lighting market.
Explore the Global Emergency Lighting Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6029&type=smp
Market Influencers:
Major players in the emergency lighting market, including Acuity Brands Inc., Syska LED Lights Private Limited, Eaton Corporation PLC, among others, contribute significantly to shaping market dynamics across residential, commercial, industrial, and other sectors.
Innovations and Future Trends:
Next-Gen Solutions:
Innovations take center stage as major companies actively introduce next-generation solutions in the emergency lighting market. A notable example is Hochiki's recent initiative, presenting FIREscape Nepto-an advanced emergency lighting system compliant with BS 5266. The system's features, including an addressable emergency lighting control panel, standalone LED luminaires, and exit signs, underscore a commitment to efficient and cost-effective emergency lighting solutions.
Global Landscape:
North America currently leads as the largest region in the emergency lighting market in 2023, with Asia-Pacific expected to emerge as the fastest-growing region in the forecast period. Comprehensive coverage extends across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Segmentation Insights:
The emergency lighting market covered in this report is segmented -
1) By Power System: Self-Contained, Central, Hybrid
2) By Offering: Hardware, Software, Services
3) By Battery: Ni-Cd, Ni-MH, LiFePO4, Lead-Acid
4) By End-User: Residential, Commercial, Industrial, Other End-Users
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/emergency-lighting-global-market-report
Emergency Lighting Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Emergency Lighting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on emergency lighting market size, market drivers and trends, emergency lighting market major players, competitors' revenues, market positioning, and market growth across geographies. The emergency lighting market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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