Market for Emergency Lighting Systems in Commercial Buildings Is Expected to Reach $8 Billion in 2031
Market drivers include emphasis on energy and workforce efficiency and growth in new construction
A new report from Guidehouse Insights analyzes the global emergency lighting market for commercial buildings.
Until now, the market has been purely driven by changes in building codes and construction, but recent advancements in smart emergency lighting systems are expected to change the industry significantly. According to a new report from Guidehouse Insights, global revenue attributed to emergency lighting systems in commercial buildings is expected to increase from $4.6 billion in 2022 to $8.4 billion in 2031 at a compound annual growth rate (CAGR) of 6.8%.
“As improving building energy efficiency and reducing costs become top priorities for corporations globally, the market for emergency lighting systems in commercial buildings is quickly evolving,” says David Gonzalez, research analyst with Guidehouse Insights. “The latest advancements in emergency lighting fixtures allow for automated self-testing and system reporting to comply with building code mandates, while improving energy usage with more efficient lighting technologies.”
Although basic emergency lighting systems that meet building codes drive much of the market, indications are that more complex emergency lighting systems will be increasingly common in coming years. A growing emphasis on energy and workforce efficiency is likely to remain through the next decade, driving demand for smart emergency lighting systems. Additional market drivers include complying with building codes, central life and safety systems reporting interface, and growth in new construction, according to the report.
The report, Emergency Lighting Systems, analyzes the global market for emergency lighting systems in five technology segments: LED exit signs, combination emergency lights and exit units, emergency drivers, unit equipment, and inverter systems. The study provides an analysis of the market issues, including market drivers, market barriers, and trends associated with emergency lighting systems. Global market outlook for unit shipments and revenue, broken out by technology segment and region, extends through 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Emergency Lighting Systems, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.