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Introduction of smart commercial lighting systems resulted in improved security and public safety which are significant factors

VANCOUVER, BRITISH COLUMBIA, CANADA, November 7, 2022 /EINPresswire.com/ -- The global commercial lighting market size reached USD 9.75 billion in 2021 and is expected to register a revenue CAGR of 21.4% during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is attributed to the growing need for more energy-efficient lighting systems, rapid infrastructure development, and ongoing and upcoming smart city projects in developing countries. Smart lighting use in commercial and industrial applications has been steadily increasing in recent years, owing to a growing focus on energy conservation. The use of such energy-efficient LED lighting technology reduces maintenance expenses significantly as they use about half as much electricity as standard halogen, incandescent, and fluorescent lights.

Furthermore, such commercial lighting emits no UV light and operates at a low voltage, as well as having a long lifespan, design flexibility, and durability. For instance, LEDs typically last 30,000–50,000 hours, depending on the fixture, compared to 1,000 hours for an incandescent bulb and 8,000 hours for a fluorescent lamp, respectively. As a result of LED luminaires extended life, they have minimal maintenance costs, which helps cut energy expenditure and bills, and is expected to drive revenue growth in the market between 2022 and 2030.

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Commercial lighting product certification is regulated by the International Electro-Technical Commission, the American National Standards Institute, and China Compulsory Certification, among other important regulatory authorities. After getting the necessary approvals, manufacturers sell, import, export, and use the products in business and services. Governments of several countries is raising global demand for smart lighting systems through smart city plans and projects. Implementing numerous quality-related rules assists them in ensuring consumer safety and monitoring environmental hazards in case of smart city plans. As a result, rigorous government restrictions governing the usage of high-energy-consuming lighting are expected to drive market revenue growth. However, factors such as high installation and maintenance costs for commercial lighting systems, as well as connectivity challenges, data security concerns, non-visual effects of lighting, and spectral light dosage are key factors that are expected to limit market growth to some extent during the forecast period.

Research Report on the commercial lighting Market Addresses the Following Key Questions:

Who are the dominant players of the commercial lighting market?

Which regional market is anticipated to have a high growth rate over the projected period?

What consumer trends and demands are expected to influence the operations of the market players in the commercial lighting market?

What are the key growth drivers and restraining factors of the commercial lighting market?

What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

What is the overall impact of the COVID-19 pandemic on the commercial lighting market and its key segments?

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The growth of the examined market is being significantly fueled by the ongoing and upcoming smart city projects in a number of nations, the increased focus of governments worldwide on energy consumption, the rising demand for LED lights and luminaires for outdoor applications, and the expanding acceptance of standard protocols for lighting control systems.

Depending on the purpose, commercial lighting can be customised to fit any facility and its activities. Maintenance requirements, brightness levels, and warranties are all important factors to take into account when purchasing commercial lighting. A commercial structure can host a significant number of people for a variety of uses, including shopping, employment, entertainment, and medical examinations, among others.

A space's surroundings can be illuminated and given a positive energy boost by well-designed lighting fixtures. Lighting design is an important consideration for hospitals, hotels, clubs, workspaces, retail stores, and other commercial buildings. This is because business owners may create a welcoming atmosphere for customers or visitors with a well-designed commercial lighting setup.

Key Companies Profiled in the Report are GE Current, A Daintree Company, Hubbell, Schneider Electric, ABB, Zumtobel Group, Acuity Brands Lighting Inc., Wipro Lighting, Siteco GmbH, Cree Lighting, WAC Lighting, and Signify Holding.

Emergen Research has segmented the global commercial lighting market based on light type, installation type, technology type, application, end-use:

Light Type Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)

Incandescent

Halogen

LED

Others

Installation Type Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)

New Installation

Replacement Installation

Retrofit Installation

Technology Type Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)

Wired

Wireless

Application Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)

Indoor

Outdoor

End-Use Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)

Commercial Offices

Retail Stores

Restaurant & Sporting Facilities

Healthcare

Others

Browse the complete Global Commercial Lighting Market Research Report – Industry Analysis, Size, Share, Growth, Trends@ https://www.emergenresearch.com/industry-report/commercial-lighting-market

The global commercial lighting market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The commercial lighting industry is witnessing an expansion and change of dynamics owing to the entry of several new players.

The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

Regional Analysis Covers:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.

Report Highlights:

Besides offering a vivid depiction of the global commercial lighting business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.

The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2022-2030). 

The report scrutinizes the salient factors influencing the growth of the market in the near future.

The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.

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