Commercial Lighting Market Share, Demand, Industry Analysis, Growth, Applications, Types and Forecasts Report 2030
The new report titled ‘Global Commercial Lighting Market,’ published by Emergen Research, is a vivid presentation of the global Commercial Lighting market, with utmost focus on the forecast market size, share, value, and volume over the projected timeline. The report throws light on the current economic landscape of this business vertical and evaluates the top market trends. It has been compiled through significant primary research, including surveys, interviews, and expert analysts’ observations. It features insightful qualitative and quantitative assessments of the Commercial Lighting industry, gathering industry-verified data from the value chain analysis. The report, additionally, examines the prevailing trends in the market, along with the macro- and micro-economic indicators. The report delivers a deep understanding of the key aspects of the Commercial Lighting market, for instance, import and export dynamics, production and consumption rates, and consumer bases across the major market regions. Thus, the report concludes with the essential market statistics presented in a tabular format to help readers get a clear idea of the global market dynamics.
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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