Emergency Lighting Inverters Market Forecast and CAGR
Emergency Lighting Inverters Market is projected to rise with the growth rate of 6% to 8% during period of 2021 to 2031. Emergency Lighting Inverters are expected to experience a healthy demand rate with rising advancements and technological developments in lighting solutions in commercial and industrial sector is projected to generate incremental demand growth over the coming years.
What is Driving Demand for Emergency Lighting Inverters?
Need of alternative lighting solution in absence of normal power supply in commercial buildings including hospitals, high profile institutions, airports and sea ports etc. is primarily expected to drive the market growth. Additionally, the new housing establishments are also expected to cause an uptake of the target device.
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The rapid growth in lighting sector due to innovation and technological development is prime factor which is maneuvering the sales growth. Furthermore ease of application and Operational safety is also propelling the demand of emergency lighting inverters.
The Lighting industry is one of the most growing sectors in past few decades. The enhanced applications of lighting systems has attracted the investments for further development and innovative solutions which is creating more scope in demand and sales.
From recent years, Emergency Lighting Inverters is evolving as cost effective solution for various end use applications where it provides power backup in case of any power outage, and having a backup resource to avoid any kind of interruption in ongoing work is most preferable by end users.
Growing technological development to Augment Emergency Lighting Inverters Sales
The electronics and electrical industry is a flourishing and diversified sector which is promptly growing owing to the inventions in novel technologies coupled with customers inclining towards electronic devices and services. The rapid surge in the growth of the electronic industry has impelled dramatic changes in the investments in electronic manufacturing industry.
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Nowadays, electrical and electronics industry is experiencing remarkable changes due to continuous research and development investments, which has led to augmented production capacity as well as higher value added products.
Regional Market Outlook
North America region is projected to have a considerable quota of market share over the forecast period, on the back of increasing innovations for lighting sector and technological advancements by key manufacturers. US Government is highly concerned about the energy conservation and energy efficient lighting solution also growing construction of residential as well as commercial buildings are generating the demand growth in the region.
East Asia region is expected to witness a brisk growth among all other regions due to upgrades in urban infrastructure and preparedness against any natural calamity which has been frequently experienced by the region in last 5-7 years.
Presence of high demanding countries like China and Japan, reason behind this rapid growing economy as well as population, also governments are investing in construction of smart cities which is prime demanding factor. Subsequently, Emergency Lighting Inverters market in Asia Pacific is expected to witness highest growth during the forecast period.
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Who are the Key Manufacturers and Suppliers of Emergency Lighting Inverters?
Some of the leading manufacturers and suppliers include
- Signify (Cooper Lighting)
- Acuity Brands
- Perfect Power Systems
- Controlled Power
- Staco Energy
- Myers Emergency Power Systems
- Online Power
- DSP Manufacturing (DSPM)
- Standard Products Inc.
- LVS Controls
- IEP Systems Inc.
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