✷ Report Code: A16543 | Pages: 230 | ||
Tables: 120 | Charts: 63 |
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The global energy efficient lighting market was valued at $46.2 billion in 2021, and is projected to reach $93.3 billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030.
The LED market revenue experienced a decrease in growth rate due to delayed construction projects. During the pandemic, however, the medical industry increased its demand for UV LED.
Energy efficient lighting entails using more light from fewer lights by replacing high power consumption lights like incandescent, high discharge lamps, and so on. This technology also used in a number of control technologies including GPRS, GSM, and SCADA. It is also replacing high-wattage lighting accessories with low-wattage devices such as electronic ballasts and fixtures. Energy efficient lighting consists of replacing traditional lighting (such as incandescent bulbs) with energy efficient lights such as fluorescent lamps, CFL lighting, and LED lamps.
Technological advancements in lighting systems provide not only energy efficiency but also other benefits such as light ambiance and warmth. Furthermore, these lighting devices enhance the aesthetic beauty of the home while reducing the need for artificial heating and cooling, which increases product demand.
However, the initial equipment and installation is expensive. Energy-efficient lighting is 20 times more expensive than standard incandescent lighting. However, advancements in lighting technology and mass production of energy-efficient lights are expected to lower prices in the coming years. As a result, the global market impact of the restraint is quite low.
The global energy efficient lighting market is segmented on the basis of source, application, and region. By source, the market is classified into high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), light emitting diodes (LED) and others. By application, the analysis has been divided into home, commercial and industrial. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., NICHIA CORPORATION, Bridgelux and Digital Lumens, Inc.
The energy efficient lighting market is segmented into Source and Application.
By source, the light emitting diodes (LED) sub-segment is predicted to be the fastest growing sub-segment. A light emitting diode is a semiconductor light source with two leads. It emits light when activated because it is a p-n junction diode. LEDs' recent advancements enable them to be used in environmental lighting. LEDs have seen a surge in demand due to the advantages they provide over incandescent light sources; low energy-consumption, improved physical robustness, longer lifetime, faster switching, and smaller size are among them.
By application, commercial sub-segment was the dominating sub-segment in 2021. The main drivers of sub-segment growth are LED penetration in commercial sectors. Furthermore, key market players provide a variety of energy-efficient lighting solutions based on their intended use. Philips, for example, provides lighting solutions for commercial use, and their products use less energy thanks to low-cost LED lighting and controls.
By region, North America dominated the global energy efficient lighting market in 2021. Because of increased production of energy-efficient lamps, the region is regarded as the most lucrative market for energy efficiency lights. This is due, in large part, to the presence of major manufacturers, stringent energy efficiency regulations, and high power-consumption in industrial and residential applications. Furthermore, rising demand for Energy Performance Certificates, which require commercial spaces to comply with energy-efficient requirements and processes is predicted to drive the regional market growth.
IMPACT OF COVID-19 ON THE GLOBAL ENERGY EFFICIENT LIGHTING MARKET
Energy Efficient Lighting Market Report Highlights
Aspects | Details |
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By Source |
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By Application |
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By Region |
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Key Market Players | philips lumec, Bridgelux, Inc., Eaton Corporation, Schneider Electric, ABB, toshiba corporation, Digital Lumens, Inc., advanced lighting technologies australia inc., General Electric, nichia corporation |
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People's growing interest in energy efficient lighting is primarily responsible for the enormous growth of the global energy efficient lighting market. Furthermore, rising awareness of low-carbon lighting and government energy-efficiency initiatives are the driving forces behind increased energy-efficient lighting adoption. Furthermore, the market's growth is expected to be boosted by the adoption of low-carbon lighting. In addition, major energy-efficient lighting providers are offering a variety of technologies to create more appealing and enhanced customer experiences. According to the analysts, Europe is projected to register faster growth as compared to Asia-Pacific and North America markets.
A. People's growing interest in energy efficient lighting is primarily responsible for the enormous growth of the global energy efficient lighting market. Furthermore, increased adoption of energy-efficient lighting is being driven by rising awareness of low-carbon lighting and government energy-efficiency initiatives, which may create lucrative opportunities for the market.
A. Light emitting diodes (LED) segment held the maximum share of the global energy efficient lighting market in 2021.
A. Home use, commercial use and other industries include the major customers of global energy efficient lighting market.
A. Europe will provide more business opportunities for global energy efficient lighting market in the future.
A. The growing demand for energy-efficient architectural lighting solutions, the use of energy-efficient lighting is rapidly increasing. Furthermore, the adoption of a luxurious lifestyle will encourage people to incorporate smart lighting solutions into their lives, which will ultimately accelerate the global energy efficient lighting market growth in the next few years.
A. Rising popularity of LEDs and smart lights are expected to drive the adoption of energy efficient lighting.
A. Agreement, business expansion, and product launch are the key growth strategies of global energy efficient lighting market players.
A. Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., NICHIA CORPORATION, Bridgelux and Digital Lumens, Inc. in the energy efficient lighting market.
A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global Energy efficient lighting market from 2021 to 2030 to determine the prevailing opportunities.
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