The growth of the energy efficient lighting market is propelled by increasing technological advancement in the lighting industry, rising LED users, and potential benefits offered by the lighting market, according to Vantage Market Research’s recent analysis of the Global Energy Efficient Lighting Market.
At the same time, the emergence of innovative products with the latest technology will provide lucrative growth opportunities in the energy efficient lighting market shortly.
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However, high implementation costs and substantial initial investment are expected to hamper the development of the energy efficient lighting market during the forecast period. The energy efficient lighting market revenue is expected to reach a value USD 71.7 billion in the year 2028.
The Global Market revenue was valued at USD 45.7 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period; states Vantage Market Research, in a report, titled “Energy Efficient Lighting Market Size, Share & Trends Analysis Report by Product Type (Incandescent Lamp, Light Emitting Diode, Arc Lamp, Gas Discharge Lamps), by Application (Commercial, Residential, Government), by Correlated Colour Temperature (2700K-3000K, 3500K–4000K, 4000K-5000K, 5000K-6500K), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key insights & findings from the report:
- According to primary respondents’ research, the energy efficient lighting market is predicted to grow at a CAGR of roughly 7.8% during the forecast period.
- The energy efficient lighting market was estimated to be worth roughly USD 45.7 billion in 2021 and is expected to reach USD 71.7 billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide energy efficient lighting market.
Use of Energy Efficient Lighting Market in various applications
Energy efficient lighting necessitates using more light from fewer lights by switching to high-power-usage lights such as high discharge lamps, incandescent, and so on.
These lights are also used in various control technologies such as GSM (Global System for Mobile), SCADA (Supervisory Control and Data Acquisition), and GPRS (General Packet Radio Service).
Furthermore, it replaces high-power lighting accessories with low-power devices like electronic fixtures and ballasts.
Nowadays, there is an increase in demand for energy-efficient lights such as fluorescent lamps, CFL lighting, and LED lamps because of the provision of advanced features such as automatically trying to turn off lights if they are not in use, particularly during the day.
Therefore, there is a massive demand for these energy-saving schemes in multiple applications, such as external & interior lighting in residential and commercial buildings.
Furthermore, an energy efficient lighting market’s primary benefit is minimising carbon emissions and fossil fuel consumption, helping alleviate global warming and associated concerns.
Therefore, there is an increase in demand for energy efficient lighting market systems in the coming years.
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Increasing demand for energy conservation
The world is encountering a significant population development, and this trend has significantly impacted multiple markets.
This growing population has resulted in a substantial increase in energy consumption which the world is not ready for.
The consumption of non-renewable resources that are used for energy generation has also provided the use of energy efficient systems.
Thus, these components are projected to increase the demand for energy efficient lighting during the forecast period. Enlarging benefits of LEDs and supportive government initiatives are expected to increase the growth of the energy efficient lighting market in projected years.
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Segmentation of the Global Energy Efficient Lighting Market:
- Product Type
- Incandescent Lamp
- Light Emitting Diode
- Arc Lamp
- Gas Discharge Lamps
- Correlated Colour Temperature
- More than 6500K
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Read full research report @ https://www.vantagemarketresearch.com/industry-report/energy-efficient-lighting-market-1703
COVID-19 impact analysis:
The outbreak of COVID-19 has affected almost all industries globally. Several manufacturing and development facilities across the globe were forced to shut down their operations during the initial stages of the pandemic.
State and National Governments globally implemented lockdown measures and ensured social distancing norms to restrict the fast spread of the pandemic.
In addition, the financial crisis which followed right after the pandemic led to a significant delay in the commercial roll-out of the pharmaceutical and other industries.
As a result, several small and medium-scale companies witnessed a substantial drop in income. The industries are considered as the backbone of various technology providers and are trying to recover since the emergence of the COVID-19 pandemic in 2020.
As a result, market players faced numerous challenges in the view of disruptions in the supply chain due to the pandemic.
Things are expected to improve in the second half of 2022 as operations of the players are resuming leading to more supplies returning on track.
Vantage Market Research’s study on the Global Energy Efficient Lighting Market has taken the purview of the impact of the COVID-19 pandemic on the global market demand.
The study has evaluated and forecasted the market size and growth trends for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
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The report on Energy Efficient Lighting Market highlights:
- Assessment of the market
- Premium insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on “Energy Efficient Lighting Market Size, Share & Trends Analysis Report by Product Type (Incandescent Lamp, Light Emitting Diode, Arc Lamp, Gas Discharge Lamps), by Application (Commercial, Residential, Government), by Correlated Color Temperature (2700K-3000K, 3500K–4000K, 4000K-5000K, 5000K-6500K), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
Europe Anticipated Potential Market Growth
Europeis expected to dominate the growth of the energy efficient lighting market in 2021, owing to the excessive production of energy-efficient lamps and the existence of some major manufacturers in the region.
In addition, high power consumption in residential & industrial applications and strict energy efficiency regulations are also expected to boost the energy efficient lighting market growth in the region.
For instance, Philips provides effective lighting solutions for commercial purposes, and its products utilise minimal energy with low-cost LED lighting. These factors are expected to develop the energy efficient lighting market growth over the forecast years.
Furthermore, growing effective strategies like collaborations and acquisitions by leading players and the enlarged focus on infrastructure development in developing nations like India, Indonesia, and China are some significant components anticipated to create substantial growth opportunities for the energy efficient lighting market in this region.
List of Prominent Players in the Energy Efficient Lighting Market:
- Apple Inc
- Bajaj Electricals Ltd
- Bridgelux Inc
- Cooper Lighting
- Cree Inc
- Digital Lumens Inc
- Eaton Corporation
- GE Lighting
- LIGMAN Lighting Co Ltd
- Nichia Corporation
- OSRAM GmbH
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April 2022: Electrical Safety Foundation International (ESFI) announced the launch of a national effort to bolster electrical safety and promote the use of energy-efficient lighting and energy conservation systems in Arlington, Virginia, United States.
June 2020: Signify NV, a Dutch multinational lighting corporation that was formerly known as Philips Lighting NV, announced its launch of the brand-new Philips Hue products like Philips Hue White A21 bulb, Philips Hue Light strip Plus, Philips Hue Bloom table lamp, etc. for product portfolio enhancement and boosting the market growth even further.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the energy efficient lighting market?
- How will the energy efficient lighting market change in the upcoming six years?
- Which application and product will take a lion’s share of the energy efficient lighting market?
- What is the Energy Efficient Lighting market drivers and restrictions?
- What will be the CAGR and size of the energy efficient lighting market throughout the forecast period?
This market, titled “Energy Efficient Lighting Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
|Market size provided for years||2016-2028|
|Segments Covered||• Product Type|
• Incandescent Lamp
• Light Emitting Diode
• Arc Lamp
• Gas Discharge Lamps
• Correlated Colour Temperature
• More Than 6500K
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Region & Counties Covered||• North America|
Rest Of Europe
• Asia Pacific
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
|Companies Covered||• Apple Inc|
• Bajaj Electricals Ltd
• Bridgelux Inc
• Cooper Lighting
• Cree Inc
• Digital Lumens Inc
• Eaton Corporation
• GE Lighting
• LIGMAN Lighting Co Ltd
• Nichia Corporation
• OSRAM GmbH
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis,|
PEST analysis, value chain analysis, regulatory landscape, technology
landscape, patent analysis, market attractiveness analysis by segments
and North America, company market share analysis, and COVID-19 impact analysis
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