Energy Efficient Lighting Market

Market Synopsis:

The Global Energy Efficient Lighting Market was valued at USD 45.7 Billion in the year 2021 and is expected to reach a value of USD 71.7 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.8% over the forecast period.

Energy Efficient Lighting reduces electricity demand and is a more cost-effective lighting system than traditional lighting methods. When compared to other types of lighting, more significant energy savings are expected to drive the Energy Efficient Lighting Market. The automotive lighting market has changed dramatically in the last five years, with many innovative and adaptable technologies entering the market. However, the increasing use of LEDs in the automotive industry may open new opportunities for the Energy Efficient Lighting Market. The technological advancement of lighting systems improves energy efficiency and provides additional benefits such as light ambiance, ventilation, and warmth.

Furthermore, these lighting devices enhance the home's aesthetic beauty. These also help eliminate the separate need for artificial heating and cooling. On the other hand, these energy-saving buildings emit a large amount of energy heat due to poor insulation or radiation. However, installing intelligent lighting devices aids in efficient energy consumption and the effective regulation of thermal room temperatures. Therefore, the efficient lighting devices, which also reduce the requirement need, are expected to drive the growth of the Energy Efficient Lighting Market over the forecast period.

However, the Global Energy Efficient Lighting Market Analysis is a specialized and in-depth examination of the Energy Efficient Lighting Market, with a particular emphasis on the global market trend analysis. This report aims to provide an overview of the Energy Efficient Lighting Market, as well as detailed market segmentation by source and Application. The Global Energy Efficient Lighting Market is expected to proliferate in the forecast period. Therefore, the report offers key trends and opportunities in the Energy Efficient Lighting Market and knowledge to help the market status of the leading intelligent lighting market player.

Market Segmentation:

The Energy Efficient Lighting Market is segmented based on Product, Application, Correlated Color Temperature, and Region. Based on the segment Product, the market is further sub-segmented as Incandescent Lamp, Light Emitting Diode, Arc Lamp, and Gas Discharge Lamps. Furthermore, based on the Application segment, the market is sub-segmented as Commercial, Residential, and Government. Finally, based on Correlated Color Temperature, the market is sub-segmented as 2700K-3000K, 3500K – 4000K, 4000K- 5000K, 5000K-6500K, and More Than 6500K.

Based on Product:

Based on the Product, Light Emitting Diodes (LED) have a wide range of properties. Their applications include Backlights, Air Transportation Lighting, Automobiles, Ambient Lighting, Crime Investigation, Marketing, Universal Healthcare, Signals & Road Signs, Camera Flashes, Lighted Screensavers, Portable Devices, and Electronic Devices. Light Emitting Diodes (LED) sub-segment has emerged as a dominating lighting source; nevertheless, they are more expensive and require more precise heat and power management than light. LEDs are becoming more popular as consumers become more aware of the benefits of their longer lifespans. LED lamp price cutback, rise in application in display backlighting, and the high efficacy offered by LED lamps are also expected to benefit the market. As a result, such factors will create significant opportunities for the Energy Efficient Lighting Market in the coming years.

Based on Application:

Based on Application, the Commercial sub-sector is the primary driver of this sector’s growth. Furthermore, key market players provide various Energy Efficient Lighting solutions based on their intended use. Philips, for example, includes lighting solutions for Commercial use, and their products use less energy thanks to low-cost LED lighting and controls. As a result, their lighting options reduce capital expenditure, plant outages, and maintenance, optimize labor costs, meet national and international safety standards, have a lower carbon footprint, and have a lower environmental impact. These factors are expected to encourage Energy Efficient Lighting in commercial applications, accelerating growth during the forecast period.

Europe is forecast to expand at the fastest CAGR during the forecast period, followed by the Asia Pacific

Regionally, Europe is the leading market for Energy Efficient Lighting technology, accounting for the largest revenue share. The region's dominance is due to several countries implementing Energy Performance Certificates, which require commercial spaces to adhere to energy-efficient requirements and processes. As a result, the European market is expected to grow faster during the forecasted period. However, Asia Pacific is the second-largest market in terms of revenue after Europe. Rapid economic growth has resulted in mega-urban projects and supportive government policies, making the region appealing to manufacturers. As a result, Asia Pacific will experience faster growth over the forecast period. The increase is also due to global government initiatives to promote the use of Energy Efficient Lighting across the globe. For example, the Government of India announced a significant investment in the EESL program, which includes using substantial amounts of Energy Efficient Lighting across the country.

Competitive Landscape:

The key players in the Global Energy Efficient Lighting Market include- 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, and others.

Segmentation of the Global Energy Efficient Lighting Market: