In terms of revenue, the Global Energy Efficient Lighting Market is expected to reach USD 71.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.8% from 2022 to 2028.
The use of Energy Efficient Lighting in various applications and increasing demand for energy conservation are anticipated to augment the market's growth during the forecast period.
Key Highlights from Report:
- The indoor segment held a significant share in 2021. This surge is due to increased demand for effective lighting alternatives to fluorescent and high-intensity discharge (HID) lighting from supermarkets, shopping centers, and retail businesses. The LED lighting solution saves more light, emits less heat, and is cost-effective compared to other light solutions. Furthermore, increasing demand from hospitals and educational institutes is anticipated to assist the segment growth.
- The commercial segment shows significant growth in the Energy Efficient Lighting Market in 2021. This growth is accounted for the rapid growth and the demand for advanced lighting solutions from museums, exhibitions, and gallery owners for better lighting applications.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. China accounted for the largest share in APAC in 2021. This surge is attributable to the increasing production and consumption of energy-efficient lamps and LED lights. Furthermore, favorable government policies for energy efficiency are also anticipated to propel the market's growth in the region.
The use of Energy Efficient Lighting in various applications is anticipated to augment the growth of the Energy Efficient Lighting Market in the years to come. This growth is owing to the development of market growth since most of the applications assist a limited beam for lighting. Whereas LED lamps are presented for a relatively small market share, this segment is expected to evidence high demand during the forecast period. The utilization of non-renewable resources that are used for energy generation has also provided the use of energy-efficient systems. Thus, these factors are projected to grow the demand for Energy Efficient Lighting. Therefore, the LED lamps segment is expected to hold an essential market share, and this trend is anticipated to be the most lucrative segment.
The outbreak of the covid-19 pandemic has negatively impacted the Energy Efficient Lighting market due to a shortage of electric components availability due to the supply chain disruptions throughout the world. In addition, strict lockdowns and travel restrictions inflicted by governments assisted in the delay of multiple residential projects running in countries like India and China.
Europe dominated the Global Energy Efficient Lighting Market in 2021. This growth is due to the region's increased manufacturing of energy-efficient lamps. This surge is mostly caused by the existence of significant manufacturers, strict laws governing energy efficiency, and high power consumption in commercial and residential applications. The regional market is expected to increase due to the rising demand for Energy Performance Certificates, which mandate that commercial buildings adhere to energy-efficient standards and procedures.