Increasing Adoption of Efficient Lighting Due to its Benefits over Other Lights to Propel the Growth of Energy Efficient Lighting Market by 2027 - Exclusive Report [192 pages] by Research Dive
NEW YORK, Feb. 22, 2021 /PRNewswire/ -- The global energy efficient lighting market is predicted to witness enormous growth in forecast period, owing to rising adoption of efficient lighting across the globe. The North America region is anticipated to be most lucrative by 2027.
Research Dive in its latest published report estimates that the Global Energy Efficient Lighting Market will generate $370.4 billion and exhibit a CAGR of 8.4% from 2020 to 2027.
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Market Dynamics
The rising adoption of efficient lighting around the world due to its benefits such as long shelf-life and energy saving is a significant factor predicted to foster the growth of the global energy efficient lighting market over the forecast period. Besides, the increasing penetration of smart LEDs is likely to create huge growth opportunities for the global market by the end of 2027. However, higher initial and installation costs involved with the energy efficient lights is expected to hinder the market growth in the coming future.
Impact of COVID-19 Pandemic on the Energy Efficient Lighting Industry
The COVID-19 pandemic has negatively impacted the global energy efficient lighting market in 2020. The decline in the growth rate of the market is majorly owing to shortage in supply of electric components due to COVID-19 restrictions worldwide and stalling of residential projects where energy efficient lights are used. However, the key players of the global market are implementing several strategies to obtain a strong position during the pandemic. For example, Advanced Lighting Technologies announced in August 2020 that it is following government guidelines to continue working during these hard times.
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Key Segment Findings of the Market:
The report segments the global energy efficient lighting market into type, solution, and region.
- Based on source type, the LED sub-segment valued for $85.8 billion in 2019 and is predicted to dominate the industry throughout the forecast period. This can be attributed to numerous benefits of LED lights as compared to other type of lights such as its long life, energy efficiency, high intensity & brightness, reliability, and many more.
- Based on application, the home sub-segment is projected to reach up to $115.0 billion by 2027 and is anticipated to grow at a rapid pace during the forecast period, owing to the wide-range availability of energy efficient lights for residential use, such as LEDs, incandescent bulbs, and CFLs. Also, these lights are available in different shapes & sizes.
- Based on region, the North America energy efficient lighting market is projected to surpass $119.6 billion by 2027 and is predicted to witness significant growth in the overall industry during the forecast period. The considerable growth of the region is majorly due to the presence of key players and rising adoption of latest technologies.
Top 10 Prominent Players in Global Energy Efficient Lighting Industry
The key players of the global energy efficient lighting industry include:
- Bridgelux
- ABB
- Digital Lumens, Inc.
- Eaton
- NICHIA CORPORATION
- General Electric
- Schneider Electric
- Philips
- Advanced Lighting Technologies Australia Inc.
- Toshiba Corporation.
These players are focusing on mergers & acquisitions, technological advancements, and others to gain a competitive in the global market. For instance, in October 2020, Usha Shriram,an India-based multi-product company that focuses on innovation & technology, announced the launch of a range of LED lighting products under the brand name, 'Eurolex.' The range of energy-efficient lamps include bulbs, down lighters, tube lights, ceiling mounted panels, dome lights, clean room light, night lamp-sparkle, cob lights, spotlight, flood lights, linear light, and 2×2 panel lights.
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Why Should You Adopt Energy Efficient Lighting?
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