Technological advancements in lighting systems and surge in adoption in household and commercial applications to enhance ambiance and warmth drive the growth of the global energy efficient lighting market.
PORTLAND, Ore., July 4, 2022 /PRNewswire/ — Allied Market Research published a report, titled, Energy Efficient Lighting Market by Source (High-Intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED), Others), by Application (Home, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast , 2021-2030.” According to the report, the global energy efficient lighting industry generated $46.2 billion in 2021, and is estimated to reach $93.3 billion by 2030, witnessing a CAGR of 8.1% from 2022 to 2030.
Drivers, Restraints, and Opportunities
Technological advancements in lighting systems and surge in adoption in household and commercial applications to enhance ambiance and warmth drive the growth of the global energy efficient lighting market. However, high initial equipment and installation costs restrain the market growth. On the other hand, the mass production of energy-efficient lights presents new opportunities in the coming years.
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- Manufacturing activities of energy efficient lighting were stopped due to lockdown measures implemented in many countries. In addition, disruptions in the supply chain and shortage of raw materials presented challenges in manufacturing with full capacity.
- The demand from application industries such as home, industrial, and commercial lowered significantly due to disruptions in daily operations during the lockdown. However, the demand is estimated to grow steadily post-lockdown as daily operations are on track.
The light emitting diodes (LED) segment to maintain its lead position throughout the forecast period
Based on source, the light emitting diodes (LED) segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global energy efficient lighting market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 8.5% from 2022 to 2030. This is attributed to price reductions in LED lights, surge in use in display back lighting, and excellent efficacy of LED lamps. The report also analyzes the segments including high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), and others.
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The commercial segment to maintain its leadership status during the forecast period
Based on application, the commercial segment held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global energy efficient lighting market, and is projected to maintain its leadership status during the forecast period. This is due to penetration of various energy efficient lighting solutions in the commercial sector and development of low-cost solutions by leading manufacturers. However, the home segment is projected to register the fastest CAGR of 8.3% from 2022 to 2030. This is attributed to increase in construction of residential buildings and preference for installation of energy efficient light sources such as CFL & LED bulbs and tube lights to save energy.
North America generated the highest market share in 2021
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than one-third of the global energy efficient lighting market. This is due to the presence of major electrical companies in the region and development of smart energy efficient lighting systems such as halogen lights. However, Europe is estimated to manifest the largest CAGR of 8.8% during the forecast period, owing to presence of major manufacturers, stringent energy efficiency rules, and significant power consumption in industrial and residential applications.
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Leading Market Players
- Eaton Corporation
- Philips Lumec
- General Electric
- Toshiba Corporation
- Schneider Electric
- Advanced Lighting Technologies Australia, Inc.
- Nichia Corporation
- Bridgelux, Inc.
- Digital Lumens, Inc.
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