Global Energy Efficient Lighting Market was valued at $4,547.6 Million in 2015 and is estimated to grow at a CAGR of over 11.9% from 2016 to 2024.
The global energy-efficient lighting market is expected to gain significant traction over the coming years with building owners persistently in search of solutions that can cut energy consumption and offer significant savings to electricity bills. With rapid introduction and execution of energy-saving policies by several governments worldwide, the energy-efficient lighting market is projected to gain a considerable boost over the next few years.
The introduction of smart lighting technologies capable of maximizing efficiency and provide augmented safety and comfort is anticipated to offer significant growth avenues over the forecast period. Additionally, rapid economic growth coupled with favorable government policies and mega urban projects primarily in developing economies of Asia, Middle East and Latin America is further expected to provide growth opportunities for industry participants.
Global Energy Efficient Lighting Market, By Region, 2014 – 2024 (USD Million)
The enduring change between Light-Emitting Diode (LED) and fluorescent lighting technologies aggregates to a substantial disruption for the lighting industry. This has further resulted in potentially shifting the methods by which illumination is provided and traded to customers.
Rapid industrial growth worldwide has stimulated the demand for energy-efficient warehouse lighting. Further, the growing adoption of green technologies is likely to be instrumental in bolstering the demand for energy-efficient lighting over the next few years. In addition, construction of larger homes and the installation of more light fittings per home is also anticipated to catapult growth.
Expanding application areas for these lightings including decorations, residential spaces, display backlighting, and signal indicators is another factor driving market growth significantly over the next few years. Moreover, exceptional features including long operational life, high energy-efficiency, and robust weather resistant design are also anticipated to positively affect market growth.
“Optimal Price Point (OPP) for Energy Efficient Lighting Products”
Estimated Average solution cost – $ xx globally. However, expanding application areas, rising demand for energy efficiency, growing solution implementation and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Asia Pacific to account for the majority revenue share in 2015”
Emerging economies in the Asia Pacific including China, India, Thailand, Singapore and Philippines are witnessing growing urbanization resulting in the mounting development of high-rise buildings. With an emphasis towards energy efficiency, building owners are increasingly installing energy-efficient lighting in an attempt to cut down electricity bills and reduce cost. This is largely impacting the energy-efficient lighting market in the Asia Pacific.
“Leading manufacturers invest in R&D to develop cost-effective solutions”
Lighting companies are beginning to change their focus from that of equipment suppliers to service providers. Manufacturers are required to stay aware of the broader instrumental shifts and continue offering new and innovative products and services to meet the rising consumer demand. As a result, major industry participants are likely to invest heavily in R&D to develop innovative and cost-efficient solutions in order to sustain and gain market share.
Notable players in the global energy efficient lighting market include Bajaj Electricals Ltd., Cree, Inc., Dialight, Digital Lumens, Inc., Eaton, General Electric Company, OSRAM GmbH, and Philips Lighting Holding B.V.
The energy-efficient lighting industry is highly prone to new and innovative technology advancements. Notable industry participants are developing solutions that can be organized by occupancy sensors to permit operation whenever someone is within the area being scanned.
Leading industry participants focus on the development of new lighting system that provides illuminance, uniformity and glare. Companies also offer full-time maintenance service to customers in an attempt to gain traction in this highly competitive environment.