Energy efficient lighting technology includes LED lights, CFL lights and lighting control which provides an energy efficient alternative to conventional incandescent lights. These lighting solutions consume less power and last significantly longer than traditional incandescent bulbs. They help reduce energy bills and have a lower environmental impact by reducing greenhouse gas emissions. Governments across the world have been promoting the adoption of energy efficient lighting through various initiatives like rebates, tax incentives and banning of incandescent bulbs. This has boosted the sales of LED and CFL lights. The increasing awareness among consumers about energy savings and cost benefits associated with efficient lighting is also propelling the market growth.
The global energy efficient lighting technology market is estimated to be valued at USD 237.54 Billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Energy Efficient Lighting Technology market are Philips Lighting, OSRAM, GE Lighting, Acuity Brands, Cree, Eaton, Hubbell Lighting, and Toyoda Gosei. These players are focusing on new product launches and partnerships to expand their product portfolio and geographical presence.
There lies huge Energy Efficient Lighting Technology Market Demand players in commercial and industrial segments. Various governments are implementing stringent regulations and norms for deployment of efficient lighting in industrial and commercial buildings. This will drive replacement demand.
The market is witnessing significant expansion in Asia Pacific region owing to rapid industrialization and infrastructure growth. China, India and Japan being major manufacturing hubs are investing heavily in adopting energy saving technologies. Governments of developing countries are also supporting market growth through subsidized LED tube lights and bulbs programs.
Market Drivers
Supportive government policies and initiatives towards energy conservation: Many governments across the world have implemented policies and regulations mandating the use of energy efficient lighting technologies in commercial and residential sectors. This is a major driver for market growth.
Cost savings associated with efficient lighting: LED and CFL lighting provides significantly lower operational costs as compared to traditional lights due to high energy efficiency and long lifespan. This encourages businesses and households to adopt these lighting solutions.
Market Restrains
High initial investment costs: Although payback period of efficient lighting is just 1-3 years, their higher upfront costs limits rapid adoption. This acts as a major restrain.
Availability of cheap conventional lights: In developing regions, availability of cheaper incandescent bulbs hinders complete switchover to efficient lighting till a certain degree of price parity is achieved. This restrains market revenues.
Segment Analysis
The energy efficient lighting technology market comprises of LED, fluorescent, HID lights. Within LED lights, the tubular LED lights segment accounts for more than 30% share. Tubular LED lights have emerged as a popular replacement for fluorescent tube lights and CFL bulbs in commercial settings such as offices, malls etc. They offer long lifespans of over 50,000 burning hours with high lumen output as compared to other lighting technologies. Their power consumption is also very less resulting in significant savings for commercial establishments with large lighting loads.
Global Analysis
From a regional perspective, Asia Pacific dominates the energy efficient lighting technology market and accounts for more than 35% share. The region is witnessing rapid infrastructural growth along with increasing focus on energy conservation. Countries like China, India are installing LED lights on a large scale for street lighting and other outdoor applications to reduce their energy bills. North America is another major market driven by strict regulations regarding use of mercury and implementation of LED based lighting retrofit programs. It is believed that LED adoption will be fastest in North America and Asia Pacific region over the forecast period.
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