The energy efficient lighting technology market involves
products and systems that consume low energy for illumination compared to
traditional incandescent bulbs. Some common energy efficient lighting
technologies include LED bulbs, CFLs, fluorescent tube lights and high
frequency ballasts. They provide brighter illumination while using lesser
electricity through innovations like solid state lighting. The growing
awareness about fossil fuel depletion and climate change has prompted governments
worldwide to undertake initiatives that promote adoption of energy saving
alternatives. Various nations have enacted policies and conducted awareness
campaigns that encourage consumers and organizations to replace regular light
fixtures with energy efficient ones. This widespread push for energy
conservation is a major driver propelling the energy efficient lighting
technology industry.
The Global energy efficient lighting
technology market is estimated to be valued at US$ 72.5 Billion in 2024 and is
expected to exhibit a CAGR of 7.9% over the forecast period 2024-2029.
Key Takeaways
Key players operating in the energy efficient lighting technology are Philips
Lighting, OSRAM, GE, Nichia, Cree, Acuity Brands, LG Innotek and Seoul
Semiconductor.
The key opportunities in the Energy
Efficient Lighting Technology Market include government rebates and
financing schemes for energy efficient lighting products, expanding rural
electrification programs utilizing LED lights, and smart city projects
incorporating intelligent street lighting systems.
The global expansion of the market is facilitated by growing exports of energy
efficient lightings from developed nations like USA and Japan to developing
countries in Asia Pacific and Africa. Many light manufacturing firms are also
setting up local production bases overseas to tap new markets.
Market Drivers
The major driver for the energy efficient lighting technology market is the
increasing government initiatives for energy conservation across nations. Many
countries offer subsidies for swapping regular bulbs with LED ones, have
enacted phase-out timelines for incandescent bulbs and arrange awareness
programs. This widespread policy push is propelling faster adoption of energy
efficient lighting. Another key driver is the falling prices of LED bulbs and
lamps which have made them affordable for mass consumption. Continuous
technological innovations are also improving the performance parameters like
lumens per watt of LED lights.
PEST Analysis
Political: Government policies promoting energy efficient products and systems
provide incentives for adoption of energy efficient lighting technology. Regulations
mandate phasing out of incandescent bulbs and transition to LED solutions.
Economic: Rising energy costs make energy efficient lighting technology more
attractive for commercial and residential consumers seeking to reduce overhead
expenses. Various financial incentives and rebate programs encourage investing
in efficient lighting systems.
Social: Growing environmental awareness among public increases acceptance of
LED lights that curb pollution and carbon footprint. Consumer preference for
products with lower operating costs and long service life drives demand.
Technological: continuous rnd in developing high-performance, longer-lasting
and affordable LED solutions leveraging advancements in materials science and
semiconductor technology. Connected lighting systems enable integration with
IOT platforms and control via smartphones.
The market in terms of value witnesses major concentration in North America and
Europe. Countries like United States, Canada, Germany, and United Kingdom have
adopted stringent norms promoting adoption of energy efficient lighting. High
living standards and presence of key players support market growth.
The Asia Pacific region has emerged as the fastest growing
market for energy efficient lighting technology. Nations like China, Japan,
South Korea and India are major manufacturing hubs and also have huge
installation base. Factors such as rising disposable incomes, increasing
urbanization, supportive regulations and awareness among public and industries
support strong demand growth.
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Singh is a seasoned
content writer with over four years of experience in the market research sector.
Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
