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Energy Efficient Lighting Market Report

RA08342

Energy Efficient Lighting Market by Source (High-Intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED), and Others), Application (Home Use, Commercial Use, and Industrial Use), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

RA08342

Pages: 192

Feb 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Energy Efficient Lighting Market

The global energy efficient lighting market forecast reveals that the market is predicted to garner a revenue of $370.4 billion by 2027, increasing from $193.6 billion in 2019 at a healthy rate of 8.4%. The Europe energy efficient lighting market is anticipated to grow at a CAGR of 9.2% by registering a revenue of $ 118.0 billion during the analysis period. Growing emphasis on greener technologies or environmentally friendly technologies and less carbon emission will accelerate the demand for energy efficient lighting in the region. In addition to this, increasing adoption of energy efficient lights among consumers is further predicted to boost the growth of the energy efficiency lighting market in the Europe region.     

Energy Efficient Lighting Market Analysis

Energy efficient lights provides brighter illumination by utilizing less energy. It is the replacement of conventional lamps that waste energy in terms of heat and power. 

Impact Analysis of COVID-19 on the Global Energy Efficient Lighting Market

The global energy efficient lighting market is predicted to witness a low growth rate during the outbreak of the COVID-19 pandemic, owing to shortage of electric components supply due to coronavirus outbreak across the globe. China is the largest supplier of electronic components and lack of proper supply of components due to strict government guidelines and lockdown imposition have resulted in the postponement of residential projects that are running in the countries including India and China.

However, several companies operating in the energy efficient lighting market, such as Advanced Lighting Technologies, are coming forward with their strategic steps to help society during the COVID-19 pandemic. For instance, Advanced Lighting Technologies on Aug 2020 announced that it is following government guidelines pertaining to working during the pandemic and that the company is fully operational for delivering their lighting products to customers, projects, and infrastructure development. These key factors may generate investment opportunities for the energy efficient lighting industry in the global marketplace.

Greater energy savings in energy-efficient lightning compared to that in other forms of lighting may generate remarkable revenue for the global energy efficient lighting market

The energy efficient lighting industry is witnessing massive growth mainly due increasing adoption of lighting that is efficient, has long shelf-life, and enables energy saving. Moreover, various government initiatives to adopt LEDs for better efficiency will fuel the growth of energy efficient lighting market. For instance, according to the U.S. Department of Energy (DOE), it is estimated that, in 2020, approximately 75% of energy efficient lighting shipping will be towards LEDs. Furthermore, key players are opting for effective strategies such as strategic collaborations and product launches to stronghold their presence into local as well as international market. For instance, in June 2020, Signify N.V. announces that they are going to launch a new and updated Philips Hue products for enhancing its portfolio. There are different new range of products that includes Philips Hue White Ambiance indoor light fixture, Philips Hue White A21 bulb, and Philips Hue Lightstrip Plus and Philips Hue Bloom table lamp. These advancements may lead to an increase in the demand for energy efficient lighting in the global market.

To know more about energy efficient lighting market drivers, get in touch with our analysts here.

High equipment and implementation cost may restrain the growth of the global energy efficient lighting industry 

The initial cost of equipment and implementation is very high. Energy efficient lights are 20 times more costly than normal conventional incandescent lamps. However, evolution in lighting technologies and mass production of energy efficient lights are expected to turn down the prices in the coming years. Therefore, the impact of the restraint in the global market is quite low.  

The growing attention towards smart LED lighting solutions may create huge opportunities for the global energy efficient lighting market in the future

The energy efficient lighting industry is growing at a very fast pace due to the rising adoption of smart LED solutions. LED lighting providers are effectively building smart lights for residential, commercial, industrial, architectural, highways and roadways, public places, and other applications. For instance, NICHIA CORPORATION announces on Jan, 2021, announces that they are going to launch a dually function new LED that will provides both high doses of energy and white light and it geared for inactivation of various prevalent bacteria. Due to increase in awareness of health among the people, it will increase the adoption of such type of LEDs. Furthermore, the penetration towards high bay lights, panel lights, tunnel lights and troffer lights will increase the demand for LEDs across the global. For instance, Technical Consumer Products, Inc. in 2020 announced that they are going to launch selectable commercial recessed downlight and it is featured with choices of temperature wattages and colors and therefore best suited for corporate sectors. Thus, increasing penetration of smart LEDs offers huge opportunities in the forecast period. 

To know more about energy efficient lighting Market Opportunities, get in touch with our analysts here.

Energy Efficient Lighting Market, by Source Type:

Light emitting diodes (LED) source type is predicted to generate a revenue of $169.6 billion by 2027, mainly because of its benefits and government support to the segment

Energy Efficient Lighting Market, by Source Type

Source: Research Dive Analysis 

The global light emitting diodes (LED) sub-segment shall have the fastest as well as dominating market growth and it is anticipated to generate a revenue of $169.6 billion by 2027, growing from $85.8 billion in 2019. The growth of LED sub-segment for the global energy efficient lighting market is mainly attributed to its benefits compared to other type of lights such as its long life, energy efficiency, high intensity and brightness, reliability, low radiated heat, directional lighting, instantaneous illumination, directional lighting and other qualities. All such elements make LED an ideal light option, and therefore it is highly supported by government and other corporations. These key factors are expected to boost the demand for LEDs in the global market during the projected period.

Energy Efficient Lighting Market, by Application Type:

The global commercial sub-segment for the market will have the highest market share; this is mainly because of increasing penetration of smart lighting solutions 

Energy Efficient Lighting Market, by Application Type

Source: Research Dive Analysis

The commercial sub-segment of the energy efficient lighting market is predicted have the highest market share and it is projected to surpass $142.1 billion by 2027, with an increase from $73.3 billion in 2019; this is mainly owing to penetration of LEDs in commercial sectors. Moreover, key players operating in the market are offering various energy efficient lighting solutions according to uses. For instance, Philips offers lighting solutions for commercial use and their products consume less energy with low-cost LED lighting and controls. Their lighting options cut capital expenditure, plan outages and maintenance, optimize labor costs, abide by the national and international safety standards, deliver lower carbon footprint, and minimize environmental impact. 

On the other hand, home use sub-segment for the energy efficient lighting market is anticipated to be a rapidly growing sub-segment and is estimated to generate a revenue of $115.0 billion by 2027. Energy efficient lights made for residential use are incandescent bulbs, LEDs, and CFLs. They come in different sizes and shapes according to use. These factors will be responsible for the flourishing of the segment growth over the analysis timeframe.

Regional Insights:

North America region is projected to lucrative market and reach up to $119.6 billion by the end of 2027 mainly because of the presence of industry players and their heavy investments to enhance energy efficient lighting technologies in the region

Regional Insights

Source: Research Dive Analysis

The North America energy efficient lighting market accounted for $68.3 billion in 2019 and is projected to register a revenue of $119.6 billion by 2027. The extensive growth of the North America energy efficient lighting market is mainly driven by its rapid adoption of latest technologies, along with strict government & industry regulations. Moreover, there are many energy-efficiency programs such as ENERGY STAR certification, Lighting Design Lab certification and DLC programs that increase the outreach of energy efficient lights. Such key factors will bolster the demand for energy efficient lights, which will ultimately accelerate the energy efficient lighting market growth, during the analysis period in the region.  

Europe energy efficient lighting market share is projected to grow at a CAGR of 9.2% by registering revenue of $ 118.0 billion by 2027. The region is considered as the most lucrative market for energy efficiency lights, owing to higher production of energy-efficient lamps. Asian countries have strong potential for the adoption of advanced energy efficiency lighting technologies compared to other regions globally. India and Australia were considered the most lucrative markets for the energy efficiency lights, in the recent years, owing to the higher government support across these countries. For instance, Panasonic Life Solutions India Pvt. Ltd., in August 2020 announced that they have initiated new smart LED street light project in Punjab and the main aim of the project is to improve the energy efficiency of streetlights and save the overall electricity consumption. The company is awarded by Municipal Corporation of Bathinda (MCB). Such key factors are expected to propel the growth of the market over the forecast period.

Competitive Scenario in the Global Energy Efficient Lighting Market:

Product development and with mergers & acquisitions are the common strategies followed by significant market players

Competitive Scenario in the Global Energy Efficient Lighting Market

Source: Research Dive Analysis

Some of the leading energy efficient lighting market players include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., NICHIA CORPORATION, Bridgelux and Digital Lumens, Inc. Energy efficient lighting market players are focusing on mergers & acquisitions and advanced product developments. These are the effective strategies followed by startups as well as established organizations.

Porter’s Five Forces Analysis for Energy Efficient Lighting Market:

  • Bargaining Power of Suppliers: The energy efficient lights suppliers are high in number, and established service providers of the energy efficient lights are much larger and globalized. So, there will be less threat from the supplier. Thus, the bargaining power of the supplier is Moderate.
  • Bargaining Power of Buyer: Buyers will have huge bargaining power, significantly because of multiple players operating in the energy efficient lights services. The energy efficient lighting provider offers multiple types of LEDs, CFLs at an affordable price rate. The buyers can freely choose the convenient lights that best fits their preferences. Thus, the bargaining power of the buyer is High.
  • Threat of New Entrants: The companies entering into the energy efficient lighting market are adopting technological innovations such as developing smart LEDs to attract the customers. Also, these companies are implementing various effective strategies such as offering discounts, color change, and many among others. Thus, the bargaining power of the new entrant is Moderate.
  • Threat of Substitutes: Several substitutes are available in this market such as normal lamps or lights. However, such alternative options can’t offer the kind of accessibility and convenience that energy efficient lighting does. Thus, the threat of substitute is Low.
  • Competitive Rivalry in the Market: The competitive rivalry among the industry leaders is rather intense, especially between the global players including Philips, ABB, and others. These companies are launching their value-added services in the international market and strengthening the footprint worldwide. Therefore, the competitive rivalry in the market is High.
     

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Source Type

  • High-Intensity Discharge Lamps (HID)
  • Linear Fluorescent Lamps (LFL)
  • Light Emitting Diodes (LED)
  • Others

  Segmentation by Application

  • Home
  • Commercial
  • Industrial

  Key Countries Covered

U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, China, Japan, India, Australia, South Korea, Rest of Asia-Pacific, Brazil, Saudi Arabia, United Arab Emirates, Rest of LAMEA

  Key Companies Profiled

  • Eaton
  • Philips
  • General Electric
  • Toshiba Corporation
  • ABB
  • Schneider Electric
  • Advanced Lighting Technologies Australia Inc.,
  • NICHIA CORPORATION
  • Bridgelux
  • Digital Lumens, Inc.

Frequently Asked Questions
 

A. The global energy efficient lighting market size was over $193.6 billion in 2019 and is projected to reach $370.4 billion by 2027.

A. Philips, ABB, and Advanced Lighting Technologies Australia Inc. are some of the key players in the global energy efficient lighting Market.

A. The North America region possesses great investment opportunities for the investors to witness the most promising growth in the future.

A. Europe energy efficient lighting market is anticipated to grow at 9.20% CAGR during the forecast period.

A. Capacity expansion, product development, along with joint ventures are the key strategies opted by the operating companies in this market.

A. Philips and ABB companies are investing more on R&D activities for developing new products and technologies.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Source type trends
2.3.By Application trends
2.4.By End-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape

3.8.Pricing overview

3.8.1.By Source Type
3.8.2.By Application

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis

3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Energy Efficient Lighting Market, by Source Type

4.1.High-Intensity Discharge Lamps (HID)

4.1.1.Market size and forecast, by region, 2019-2027
4.1.2.Comparative market share analysis, 2019 & 2027

4.2.Linear Fluorescent Lamps (LFL)

4.2.1.Market size and forecast, by region, 2019-2027
4.2.2.Comparative market share analysis, 2019 & 2027

4.3.Light Emitting Diodes (LED)

4.3.1.Market size and forecast, by region, 2019-2027
4.3.2.Comparative market share analysis, 2019 & 2027

4.4.Others 

4.4.1.Market size and forecast, by region, 2019-2027
4.4.2.Comparative market share analysis, 2019 & 2027

5.Energy Efficient Lighting Market, by Application

5.1.Home

5.1.1.Market size and forecast, by region, 2019-2027
5.1.2.Comparative market share analysis, 2019 & 2027

5.2.Commercial

5.2.1.Market size and forecast, by region, 2019-2027
5.2.2.Comparative market share analysis, 2019 & 2027

5.3.Industrial

5.3.1.Market size and forecast, by region, 2019-2027
5.3.2.Comparative market share analysis, 2019 & 2027 

6.Energy Efficient Lighting Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Source type, 2019-2027
6.1.2.Market size and forecast, by application, 2019-2027
6.1.3.Market size and forecast, by country, 2019-2027
6.1.4.Comparative market share analysis, 2019 & 2027

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Source type, 2019-2027
6.1.5.2.Market size and forecast, by application, 2019-2027
6.1.5.3.Comparative market share analysis, 2019 & 2027

6.1.6.Canada

6.1.6.1.Market size and forecast, by Source type, 2019-2027
6.1.6.2.Market size and forecast, by application, 2019-2027
6.1.6.3.Comparative market share analysis, 2019 & 2027

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Source type, 2019-2027
6.1.7.2.Market size and forecast, by application, 2019-2027
6.1.7.3.Comparative market share analysis, 2019 & 2027

6.2.Europe

6.2.1.Market size and forecast, by Source type, 2019-2027
6.2.2.Market size and forecast, by application, 2019-2027
6.2.3.Market size and forecast, by country, 2019-2027
6.2.4.Comparative market share analysis, 2019 & 2027

6.2.5.Germany 

6.2.5.1.Market size and forecast, by Source type, 2019-2027
6.2.5.2.Market size and forecast, by application, 2019-2027
6.2.5.3.Comparative market share analysis, 2019 & 2027

6.2.6.UK

6.2.6.1.Market size and forecast, by Source type, 2019-2027
6.2.6.2.Market size and forecast, by application, 2019-2027
6.2.6.3.Comparative market share analysis, 2019 & 2027

6.2.7.France

6.2.7.1.Market size and forecast, by Source type, 2019-2027
6.2.7.2.Market size and forecast, by application, 2019-2027
6.2.7.3.Comparative market share analysis, 2019 & 2027

6.2.8.Spain

6.2.8.1.Market size and forecast, by Source type, 2019-2027
6.2.8.2.Market size and forecast, by application, 2019-2027
6.2.8.3.Comparative market share analysis, 2019 & 2027

6.2.9.Italy 

6.2.9.1.Market size and forecast, by Source type, 2019-2027
6.2.9.2.Market size and forecast, by application, 2019-2027
6.2.9.3.Comparative market share analysis, 2019 & 2027

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Source type, 2019-2027
6.2.10.2.Market size and forecast, by application, 2019-2027
6.2.10.3.Comparative market share analysis, 2019 & 2027

6.3.Asia Pacific

6.3.1.Market size and forecast, by Source type, 2019-2027
6.3.2.Market size and forecast, by application, 2019-2027
6.3.3.Market size and forecast, by country, 2019-2027
6.3.4.Comparative market share analysis, 2019 & 2027

6.3.5.China

6.3.5.1.Market size and forecast, by Source type, 2019-2027
6.3.5.2.Market size and forecast, by application, 2019-2027
6.3.5.3.Comparative market share analysis, 2019 & 2027

6.3.6.India 

6.3.6.1.Market size and forecast, by Source type, 2019-2027
6.3.6.2.Market size and forecast, by application, 2019-2027
6.3.6.3.Comparative market share analysis, 2019 & 2027

6.3.7.Australia 

6.3.7.1.Market size and forecast, by Source type, 2019-2027
6.3.7.2.Market size and forecast, by application, 2019-2027
6.3.7.3.Comparative market share analysis, 2019 & 2027

6.3.8.Rest of Asia Pacific

6.3.8.1.Market size and forecast, by Source type, 2019-2027
6.3.8.2.Market size and forecast, by application, 2019-2027
6.3.8.3.Comparative market share analysis, 2019 & 2027

6.4.LAMEA

6.4.1.Market size and forecast, by Source type, 2019-2027
6.4.2.Market size and forecast, by application, 2019-2027
6.4.3.Market size and forecast, by country, 2019-2027
6.4.4.Comparative market share analysis, 2019 & 2027

6.4.5.Latin America  

6.4.5.1.Market size and forecast, by Source type, 2019-2027
6.4.5.2.Market size and forecast, by application, 2019-2027
6.4.5.3.Comparative market share analysis, 2019 & 2027

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by Source type, 2019-2027
6.4.6.2.Market size and forecast, by application, 2019-2027
6.4.6.3.Comparative market share analysis, 2019 & 2027

6.4.7.Africa

6.4.7.1.Market size and forecast, by Source type, 2019-2027
6.4.7.2.Market size and forecast, by application, 2019-2027
6.4.7.3.Comparative market share analysis, 2019 & 2027

7.Company profiles

7.1.Eaton

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.General Electric

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Toshiba Corporation

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.ABB 

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.Schneider Electric

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.Advanced Lighting Technologies Australia Inc

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.NICHIA CORPORATION

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Philips

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.Bridgelux

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10. Digital Lumens, Inc.

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

Almost 20% of the total energy production of the world is utilized for lighting. For making efficient use of electricity, several countries have been opting to switch to energy efficient lighting systems that are cost-effective, reliable, and energy-saving. The lighting sector has advanced in various ways with ground-breaking technologies to optimize the prevailing controls and lighting systems for plummeting the energy consumption and enhancing lighting quality. The concept of energy efficient lighting is a novel invention which satisfies the need for both saving energy as well as efficient lighting quality.

What is Energy Efficient Lighting?

The energy efficiency lighting system offers the vital illumination level required for the application it has been developed for, while using minimum amount of power. Basically, energy efficient lighting can save electricity while sustaining good quality and quantity of the light as compared to conventional lighting methods.

Energy efficient lighting includes the replacement of conventional lights (for instance, incandescent lamps) with energy efficient systems including CFL lamps, fluorescent lamps, and LED lamps. It also includes suitable lighting controls like timer controls, Passive Infrared (PIR) motion sensor switch, ultrasonic sensors with controls, and many more.

What is Triggering the Demand for Energy Efficient Lighting?

Lighting is the vital necessity of any facility, including domestic, commercial and industrial, and it influences the people’s day-to-day chores. Around 3 to 5% of the total power consumption for lighting is used by industries. On the other hand, almost 50 to 90% of the total power consumption for lighting is used by the domestic sector and it might go nearly up to 20 to 40% in information technology complexes, commercial or building sectors, and hotels. In recent years, the gap between energy generation numbers and demand numbers is a subject of concern. The shortage of power supply indicates the inefficiency of power supply system to fulfill the power demand, hence denoting the dearth of conservation of energy. The implementation of energy efficient lighting systems is an ideal solution for this problem.

Energy efficient lighting has become vital following reasons:

  • To decrease electricity consumption, and thus cut down electricity bills
  • To save electricity 
  • To lower greenhouse releases 
  • To attain peak load reduction

In 2007, the U.S. has passed new energy efficiency guiding principle for all bulbs, which successfully ruled out the least efficient incandescent bulbs. As per the U.S. Department of energy, speedy implementation of LED bulbs is capable of saving tons of greenhouse gases from releasing into the environment and can also aid in eliminating the need to construct 40 new power plants. 

Recent Trends in the Energy Efficient Lighting Industry

The invention of Compact Fluorescent Lights (CFL) and Light Emitting Diode (LED) bulbs has revolutionized energy-efficient lighting. Moreover, several players in the energy-efficient lighting industry are undertaking various activities, such as new product development, adoption of new technologies, mergers and acquisitions, partnerships, and many more, to obtain a robust position in the industry. For instance, in February 2021, DesignLights Consortium, a non-profit organization dedicated to accelerating the widespread adoption of high-performing commercial lighting solutions, has declared the new membership of its Industry Advisory Committee (IAC), an 18-member committee that aims to support the mission and strategic direction of the DLC to drive efficient lighting by the means of collaboration, education, and expertise in 2021 and 2022.

In Febrauary 2021, LED lighting inventors Shuji Nakamura, Isamu Akasaki, M. George Craford, Nick Holonyak Jr, and Russell Dupuis have won £1m Queen Elizabeth Prize (QEPrize). They are recognized for the LED solid state lighting’s global impact and the contribution it has made for plummeting energy consumption and addressing environmental changes.

In January 2021, the chiefs of Port Alberni, a city located on Vancouver Island in the province of British Columbia, Canada, have declared that they will be changing the lighting at the Alberni Valley Multiplex with more energy-efficient LED lighting.

Current and Future Scope of the Energy Efficient Lighting Market 

According to a report by Research Dive, the global energy efficient lighting market is foreseen to gather a revenue of $370.4 billion by 2027, at a CAGR of 8.4% from 2020 to 2027. The growth of the market is chiefly owing to the growing adoption of efficient lighting systems that contribute energy saving and have extended shelf-lives. Furthermore, several government bodies have launched various initiatives to promote the adoption of LEDs for better efficiency, which is also triggering the market growth. Moreover, the mounting awareness about smart LED lighting solutions are likely to develop rewarding opportunities for the global energy efficient lighting market in the coming years.

LED lighting manufacturers are efficiently producing smart lights for architectural, commercial, residential, industrial, highways and roadways, public places, and other application areas. For instance, in February 2021, the Bhubaneswar Municipal Corporation (OMC) has mounted 774 LED lights on 387 poles, and 3 high-mast lights at Keshura, Lingipur, and Pandra. Such initiatives are also likely to fuel the growth of the global market.

However, the unprecedented rise of the COVID-19 pandemic has hampered the growth of the global energy efficient lighting market; owing to dearth of electric components supply due to closure of production industries amidst lockdown in various regions. On the other hand, strict government lockdown measures have led to the postponement of residential as well as commercial projects, which has affected the demand for energy efficient lighting systems amidst the pandemic period.

The Way Ahead for the Energy Efficient Lighting Market

The growing importance for energy-efficient lighting in various application areas are likely to fact pace the adoption of these advance lighting systems. Although, these lighting systems are expensive, they make a better choice against traditional or conventional lightings. This clearly indicates that the energy efficient lighting market is going to reach newer heights in the coming future.

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