Energy Efficient Lighting Market Expected to Reach $93.3 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Energy Efficient Lighting Market," The energy efficient lighting market was valued at $46.2 billion in 2021, and is estimated to reach $93.3 billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030.

Compared to traditional lighting, energy-efficient lighting helps to reduce electricity demand and is a cost-effective method of lighting. This lighting provides brighter illumination while consuming less energy. It is a replacement for traditional lamps that waste energy in the form of heat and power.

The energy efficeint lighthing gwoth is primarily due to rising infrastructure progress, particularly in developing countries such as China and India. Furthermore, increased emphasis on infrastructure development, including the modification of existing structures and acceptance of smart life, is expected to boost demand for LED solutions. Investment in smart city projects in Singapore, India, China, Spain, the United Arab Emirates, and Austria is also expected to boost the global energy efficient lighting industry. The government of Dubai (UAE), for example, has announced plans to launch a smart city project that will include more than 100 initiatives to improve transportation, communications, and civil infrastructure. Furthermore, one of the critical factors expected to foster the adoption of energy efficient lighting is government support.

The global energy efficient lighting market is segmented on the basis of source, application, and region. By source, the market is classified into high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), light emitting diodes (LED), and others. By application, the analysis has been divided into home, commercial, and industrial. By region, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., NICHIA CORPORATION, Bridgelux and Digital Lumens, Inc.

The report focuses on the global energy efficient lighting market and the major products & applications, where energy efficient lighting is utilized. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for Energy efficient lighting in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL ENERGY EFFICIENT LIGHTING MARKET

• The global energy efficient lighting market is predicted to experience slow growth during the COVID-19 pandemic due to the companies incurring losses during the lockdown.
• The pandemic that began from China took no time to spread to the other parts of the world. The government-imposed shutdown caused disruption in supply chain, as most of the vendors were dependent on China for electronics supply.
• This resulted in a delay in completion of smart projects and fluctuation in prices of energy efficient lights. The COVID-19 pandemic had a negative impact on the global market in 2020. Construction site lockdowns and temporary suspensions resulted in a drop in demand for energy efficient lighting.
• A comprehensive global energy efficient lighting market analysis covers factors that drive and restrain the market growth as well as energy efficient lighting market opportunity.
• However, construction activities increased in the second quarter of 2021, with the introduction of new and redesigned projects, resulting in the slow recovery of the energy efficient lighting market.

Key Findings of the Study

• On the basis of source, the light emitting diodes (LED) emerged as the global leader in 2021 and is anticipated to hold the major be the largest market during the forecast period.
• On the basis of application, the commercial segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Europe is projected to have the fastest growth rate in the energy efficient lighting market during the forecast period.