Energy Efficient Lighting Technology Market
Energy Efficient Lighting Technology Market (Product - Incandescent Lamp, Light Emitting Diode, Arc Lamp (Xenon Arc Lamp, Mercury Xenon Arc Lamp, Ultra High Performance Lamps, and Metal Halide Lamp), and Gas Discharge Lamps (Compact Fluorescent Lamp, Linear Fluorescent Lamps, Neon Lamp, Mercury Vapor Lamp, Sodium Vapor Lamp and Electrode less Lamp); Application (Commercial, Residential, and Government); Correlated Color Temperature (2700K-3000K, 3500K - 4000K, 4000K- 5000K, 5000K-6500K, and More Than 6500K) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
Global Energy Efficient Lighting Technology Market: Snapshot
Companies in the global market for energy efficient lighting technology are leveraging multi-pronged strategies to stay ahead of the curve. Product development is one of them. Many keen players are seen expending money into creation of sophisticated, affordable, and eco-friendly reliable lighting products to better satisfy the myriad demands of the market. Another popular strategy with companies is mergers and acquisitions, which not just helps them to diversify their product portfolios but also expand their geographical outreach.
The global market for energy efficient lighting technology is being boosted by the stringent regulations of governments trying to battle rising pollution. Their smart city projects across the world is also benefitting the market.
As per a report by Transparency Market Research, the global energy efficient lighting technology market will reach an estimated US$350 Bn by 2027 by expanding at a CAGR of 8.1% between 2019 and 2027.
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Energy efficient lighting technology market
Availability of Wide Array of Customized Shapes Makes LEDs Dominant Product Segment
The different types of products purveyed in the global energy efficient lighting technology market are incandescent lamp, light emitting diode (LED), arc lamp, and gas discharge lamps. The arc lamp can be further divided into xenon arc lamp, mercury xenon arc lamp, ultra high performance lamps, and metal halide lamp. The gas discharge lamps, again, can be divided into compact fluorescent lamp, linear fluorescent lamps, neon lamp, mercury vapor lamp, sodium vapor lamp, and electrode less lamp.
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The LEDs are expected to see maximum growth in the global energy efficient lighting technology market on account of their swift uptake on the back of surging popularity. This is because they are available in a range of customized shapes for both residential and commercial purpose. The gas discharge lamps are another promising segment that is expected to expand at a healthy clip. Compact Florescent Lamps (CFL) and Linear Fluorescent Lamps (LFL) are predicted to be main drivers of this product segment.
Europe Leads Market Due to Thrust on Energy Efficiency by Governments
From a geographical standpoint, Europe is a leading market for energy efficient lighting technology which accounts for maximum share in revenue. The region’s dominant position is a result of several countries implementing the Energy Performance Certificates which require commercial spaces to adhere to energy efficient requirements and processes. The market in Europe is likely to clock a CAGR of above 8.0% from 2019 to 2027 to pull in a revenue of more than US$16.00 bn by 2027. Asia Pacific follows Europe in the second position in terms of market size vis-à-vis revenue. Swift pace of economic growth resulting in mega urban projects and supportive government policies have made the region lucrative for manufacturers. Asia Pacific registers a CAGR of more than 5.3% over the course of the forecast period. The growth is also owing to the initiatives taken by governments worldwide to promote the use of energy efficient lighting across the countries. For instance, in 2017, Government of India announced an investment of US$ 132.4 million into the energy efficient building program i.e. EESL that includes use of significant amount of energy efficient lightings across the country.
In terms of growth rate, North America is expected to surpass all other regions in the global market for energy efficient lighting technology by rising at a solid 17.7% CAGR from 2019 to 2027. The market in the region is mainly powered by the U.S. where most of the key players are domiciled. Further, government policies in the nation such as banning of incandescent lighting in the warehouse spaces has also proved beneficial to the demand.
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Some of the key players in the global energy efficient lighting technology market are
- Apple Inc.
- Bajaj Electricals Ltd
- Bridgelux Inc.
- Cooper Lighting
- Cree Inc.
- Digital Lumens, Inc.
- Eaton Corporation
- GE Lighting
- LIGMAN Lighting Co., Ltd
- Nichia Corporation
- OSRAM GmbH.
Optimizing Energy Consumption Key Proposition in Energy Efficient Lighting Technology Adoption
Energy-efficient lighting technology consists of various lighting methods characterized by low consumption of power, considerable energy savings, and significant cost savings for end users. A key drive for energy-efficient lighting technology market has stemmed from the ever-rising need for optimizing energy consumption and maximizing cost savings. Light emitting diodes (LED) lamps, arc lamps, and gas discharge lamps are some of broad product categories meeting these criteria. Energy-efficient lighting systems and fixtures are fast gaining adoption in residential and commercial applications. The relentless focus of customers on optimizing energy use in these applications is driving the sales in the energy efficient lighting technology market. Governments and manufacturers are increasingly promoting the benefits of energy efficient lighting technology to consumers at large, notably in bringing down the energy bills dramatically over the months. On the other hand, electrical and electronics manufacturers are expanding their portfolio of products to meet the diverse end-use applications in commercial sector. The drive toward low-carbon footprint has also nudged buildings facility managers to replace the traditional systems with energy-efficient lighting technology. Thus, the growing policy push toward lowering the carbon footprint of newly developed buildings will spur the adoption of energy efficient lighting systems.
The COVID-19 pandemic has opened a can of worms for global warming enthusiasts and advocates. The huge environmental damage due to climate change also received a worldwide focus. This also opened a new set of challenges for manufacturers of energy-efficient technologies. Lighting system manufacturers are keen on developing products that meet the stringent energy standards. This has in recent months filliped demand for affordable energy efficient lighting technologies. The growing sales of electronic ballasts is one such trends boosting the growth of the energy efficient lighting technology market. Updates in energy standards in developed regions of the world will expand the horizon for product designers in the coming months.
This report on the global energy efficient lighting technology market provides analysis for the period 2008–2025, wherein 2016 is the base year and the period from 2019 to 2027 is the forecast period. Data from 2008 to 2015 has been included as historical information. The report covers market dynamics including drivers, restraints, and opportunities expected to influence the global energy efficient lighting technology market growth during the said period. Global and regional trends that are playing a major role in driving the global energy efficient lighting technology market have also been covered in the study. The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn) and volume estimates (in Million units), across different geographies.
The report also includes industrial evolution in the energy efficient lighting technology market. Porter’s Five Forces analysis which identifies bargaining power of supplier, bargaining power of buyer, threat from new entrant, threat from substitute and threat from competition in energy efficient lighting technology market is also included in the report. Value chain analysis which identifies key stake holders in the energy efficient lighting technology market is also covered in the report. Furthermore, policies and regulations aiding the energy efficient lighting technology market are also covered in the report.
The report also covers market attractiveness analysis and market positioning of key players for all regions covered in the scope of study. Market attractiveness identifies and compares segment’s attractiveness in the market on the basis of CAGR and market share index across North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
Global Energy Efficient Lighting Technology Market: Segmentation
The energy efficient lighting technology market has been segmented on the basis of product type, application, correlated color temperature and geography. Based on product type, the market has been further classified into incandescent lamp, light emitting diode, arc lamp and gas discharge lamps. Halogen lamp is a sub segment of incandescent lamp. Arc lamp is further segmented into xenon arc lamp, mercury xenon arc lamp, ultra high performance lamp and metal halide lamp. Similarly, gas discharge lamps can be further segmented into compact fluorescent lamp, linear fluorescent lamp, neon lamp, mercury vapor lamp, sodium vapor lamp, and electrode less lamp.
By application, the energy efficient lighting technology market is classified into commercial, residential, and government. On the basis of correlated color temperature, the energy efficient lighting technology market is classified into 2700K-3000K, 3500K – 4000K, 4000K- 5000K, 5000K-6500K, and More Than 6500K. Geographically, the report classifies the global energy efficient lighting technology market into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America. The regions are analyzed in terms of revenue and volume generation. Furthermore, region wise prominent countries covered in the report include the following - U.S, Canada, U.K., Germany, Italy, France, China, Japan, India, GCC countries, South Africa and Brazil.
Global Energy Efficient Lighting Technology Market: Competitive Landscape
The report also includes competition landscape which includes competition matrix, market share analysis of major players in the global energy efficient lighting technology market based on their 2016 revenues and profiles of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market positioning, product offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow.
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2016 to 2018. The major players profiled in the global energy efficient lighting technology market include Bajaj Electricals Ltd., Bridgelux, Inc., Cree, Inc., Digital Lumens, Inc., Eaton Corporation, General Electric Co., LIGMAN Lighting Co., Ltd., LED Roadway Lighting Ltd., Nichia Corporation, OSRAM Licht Group, Philips Lighting Holding B.V., Toshiba Lighting & Technology Corporation, and Zumtobel Group AG.
The global energy efficient lighting technology market is segmented as below:
by Product Type
by correlated color temperature