New York, July 17, 2023 (GLOBE NEWSWIRE) -- As per the research report published by Reports Insights, Illuminating the Future: Global Energy Efficient Lamps Market shines bright, valued at USD 45,206.11 Million (2022) and projected to exceed USD 86,367.98 Million by 2030, fueling growth with an impressive 8.3% CAGR.
Energy efficient lamps are artificial lights that are capable of reducing the amount of electricity consumed for generating light as opposed to conventional filament-burning light bulbs. Various types of energy efficient lamps including LED lamps, compact fluorescent lamps, and high-intensity discharge lamps are utilized in residential, commercial, and industrial sectors. The benefits of energy efficient lamps including considerable energy savings, longer shelf-life, improved lighting quality, durability, zero UV emissions, and others are key determinants for increasing its adoption in the aforementioned end users. The market for energy efficient lamps is highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for energy efficient lamps in residential and commercial buildings among others.
Get Sample Report@ https://www.reportsinsights.com/sample/673910
The increasing utilization of energy efficient lamps in residential buildings is one of the key factors driving the market growth. The primary benefits of energy-efficient lamps including higher energy savings, durability, longer service life, and improved lighting quality are key prospects for increasing its utilization in residential buildings. According to the State of Nevada, U.S., the new residential building permits in Nevada reached up to 23,406 units in 2021, witnessing a growth of around 19% in comparison to 19,716 units in 2020. The rising residential construction is driving the utilization of energy efficient lamps for building lighting solutions, owing to its above-mentioned benefits. Thus, the growing residential construction is among the prime factor driving the adoption of energy efficient lamps, in turn proliferating the market growth.
Further, the rising application of energy efficient lamps in commercial sector is a vital factor fostering the growth of the market. Energy efficient lamps are installed in commercial buildings including offices, hotels, restaurants, hospitals, and others. The characteristics of energy efficient lamps including improved enhanced energy savings, lower maintenance, longer shelf-life and others make it ideal for utilization in commercial buildings. Moreover, factors including rising pace of urbanization, increasing investments in commercial construction, and surging government initiatives for installation of energy efficient lighting solutions are among the key prospects fostering the application of energy efficient lamps.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 86,367.98 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | GE Lighting, Signify Holding, Havells, Panasonic, ABB, Bajaj Electricals Ltd, Bridgelux Inc., Cree Lighting, Eaton, LIGMAN Lighting Co., Ltd., Osram Licht AG |
| By Type | LED Lamp, Compact Fluorescent Lamp, and High-Intensity Discharge Lamp |
| By End User | Residential, Commercial, and Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Browse Full Report & TOC @ https://www.reportsinsights.com/industry-forecast/global-energy-efficient-lamps-market-statistical-analysis-673910
Energy Efficient Lamps Market Growth Drivers:
- Rising residential construction is driving the market growth
- Increasing utilization of energy efficient lamps in commercial sector is spurring the market growth
Restraints
- Availability of substitutes is restraining the market growth
Global Energy Efficient Lamps Market Segmentation Details:
Based on type, the compact fluorescent lamp segment contributed to largest share to the market growth in 2022. The benefits of compact fluorescent lamps including compact size, wide range of shapes and sizes, good lighting, low operating cost and others are key prospects driving the growth of the segment. Moreover, factors including increasing residential construction, rising green building initiatives, and growing demand for economical energy-efficient lighting solutions are among the prime determinants driving the growth of the compact fluorescent lamp segment.
Based on end user, the residential segment is anticipated to offer substantial shares to the global energy efficient lamps market growth during the forecast period. Energy efficient lamps are primarily deployed as lighting solutions in residential buildings, attributing to its higher energy savings, longer service life, durability, and enhanced lighting quality. Factors including increasing investments in residential construction projects, along with rising demand for smart lighting solutions and IoT-driven lighting fixtures are expected to fuel the market growth during the forecast period.
Get Sample Report@ https://www.reportsinsights.com/sample/673910
Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant energy efficient lamps providers in North America such as GE Lighting, Bridgelux Inc., Cree Lighting, and others lead to significant innovations in energy efficient lamps in the region. In addition, factors including rising investments in building and construction projects and increasing government initiatives towards installation of energy efficient lighting solutions is driving the growth of the market in North America.
Recent Developments
- In June 2020, Signify Holding partnered with the New York Power Authority in order to support Smart Street Lighting NY. The program aims at replacing around half a million lights throughout the state with energy-efficient and sustainable LED lights.
Key Market Highlights
- The global energy efficient lamps market size is estimated to exceed USD 86,367.98 million by 2030 and grow at a CAGR of 8.3% during the forecast period (2023-2030).
- Globally, energy efficient lamps are divided based on the type into LED lamp, compact fluorescent lamp, and high-intensity discharge lamp.
- On the basis of end user, the market is classified into residential, commercial, and industrial.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in energy efficient lamps.
Request for Inquiry or Customization Request @ https://www.reportsinsights.com/enquiry/673910
List of Major Global Energy Efficient Lamps Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
-
- GE Lighting
- Signify Holding
- Havells
- Panasonic
- ABB
- Bajaj Electricals Ltd
- Bridgelux Inc.
- Cree Lighting
- Eaton
- LIGMAN Lighting Co., Ltd.
- Osram Licht AG
Global Energy Efficient Lamps Market Segmentation:
- By Type
- LED Lamp
- Compact Fluorescent Lamp
- High-Intensity Discharge Lamp
- By End User
- Residential
- Commercial
- Industrial
Our Related Research Reports here:-
LED Bicycle Lights Market Size, Share & Trends Analysis Report, Competitive Strategies | 2023 To 2030
Krypton Gas Market Size, Share & Trends Analysis Report, Competitive Strategies | 2023 To 2030
Smart Plug Market Size, Share & Trends Analysis Report, Competitive Strategies | 2023 To 2030
High-bandwidth Memory Market Size, Share & Trends Analysis Report, Competitive Strategies | 2023 To 2030
Calorimeter and Photometer Market Size, Share & Trends Analysis Report, Competitive Strategies | 2023 To 2030
About Reports Insights Consulting Pvt Ltd
ReportsInsights Consulting Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by ReportsInsights Consulting Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in the foremost countries around the globe.
Contact:
Email: sales@reportsinsights.com
USA: +1-214-272-0393
Europe: +44-20-8133-9198
Website:- https://www.reportsinsights.com
