New York, USA, June 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global energy efficient lighting market is anticipated to gather a revenue of $93,303.0 million by 2030 and grow at a healthy CAGR of 8.1% over the forecast period from 2022-2030. The extensive report provides a concise layout of the energy efficient lighting market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising technological advancements in the lighting systems for energy efficiency and some additional benefits like light ambience, ventilation, warmth, etc. along with the growing adoption of LEDs in the automotive industry are some factors estimated to drive the growth of the global energy efficient lighting market during the forecast period.
Opportunities: Increasing effective strategies like collaborations and acquisitions by key market players along with the growing focus on infrastructure development in the developing nations like China, Indonesia, and India are some factors expected to create abundant growth opportunities for the global energy efficient lighting market by 2030.
Restraints: High implementation and investment cost is the prime factor predicted to restraint the market growth.
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Covid-19 Impact on the Energy Efficient Lighting Market
The outbreak of the covid-19 pandemic has negatively impacted the global energy efficient lighting market due to shortage of electric components’ availability owing to the disruptions in supply chains across the world. In addition, strict lockdowns and travel restrictions imposed by governments led to the postponement of multiple residential projects that were running in countries like India and China. Moreover, the gradual equipment manufacturing by original equipment manufacturers (OEMs) is also projected to hamper the market growth amid the catastrophic stress.
Segments of the Energy Efficient Lighting Market
The report has divided the market into multiple segments based on source, application, and regional analysis.
Source: Light Emitting Diodes (LEDs) Sub-segment to be Highly Dominant
The light emitting diodes (LEDs) sub-segment of the global energy efficient lighting market is estimated to hold a dominant market share and garner a revenue of $42,659.0 million during the analysis timeframe. Recent advancements in LEDs to be used in environmental lighting and the benefits they offer like faster switching, longer lifetime, lower energy consumption, and smaller size are some factors anticipated to bolster the sub-segment’s growth by 2030.
Application: Commercial Sub-segment to be Highly Lucrative
The commercial sub-segment is expected to have a noteworthy market share and generate a revenue of $36,022.4 million by 2030 due to the growing penetration of LEDs in commercial sectors and significant energy efficient lighting solutions provided by key market players. For instance, Philips offers effective lighting solutions for commercial use and their products consume less energy with low-cost LED lighting. These factors are predicted to propel the sub-segment’s growth during the forecast years.
Region: Market in the Europe Region to Witness Better Growth Opportunities
The energy efficient lighting market in the Europe region is projected to hold a significant market value and register a revenue of $29,959.6 million by 2030 due to high production of energy efficient lamps and the presence of some major manufacturers in the region. Moreover, high power consumption in residential and industrial applications and strict energy efficiency regulations are also estimated to uplift the market growth in the Europe region by 2030.
Prominent Market Players
Some prominent energy efficient lighting market players include
- Schneider Electric
- NICHIA CORPORATION
- Advanced Lighting Technologies Australia Inc.
- General Electric
- Philips
- Bridgelux
- Eaton
- Digital Lumens, Inc.
- Toshiba Corporation
- ABB
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2020, Signify N.V., a Dutch multinational lighting corporation that was formerly known as Philips Lighting N.V., announced its launch of the brand-new Philips Hue products like Philips Hue White A21 bulb, Philips Hue Light strip Plus, Philips Hue Bloom table lamp, etc. for product portfolio enhancement and boosting the market growth even further.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Region: Europe Region has a lucrative growth rate (Avail Customization)
More about Energy Efficient Lighting Market:
- Why Should You Adopt Energy Efficient Lighting?
- Energy Efficient Lighting: The Environment-Friendly Way of Illuminating Homes and Industries
- Global Energy Efficient Lighting Market to Surpass $93,303.0 Million by 2030, Owing to the Greater Energy Savings and Long Shelf-life of Energy Efficient Lighting
