New York, May 19, 2023 (GLOBE NEWSWIRE) -- The energy efficient lamps and ballasts market was worth US$ 3.9 billion in 2022 and is expected to grow to US$ 4.3 billion by 2023, according to Persistence Market Research. In 2033, the market will most likely reach US$ 10.6 billion, registering a CAGR of 9.3%. With technological advancements in lighting, energy efficiency is enhanced while creating warmth and ambiance. Lighting devices also make homes prettier and cut down on artificial heat and cooling, resulting in an increase in product sales.
New lamps and fixtures that use energy efficiently can provide superior energy savings, higher reliability, and longer life compared to old, inefficient fixtures, lamps, and lighting. Moderate growth is expected to take place in the market for energy efficient lamps and ballasts over the next few years in global market.
As energy efficiency in lighting systems becomes more important, the market is expected to grow with the increasing demand for energy-efficient solutions.
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With the expansion of the market, the demand for the products will increase from various industries, including households, businesses, residential areas, industrial facilities, and healthcare facilities. Furthermore, the growing focus on carbon emission reduction is likely to contribute to the growth of this market. PELP, which is an energy efficiency program administered by the Department of Energy, specifies requirements for products and codes of conduct designed to guide manufacturers and retailers to produce energy-efficient products for consumers. As a result of the labeling initiative, consumers are being empowered to shift their behavior in favor of utilizing energy-efficient goods and services.
Key Takeaways from the Market Study
- The energy efficient lamps and ballasts market for commercial applications is forecast to expand at a CAGR of 9.2% from 2023 to 2033.
- According to projections, LED lamps will increase by 9.1% between 2023 to 2033.
- By 2023, energy efficient lamps and ballasts demand is projected to grow by US$ 3.3 billion in the United States.
- The United Kingdom market represents an absolute dollar growth opportunity of US$ 274.3 million.
- As of 2033, the market in China is expected to generate 35% worth of all revenues from energy efficient lamps and ballast sales
“Rising awareness of carbon emissions and lower energy bills are generating significant market growth. Various government initiatives and a demand for superior lighting quality in various commercial sectors will drive the demand for lighting to grow,” says an analyst at Persistence Market Research.
Market Segmentation
- By Type (Fluorescent Lamps, CFLs, LED Lamps, HID (High-Intensity Discharge) Lamps, Others)
- By Applications (Commercial, Industrial, Residential)
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Competitive Landscape
Advanced energy-efficient lamps and ballasts are being developed by key players to provide reliable and accurate data. Their production capacity is also being expanded to meet the growing demand.
The global energy efficient lamps and ballasts industry is dominated by small and medium-sized companies. Manufacturers of energy efficient lamps and ballasts use increasing capacity to gain a greater share of the market. Partners and collaborators across the country are expected to benefit from more partnerships and collaborations.
Energy efficient lamps and ballasts are dominated by several companies:
- Philips Lighting
- Osram
- GE Lighting
- Acuity Brands
- Cooper Lighting
- Havells
- Panasonic Lighting
- Surya Roshni Ltd
- Shree Sant Kripa Appliance Pvt.Ltd
- Crompton Greaves Consumer Electricals LTD
Some key market developments are as follows:
- In April 2023, Interenergo, a Slovenian company, signed a contract with the Municipality of Coka in Serbia's north to renovate its public lighting system. Stana Emmer, Mayor of Belgrade, signed the deal along with the Regional Director of Interenergo Group, Zvonka Schmit, and Interenergo Group's Serbian Energy Services Director, Siniša Janjušević. Interenergo has undertaken two lighting renovation projects in Serbia.
- In April 2023, Telensa, now part of the Signify Group, will support the initiative by partnering with Ringway Milton Keynes, a city council and service provider. Over the next 12 months, Telensa's smart streetlight solution will be installed on 58,000 streetlights in the city.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the energy efficient lamps and ballasts market, covering a global industry analysis of 2018 to 2022 and forecast for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how energy efficient lamps and ballasts sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
About the Electronics and Semiconductors at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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