New York, USA, June 22, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global energy efficient lighting market is estimated to generate $370.4 billion revenue by 2027, and grow at healthy CAGR of 8.4% over the forecast period (2020 to 2027). As per our analysts, the growing adoption of efficient lighting owing to its benefits such as long shelf-life and greater energy savings is the significant factor predicted to drive the growth of the global energy efficient lighting market in the analysis period. Besides, various governments of different countries across the globe are taking initiatives to adopt light emitting diodes (LEDs) for better efficiency is driving the market growth. Moreover, the increasing attention of consumers towards smart LED lighting solutions is estimated to create huge growth opportunities for the global market. However, high implementation and equipment cost of energy efficient lighting is expected to restrict the market growth in the upcoming years.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/8342
Impact of COVID-19 on the Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global energy efficient lighting market. The slow growth of the overall market during the pandemic can be attributed to the shortage in supply of electric components around the world. Besides, the imposition of lockdown and stringent government guidelines to tackle the pandemic crisis have resulted in the delaying of residential projects in the countries such as India and China. However, many companies functioning in the energy efficient lighting market like ‘Advanced Lighting Technologies,’ are coming up with strategic steps to sustain their losses during the COVID-19 pandemic.
Light Emitting Diodes (LED) Sub-segment to Dominate the Industry
Based on source type, the LED (light emitting diodes) sub-segment valued for $85.8 billion in 2019 and is expected to witness dominant growth over the forecast period. The dominance of this sub-segment is majorly due to various benefits of LEDs as compared to other type of lights such as its long life, high intensity & brightness, energy efficiency, low radiated heat, reliability, instantaneous illumination, directional lighting, directional lighting and others.
Commercial Sub-segment to be Hold Highest Market Share
By application type, the commercial sub-segment valued for $73.3 billion in 2019 and is projected to account for highest share in the global market by 2027. This is majorly owing to the rising penetration of LEDs in commercial sectors. In addition, various leading companies operating in the market are offering numerous energy efficient lighting solutions according to uses in the commercial sector.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8342
North America Region to be Most Lucrative
By region, the North America market for energy efficient lighting accounted for $68.3 billion in 2019 and is predicted to witness lucrative growth during the forecast period. This is mainly due to increasing adoption of latest technologies coupled with stringent government & industry regulations. Besides, there are many energy-efficiency programs such as Lighting Design Lab certification and ENERGY STAR certification programs, which is expected to increase the outreach of energy efficient lights in the region.
Prominent Energy Efficient Llighting Market Players
The report presents several aspects of the prominent market players such as business & financial performance, key strategic moves, latest developments, SWOT analysis, and product portfolio. Some of the top players of the global energy efficient lighting industry are:
- Eaton
- General Electric
- Philips
- Toshiba Corporation
- Schneider Electric
- ABB
- Advanced Lighting Technologies Australia Inc.
- Bridgelux
- NICHIA CORPORATION
- Digital Lumens, Inc.
These players are adopting numerous strategies and business tactics to gain a leading position in the global industry.
For example, in June 2020, Osram, the Germany based lighting manufacturer announced the launch of energy-efficient LED lighting solutions for commercial agriculture production. The company has introduced new modules of ‘LED VYPR Top Light Series’ with updated and innovated PhysioSpec Spectra, especially for greenhouse cultivators.
Top Trending Reports -
- Forklift Battery Market - https://www.researchdive.com/70/forklift-battery-market
- Circuit Breaker Market - https://www.researchdive.com/72/circuit-breaker-market
- Surge Protector Market - https://www.researchdive.com/145/surge-protector-market