Global Energy Efficient Lighting Market Size Worth $330.9 Billion by 2028: Zion Market Research
NEW YORK, May 4, 2022 /PRNewswire/ -- As per Zion Market Research study, The global energy efficient lighting market was worth around USD 207.4 billion in 2021 and is estimated to grow to about USD 330.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.1 percent over the forecast period. The report analyzes the energy efficient lighting market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the energy efficient lighting market.
Key Industry Insights & Finding of the Energy efficient lighting Market Reports:
- As per the analysis shared by our research analyst, the Energy efficient lighting Market is expected to grow annually at a CAGR of around 8.1% (2022-2028).
- Through the primary research, it was established that the Energy efficient lighting Market was valued approximately USD 207.4 Billion in 2021 and is projected to reach to roughly USD 330.9 Billion by 2028.
- Europe has bolstered its focus on energy efficiency and lower carbon footprint, and this has led to a major increase in the adoption of novel sustainability technologies.
- Asia Pacific is also anticipated to provide beneficial opportunities owing to the rising focus on energy saving and energy management due to the increasing demand for energy from the growing population.
Zion Market Research published the latest report titled as "Energy Efficient Lighting Market By Product (Fluorescent Lamps, Compact Fluorescent Lamps (CFLs), LED Lamps, High Intensity Discharge (HID) Lamps, Induction Lamps), By End use (Residential, Commercial, Industrial, Outdoor), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Energy efficient lighting Market: Overview
Energy Efficient Lighting are lighting solutions which are focused on conservation of energy and sustainability in order to provide a better low consumption alternative. Increasing demand for energy and rising focus on sustainability are factors that will majorly influence the energy efficient lighting market potential over the forecast period.
Increasing focus on sustainability, rising consumer preference of energy conservation, shift in consumer preferences from conventional lighting methods to energy efficient ones are other factors that will guide the energy efficient lighting market potential through 2028.
High implementation and installation costs of energy efficient lighting are estimated to have a hindering effect on the global energy efficient lighting market potential over the forecast period.
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- Zion Market Research methodology
Industry Dynamics:
Energy efficient lighting Market: Growth Dynamics
Increasing Demand for Energy Conservation
The world is experiencing a major population boom and this trend has substantially impacted multiple markets. This increasing population has also resulted in a huge uproar for energy consumption which the world is not ready for yet. The depleting non-renewable resources that are used for energy generation have also promoted the use of energy efficient systems and hence these factors are projected to boost the demand for energy efficient lighting over the forecast period.
Energy efficient lighting Market: Restraints
High Costs Associated with Implementation
Energy Efficient Lighting systems and solutions require high initial investment as there are multiple components that need to be installed in order to shift from conventional lighting setups and this has a hampering effect on the energy efficient lighting market growth. Energy efficient lighting companies are focusing on launching new and affordable solutions in order to overcome this barrier and unleash the full growth potential to maximize revenue streams.
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Global Energy efficient lighting Market: Segmentation
- The global Energy Efficient Lighting market is segregated based on fiber type, Product, end use, and region.
By Product, the market is divided into Fluorescent Lamps, Compact Fluorescent Lamps (CFLs), LED Lamps, High Intensity Discharge (HID) Lamps, and Induction Lamps. The LED lamps segment is expected to hold a dominant market share and this trend is predicted to be the most lucrative segment over the forecast period as well. Increasing benefits of the use of LED and supportive government initiatives are anticipated to boost the growth in this segment.
By End use, the energy efficient lighting market is segmented into Residential, Commercial, Industrial, and Outdoor. The industrial and outdoor segments are expected to be the most lucrative segments in the global energy efficient lighting market and will majorly influence the industry growth through 2028.
Recent Developments
- In April 2022 – Electrical Safety Foundation International (ESFI) announced the launch of a national effort to bolster electrical safety and also promote the use of energy efficient lighting and energy conservation systems in Arlington, Virginia, United States.
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List of Key Players of Energy efficient lighting Market:
- ABB (Switzerland)
- Eaton (Ireland)
- General Electric (US)
- Philips (Netherlands)
- Toshiba Corporation (Japan)
- Advanced Lighting Technologies Australia Inc. (Australia)
- Schneider Electric (France)
- NICHIA CORPORATION (Japan)
- Digital Lumens Inc. (US)
- Bridgelux (US).
Key questions answered in this report:
- What are the growth rate forecast and market size for Energy efficient lighting Market?
- What are the key driving factors propelling the Energy efficient lighting Market forward?
- What are the most important companies in the Energy efficient lighting Market Industry?
- What segments does the Energy efficient lighting Market cover?
- How can I receive a free copy of the Energy efficient lighting Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/energy-efficient-lighting-market
Regional Dominance:
- Energy efficient lighting solutions are predicted to see high demand
Europe has bolstered its focus on energy efficiency and lower carbon footprint and this has led to a major increase in the adoption of novel sustainability technologies. This region is predicted to have the most bright outlook over the forecast period owing to its increasing regulations supporting sustainable alternatives to attain zero carbon footprint. Energy efficient lighting solutions are predicted to see high demand owing to increasing subsidies for their deployment by multiple government initiatives. Germany, the United Kingdom, and France are expected to be the most lucrative markets for energy efficient lighting industry growth over the forecast period.
The market for Energy Efficient Lighting in the Asia Pacific is also anticipated to provide beneficial opportunities owing to the rising focus on energy saving and energy management due to the increasing demand for energy from the growing population.
Global Energy efficient lighting Market is segmented as follows:
Energy efficient lighting Market: By Product Outlook (2022-2028)
- Fluorescent Lamps
- Compact Fluorescent Lamps (CFLs)
- LED Lamps
- High Intensity Discharge (HID) Lamps
- Induction Lamps
Energy efficient lighting Market: By End Use Industry Outlook (2022-2028)
- Residential
- Commercial
- Industrial
- Outdoor
Energy efficient lighting Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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- High-End Lighting Market - Global Industry Analysis: The global High-End Lighting market accrued earnings worth approximately 17.3(USD Billion) in 2020 and is predicted to gain revenue of about 28.7(USD Billion) by 2028, is set to record a CAGR of nearly 5.8% over the period from 2021 to 2028.
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