Global Energy Efficient Lighting Market to Reach $97.68 Billion by 2030, Fueled by Growing Adoption Across Residential, Commercial, and Industrial Sectors

DUBLIN, Sept. 28, 2023 /PRNewswire/ -- The "Energy Efficient Lighting Market: Global Market Size, Forecast, Insights, and Competitive Landscape" report has been added to  ResearchAndMarkets.com's offering.

The global energy efficient lighting market is expected to grow from $57.91 billion in 2023 to $97.68 billion in 2030, at a CAGR of approximately 7.8%.

This comprehensive report on the global energy efficient lighting market offers insights into market sizing, forecasts, drivers, challenges, and the competitive landscape.

Market Dynamics:

Drivers

• Growing Use of Energy Efficient Lighting in Various Applications: The adoption of energy efficient lighting solutions across various applications, including residential, commercial, and industrial sectors, is a major driver of market growth.
• Increasing Demand for Energy Conservation: As the global focus on energy conservation intensifies, the demand for energy efficient lighting technologies is on the rise.

Challenges

• High Initial Investment: The initial investment required for energy efficient lighting solutions may pose a challenge for some consumers and businesses.
• High Cost of the Product: Energy efficient lighting products, such as LEDs, can have higher upfront costs compared to traditional lighting technologies.

Market Segmentation:

By Product Type

• Incandescent Lamp, Halogen Lamps, Light Emitting Diode (LED), Arc Lamp, Xenon Arc Lamp, Mercury Xenon Arc Lamp, Ultra High Performance Lamps, Metal Halide Lamp, Gas Discharge Lamps, Compact Fluorescent Lamp, Linear Fluorescent Lamps, Neon Lamp, Mercury Vapor Lamp, Sodium Vapor Lamp, Electrodeless Lamp: The market encompasses a wide range of product types, with LED lighting being a prominent segment.

By Application

• Residential, Commercial, Industrial: Energy efficient lighting finds applications in residential, commercial, and industrial settings, contributing to energy savings across these sectors.

By Region

• Europe, North America, Asia Pacific, Latin America, Middle East & Africa: The market spans major regions, with Europe and North America being key markets, while the Asia Pacific region is expected to witness significant growth.

Historical & Forecast Period:

• Base Year: 2022
• Historical Period: 2018-2022
• Forecast Period: 2023-2030

Profiles of Key Companies:

The report offers detailed profiles of companies operating in the global energy efficient lighting market, including Abb, Advanced Lighting Technologies Australia Inc., Bridgelux Inc., Digital Lumens Inc., Eaton Corporation, General Electric, Nichia Corporation, Philips Lumec, Schneider Electric, and Toshiba Corporation.

For more information about this report visit https://www.researchandmarkets.com/r/nzwfya

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SOURCE Research and Markets