by The global energy-efficient lighting market is experiencing a significant surge in growth, driven by the widespread adoption of smart lighting devices and the increasing demand for LED lighting solutions. Energy-efficient lighting has emerged as a key solution for effective energy conservation, cost savings, and reduced maintenance expenses. The impact of this market extends beyond energy savings, encompassing aspects of comfort, health, productivity, safety, and economic benefits.
Redefining Energy Efficiency
Lighting currently accounts for approximately 25% of the worlds total power generation, underscoring the promising prospects of the energy-efficient lighting market. Many countries are allocating a substantial portion of their electricity budgets to lighting, prompting a sustained shift towards energy-efficient lighting as the most cost-effective and reliable method of energy conservation.
Smart Lightings Brilliant Future
The global energy-efficient lighting market is riding a wave of growth, thanks to the increasing adoption of intelligent street lighting systems, the growing demand for energy-efficient lighting solutions, and the widespread embrace of LED bulbs and lights. By the end of 2020, the installed base of intelligent street lighting reached 16.2 million units, with projections suggesting it will soar to 360 million by 2029. This proliferation of smart lighting not only enhances energy efficiency but also contributes to the convenience of operation.
Illuminating the Path of Progress
The proliferation of innovative city initiatives worldwide is a driving force behind the demand for intelligent lighting systems in highway and roadway applications. Government officials in countries such as India, Italy, Germany, and China are forging strategic partnerships to create smart cities, further boosting market representation. According to the United Nations Human Development Index, there were 118 smart cities worldwide in 2021, with 26 more planned by 2025. The growing number of smart cities is set to propel the demand for intelligent lighting in the years to come, further driving the energy-efficient lighting markets growth.
LEDs Leading the Way
Demand for Light Emitting Diodes (LEDs) is soaring, given their numerous advantages over traditional incandescent light sources. LEDs offer lower energy consumption, increased durability, longer lifespans, faster switching capabilities, and a smaller form factor. LEDs find applications in various sectors, including transportation, healthcare, marketing, signage, screens, and electronics. As consumers become more aware of their benefits, LEDs are gaining popularity, despite being initially more expensive than incandescent bulbs.
North Americas Leadership
In the forecast period, North America is expected to dominate the global energy-efficient lighting market. This region boasts a robust market for energy-efficient lighting, driven by prominent manufacturers, stringent energy efficiency regulations, and high power consumption in industrial and residential sectors. The demand for Energy Performance Certificates, which mandate compliance with energy-efficient regulations for commercial premises, is also expected to contribute to market growth. Moreover, ongoing and upcoming smart city projects in the region are poised to boost the intelligent lighting market.
Asia Pacifics Rapid Growth
Asia Pacific is projected to exhibit the fastest-growing economy over the forecast period, with a significant production and consumption of energy-efficient lamps, particularly LED lights. Government regulations promoting energy efficiency will be a key driver of market growth. Mega-urban projects and favorable government policies are making the region attractive to manufacturers. Government initiatives, such as Indias Street Light National Programme, are propelling the transition to energy-saving LED lighting, resulting in substantial energy and cost savings for municipalities.
Competitive Landscape
Market participants are continually introducing innovative products and forming strategic collaborations and partnerships to maintain their competitive edge. Recent examples include Orion Energy Systems acquisition of Stay-Lite Lighting to accelerate growth in lighting and electrical services and Signify N.V.s launch of new Philips Hue products to enhance its product portfolio.
Key Players
Some of the key players in the energy-efficient lighting market include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., Nichia Corporation, Bridgelux, and Digital Lumens, Inc.
As the worlds focus on energy efficiency intensifies and smart lighting technologies continue to evolve, the global energy-efficient lighting market is poised for substantial and sustained growth, benefiting both consumers and the environment.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/energy-efficient-lighting-market
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This press release first seen on Brilad
COMTEX_442085748/2840/2023-10-18T16:49:24
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.