Published Date : 07 Nov 2022
The global energy efficient lighting technology market size was exhibited at USD 216.28 billion in 2022 and is projected to surpass around USD 406.44 billion by 2030, growing at a CAGR of 8.2% over the forecast period 2022 to 2030.
The rising government initiatives to promote the adoption of energy-efficient lighting technology across the globe are boosting the growth of the global energy efficient lighting technology market. The stringent government regulations on energy consumption and energy efficiency standards play a crucial part in the deployment of energy efficient lighting solutions. Moreover, the rising demand for energy efficient lighting across the commercial, residential, and government sectors across the globe is significantly driving the growth of the energy efficient lighting technology market. Rising consumer awareness regarding the benefits of energy efficient lighting is expected to propel the demand in the forthcoming years. The rising number of commercial and residential real estate projects across the globe is significantly driving the demand for energy efficient lighting solutions. The growing government investments in the industrialization and urbanization of rural areas along with the rising expenditure on the electrification of the rural areas is anticipated to foster market growth.
Based on the type, the LED segment dominated the global energy efficient lighting technology market in 2020 and is estimated to be the fastest-growing segment. This is mainly attributed to the energy efficiency offered by the LEDs that helps to significantly reduce the energy costs and operational costs of commercial spaces. Moreover, the ongoing projects of building smart cities in several nations are fueling the demand for LEDs and hence this segment is expected to remain dominant throughout the forecast period.
Based on the application, the residential is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rapid urbanization and rapidly growing urban population in the underdeveloped and developing regions of the globe. The rising expenditure on the electrification of rural areas is expected to drive the demand for energy efficient lighting technology among residential consumers.
Energy Efficient Lighting Technology Market Report Scope
|Market Size In 2022||USD 216.28 Billion|
|Market Size By 2030||USD 406.44 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 8.2%
|Forecast Period||2022 to 2030|
Driver: Huge savings on energy is propelling the demand
The energy efficient lighting technology offers huge savings as it consumes less energy as compared to traditional lighting solutions. For instance, LEDs are known for consuming 75% lesser energy and are eco-friendly. Traditional CFL bulbs had harmful elements and chemicals that have an adverse impact on the environment. Therefore, the adoption of energy efficient lighting technology is on the rise as it offers a reduction of cost and provides eco-friendlier alternatives to traditional lighting.
Restraints: High cost of the energy efficient lighting solutions
High cost is involved with the acquisition of energy efficient lighting technology. The low affordability in low and middle-income countries may restrict the market penetration of the energy efficient lighting owing to low volume purchase and hence may hinder the growth of the global energy efficient lighting technology market during the forecast period.
Opportunities: New product launches and various other developmental strategies adopted by the market players
The energy efficient lighting technology market is fragmented due to the presence of numerous manufacturers. The various developmental strategies like new product launch positively influence market growth. For instance, a new product launched by Syska under the brand T5 LED Batten in India in 2021, and a new DL 30 LED with asymmetric light distribution by OSRAM.
Challenges: Lack of awareness and lack of electricity
The lack of electricity in underdeveloped and developing markets coupled with the lack of consumer awareness is a major challenge that the market players need to tackle. These challenges restrict the growth of the market.
Europe dominated the global energy efficient lighting technology market in 2020. Europe has witnessed significant industrialization and urbanization in the past, which exponentially contributed to the economic growth and development of Europe. The increased efforts of the European government to equip the commercial space of the region with energy efficient lighting technologies has significantly driven the growth of the energy efficient lighting technology market in Europe. The increased consumer awareness regarding energy efficient solutions and easy availability of LED lights has driven the market growth in the past.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Currently, Asian countries such as India, China, Indonesia, and South Korea are witnessing rapid technological advancements in the field of energy and power. Moreover, increased government initiatives to deploy energy efficient lighting technology is playing an exponential role in the development of the market. For instance, the Indian government, in 2017, invested over US$ 132 million in the energy efficient building program to encourage and promote the adoption of energy efficient lighting solutions across the country. Rising investments in the electrification of rural areas and industrialization in the region are expected to boost the growth of the energy efficient lighting technology market in the Asia Pacific in the forthcoming years. This region is expected to offer lucrative growth opportunities to the market players owing to the rising number of commercial and residential building projects.
Some of the prominent players :
Segments Covered in the Report
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