Energy Efficient Lighting Market Analysis, Promising Growth Opportunities and Outlook - 2030

The energy efficient lighting market is estimated to reach $93.3 billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030. Compared to traditional lighting, energy-efficient lighting helps to reduce electricity demand and is a cost-effective method of lighting. This lighting provides brighter illumination while consuming less energy. It is a replacement for traditional lamps that waste energy in the form of heat and power.

The energy efficient lighting growth is primarily due to rising infrastructure progress, particularly in developing countries such as China and India. Furthermore, increased emphasis on infrastructure development, including the modification of existing structures and acceptance of smart life, is expected to boost demand for LED solutions. Investment in smart city projects in Singapore, India, China, Spain, the United Arab Emirates, and Austria is also expected to boost the global energy efficient lighting industry. The government of Dubai (UAE), for example, has announced plans to launch a smart city project that will include more than 100 initiatives to improve transportation, communications, and civil infrastructure. Furthermore, one of the critical factors expected to foster the adoption of energy efficient lighting is government support.

Download Sample PDF Pages @ https://www.alliedmarketresearch.com/request-sample/16916

Based on source, the light emitting diodes (LED) segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global energy efficient lighting market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 8.5% from 2022 to 2030. This is attributed to price reductions in LED lights, surge in use in display back lighting, and excellent efficacy of LED lamps. The report also analyzes the segments including high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), and others.

Based on application, the commercial segment held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global energy efficient lighting market, and is projected to maintain its leadership status during the forecast period. This is due to penetration of various energy efficient lighting solutions in the commercial sector and development of low-cost solutions by leading manufacturers. However, the home segment is projected to register the fastest CAGR of 8.3% from 2022 to 2030. This is attributed to increase in construction of residential buildings and preference for installation of energy efficient light sources such as CFL & LED bulbs and tube lights to save energy.

For Purchase Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/16916

Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than one-third of the global energy efficient lighting market. This is due to the presence of major electrical companies in the region and development of smart energy efficient lighting systems such as halogen lights. However, Europe is estimated to manifest the largest CAGR of 8.8% during the forecast period, owing to presence of major manufacturers, stringent energy efficiency rules, and significant power consumption in industrial and residential applications.

The key players profiled in this report include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., NICHIA CORPORATION, Bridgelux and Digital Lumens, Inc.

Get detailed COVID-19 impact analysis on the Energy Efficient Lighting Market @ https://www.alliedmarketresearch.com/request-for-customization/16916?reqfor=covid

Covid-19 Scenario
• Manufacturing activities of energy efficient lighting were stopped due to lockdown measures implemented in many countries. In addition, disruptions in the supply chain and shortage of raw materials presented challenges in conducting manufacturing with full capacity.
• The demand from application industries such as home, industrial, and commercial lowered down significantly due to disruptions in daily operations during the lockdown. However, the demand is estimated to grow steadily post-lockdown as daily operations are on track.

Key Findings of the Study
• On the basis of source, the light emitting diodes (LED) emerged as the global leader in 2021 and is anticipated to hold the major be the largest market during the forecast period.
• On the basis of application, the commercial segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Europe is projected to have the fastest growth rate in the energy efficient lighting market during the forecast period.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.