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Energy-Efficient Lighting Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033
Energy-Efficient Lighting Global Market
According to The Business Research Company's, The energy-efficient lighting market size has grown strongly in recent years. It will grow from $50.51 billion in 2023 to $55.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to government regulations, environmental awareness, cost savings, consumer demand.
The energy-efficient lighting market size is expected to see strong growth in the next few years. It will grow to $75.3 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to smart lighting integration, urbanization and infrastructure development, energy efficiency targets, market expansion in developing countries, incentive programs and rebates. Major trends in the forecast period include internet of things (IoT) integration, human-centric lighting solutions, circadian lighting adoption, Li-Fi technology development, growth in horticultural lighting market.
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Market Drivers and Trends:
The government's energy-efficiency initiatives are expected to fuel the growth of the energy-efficient lighting market going forward. Energy-efficiency initiatives refer to programs, policies, or actions implemented to reduce energy consumption and increase energy efficiency. Government initiatives are helpful in advancing energy-efficient lighting through the establishment of standards, supporting research and development, and promoting cross-sector collaboration. For instance, in December 2023, according to the Department of Energy, a US-based federal government agency, the Biden-Harris Administration is allocating $530 million to enhance building energy efficiency and resilience, aiming to reduce consumer costs by promoting the adoption and implementation of cutting-edge energy codes, zero energy codes, building performance standards, and innovative codes across US. Therefore, the government's energy-efficiency initiatives are driving the energy-efficient lighting market.
Major companies operating in the energy-efficient lighting market are focused on developing innovative products with advanced technologies, such as circadian lighting solutions, to increase their profitability in the market. Circadian lighting solutions refer to lighting systems designed to mimic the natural changes in color temperature and intensity throughout the day, supporting the body's circadian rhythm and promoting overall well-being and productivity. For instance, in April 2021, GE Lighting, a US-based lighting company, launched sun-filled LED bulbs. These bulbs are designed to mimic natural light, support circadian rhythms, boost color appearance, and improve sleep quality. It is easy to use and can be incorporated into homes for multiple lighting needs. The bulbs have a high color rendering index (CRI) of 97, which closely resembles natural sunlight, and an R9 of 80+, which enables them to reproduce reds excellently.
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Major Key Players of the Market:
General Electric Company, Schneider Electric SE, ABB Group, Toshiba corporation, Philips Lighting, Eaton Corporation, Signify N.V., OSRAM GmbH, Hubbell Lighting Inc., Acuity Brands, Zumtobel Group AG, Seoul Semiconductor Co. Ltd., Cree Inc., Bajaj Electricals Ltd., Leviton Manufacturing Co. Inc., Dialight, Lumileds Holding B.V., Cooper Lighting, The Lighting Quotient, Bridgelux Inc., Soraa Inc., Advanced Lighting Technologies Australia Inc., Nichia Corporation, Savant Systems Inc.
Energy-Efficient Lighting Market 2024 Key Insights:
• The Energy-Efficient Lighting Market is expected to grow to $75.3 billion in 2028 at a compound annual growth rate (CAGR) of 8%.
• Government Energy Efficiency Initiatives Driving Growth In The Energy-Efficient Lighting Market
• Innovative Solutions Driving Profitability In The Energy-Efficient Lighting Market
• Europe was the largest region in the energy-efficient lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy-efficient lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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