Energy Efficient Lighting Industry Outlook, Growth Prospects and Key Opportunities 2024
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“Smart lighting technology has emerged as a leading opportunity for companies in the energy-efficient warehouse lighting market,” the author of the study states. Smart lighting has the ability to reduce overall energy consumption, which is making it an attractive investment for warehouse owners. As end users become informed about the benefits of automated smart lighting systems, together with modern CFL, LED, and OLED lamps, their sales are expected to rise.
Increased R&D activities and partnerships for the development of advanced and energy-efficient lighting systems is also a key strategy adopted by several players. A case in point would be Philips. In February 2016, Koninklijke Philips N.V. separated its lighting business to establish Philips Lighting Holding B.V. This has allowed the company to sharpen its strategic focus toward its core competent business. Later in June 2016, this new business joined hands with Netherlands-based Dummen Orange to conduct R&D activities in the LED segment.
Government Mandates Support Use of Energy-efficient Warehouse Lighting
“The demand for energy-efficient warehouse lighting has received significant impetus from companies looking to reduce their energy consumption in warehouses,” a TMR analyst states. Compared to traditional incandescent lighting systems, advanced and smart lighting solutions such as LED and CFL help companies conserve energy and save on costs. The demand for energy-efficient warehouse lighting has risen with their growing usage in refrigeration, lighting, cooling and ventilation, material handling, and others applications in warehouses.
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The energy-efficient warehouse lighting market has also been supported by favorable government regulations around the world. For instance, the U.S. government has banned the use of incandescent lighting in warehouse spaces. It has also provided vendors utility rebates, thereby boosting the use of energy-efficient lighting solutions. Several European countries have implemented Energy Performance Certificates, which require commercial spaces to adhere to energy-efficient processes and requirements.
In contrast, high initial investments and undefined technology issues discourage numeroushttp://www.transparencymarketresearch.com/report-toc/12989 companies from making the switch to energy-efficient warehouse lighting.
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Demand for LFLs to Decline as LEDs Gain Prominence
“The global market for energy-efficient warehouse lighting will witness impressive growth in the coming years,” the TMR analyst predicts. Registering a strong CAGR of 13.4% from 2016 to 2024, the opportunity in the market is projected to be worth over US$15 bn by the end of the forecast period, rising from US$4.2 bn in 2014.
Asia Pacific has led the energy-efficient warehouse lighting market at the start of the forecast period and will continue its streak through 2024, accounting for a share of over 45% in terms of revenue. By lighting source, linear fluorescent lamps (LFLs) led the overall market in 2014. However, owing to the increasing popularity of and demand for light emitting diodes (LED), the dominance of LFLs is anticipated to be toppled by LEDs.
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