Energy Efficient Lighting Technology Market Size By Type (Incandescent Lamp, Light Emitting Diode, Arc Lamp, Gas Discharge Lamps), By Application (Commercial, Residential, Industrial), & Region For 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Energy Efficient Lighting Technology Market Size By Type (Incandescent Lamp, Light Emitting Diode, Arc Lamp, Gas Discharge Lamps), By Application (Commercial, Residential, Industrial), & Region For 2024-2031

Energy Efficient Lighting Technology Market Valuation – 2024-2031

So, it's no surprise that everyone's grabbing for energy-efficient lighting these days, right? All sorts of industries are turning to these smarter lights to deal with new rules, save money, and be kinder to the planet. And because you can use them everywhere—from offices and homes to factories and streetlights—the demand just keeps going up. Really, it boils down to three big winsenergy savings, a boost for sustainability, and better lighting overall. This popularity has already pushed the market past USD 238.16 Billion in 2023 and is expected to hit around USD 403.18 Billion by 2031.

The widespread use of smart technologies and Internet of Things (IoT) solutions has fueled the increased need for energy-efficient lighting systems. These lighting solutions are critical components of smart infrastructures and IoT-enabled environments providing improved connectivity, automation, and data-driven optimisation. Energy-efficient lighting technologies in particular play an important role in enabling seamless integration with smart controls, sensors, and networked devices by enabling the market to grow at a CAGR of 7.86% from 2024 to 2031.

Energy Efficient Lighting Technology – Definition/ Overview

Energy-efficient lighting systems are cutting-edge solutions for optimising energy use and improving illumination across a wide range of industries. These creative lighting systems are used in a variety of industries including commercial, residential, industrial, and municipal settings. At the heart of their business is the ability to provide exceptional lighting performance while reducing energy usage and environmental impact.

Energy-efficient lighting systems provide several benefits in the pharmaceutical industry where strict regulations and cost-cutting activities are critical. Pharmaceutical facilities that integrate sophisticated lighting systems can save considerable amounts of energy while providing appropriate lighting conditions for precision manufacturing and quality control procedures. Furthermore, in healthcare facilities, energy-efficient lighting is critical for establishing comfortable and conducive conditions for patients and healthcare personnel, thereby improving overall well-being and productivity.

Energy-efficient lighting technologies find extensive applications in the automotive industry. These lighting solutions are integral to automotive design and functionality providing enhanced visibility, safety, and aesthetics for vehicles. From LED headlights to advanced interior lighting systems, energy-efficient technologies offer superior performance, longevity, and design flexibility driving innovation and differentiation in the automotive market.

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How Increasing Consumer Awareness Regarding the Energy Efficient Products Drive the Energy Efficient lighting market?

The energy-efficient lighting market? It's booming! Think about itwith energy prices going up all the time, who doesn't want to save a few bucks? That's why you see folks and companies switching to better lighting options. Plus, as cities and factories get bigger, they use more energy, so saving energy becomes a big deal. And let's not forget the governments - they're pushing for green building programs and stuff that makes us use lights that don't suck up so much power. You can check out more if you're interested!

The corporate sector and government organizations are rapidly adopting energy-efficient lighting equipment as part of their cost-cutting and sustainability efforts. Public buildings, street lighting, and infrastructure projects are switching to energy-efficient lighting solutions due to compelling economic and environmental reasons. Governments are also pushing the use of energy-efficient lighting with subsidies, tax breaks, and regulatory mandates boosting industry growth.

Therefore, the global energy-efficient lighting technology market is very promising with continuing technological developments supporting regulatory frameworks, and rising consumer awareness projected to keep the market moving forward. As the globe works to address serious energy and environmental issues, energy-efficient lighting technologies will play an increasingly important role in promoting sustainable development and developing a more resilient and energy-efficient future.

The energy-efficient lighting industry is driven by innovation, which consistently improves lighting solutions’ performance, efficiency, and price. New advances in LED technology, for example, result in higher efficacy, better colour rendering, and longer lifespans, making LED lighting more desirable to consumers and companies. Furthermore, advancements in smart lighting systems allow for better control and customisation, which improves energy efficiency and user experience. Overall, innovation encourages the creation of cutting-edge lighting solutions that drive market growth, broaden applications, and contribute to environmental sustainability.

How Upfront Costs Restrain the Energy Efficient Lighting Market?

Upfront expenses pose a substantial barrier to the energy-efficient lighting business particularly in the adoption of technology like LED lighting. While LED lights provide significant long-term savings due to lower energy usage and maintenance expenses their initial purchase price may be higher than older lighting technologies. This upfront expense may dissuade some consumers and companies from switching to energy-efficient lighting systems particularly those on a limited budget or experiencing financial limitations.

Some stakeholders may consider the perceived risk associated with upfront costs to be greater than the prospective benefits of energy efficiency. Despite the promise of long-term savings, the upfront financial investment required to upgrade lighting systems can be a barrier to adoption especially for smaller organisations or residential users with limited capital resources. This difficulty is exacerbated in locations with lesser purchasing power or restricted financing alternatives for energy-efficient renovations.

Category-Wise Acumens

How High Adoption of LED Lighting Drive The Type Segment?

The light-emitting diode (LED) segment emerged as the clear leader with the greatest market share. This leading position is primarily due to the widespread adoption of LED lighting solutions across several geographical regions and industries. LED technology has transformed the lighting sector by providing numerous benefits that appeal to both consumers and companies resulting in its unequaled popularity.

The rising popularity of LEDs is really fueling the whole energy-efficient lighting movement. What makes LEDs so great? Well, for starters, they're incredibly energy-efficient, using way less juice than old-school bulbs like those incandescent and fluorescent things. This means serious savings on your energy bill at home and for businesses, and it's a big step towards saving energy and being more sustainable overall. Plus, LEDs last forever – we're talking tens of thousands of hours! That means fewer trips to the store to replace bulbs and lower maintenance costs. And because they last so long, you're throwing away fewer bulbs, which is a win for the environment too!

LED technology is always getting better, which is really boosting the industry! These improvements mean LEDs perform better, are more efficient, and cost less, making them available to more people and useful in more situations. Think about smart lighting controls, colour tuning, and how easily you can dim them – these innovations make LED lights more useful and customizable, leading more people to buy them and expanding the market. Plus, governments are helping out with incentives and laws that encourage energy-efficient lighting like LEDs. These incentive programmes, subsidies, and rules are pushing consumers and companies to switch to LED lighting, which is really speeding up the growth of the energy-efficient lighting market.

How the Rising Industrialization and Rising Number of Business Drive the Application Segment?

In the global energy-efficient lighting technology market, the commercial segment emerged as the leader in terms of revenue creation in 2022. This dominance can be attributed to a variety of factors, the most notable of which being the growing adoption of energy-efficient lighting solutions in commercial settings. Businesses across industries have increasingly realized the critical role that energy-efficient lighting plays in improving operations, decreasing energy consumption and ultimately lowering total operational expenses. This revelation has created new opportunities for commercial units to increase their profitability and market competitiveness.

The commercial sector’s preference for energy-efficient lighting equipment is motivated not just by financial considerations but also by a growing awareness of the environmental benefits connected with sustainable practices. As organizations work to line with corporate social responsibility (CSR) goals and demonstrate their commitment to sustainability, the use of energy-efficient lighting is a physical representation of these efforts. Commercial establishments that reduce their carbon footprint and minimize their environmental impact can improve their brand reputation, attract environmentally concerned clients, and gain a competitive advantage in the market.

The commercial segment’s dominance in the global energy-efficient lighting technology market demonstrates the sector’s rising understanding of energy efficiency’s disruptive potential. As organizations seek to optimize their operations, cut expenses, and improve their environmental stewardship, energy-efficient lighting technology emerges as a compelling solution that provides substantial benefits on numerous fronts. With the confluence of economic, environmental, and technological considerations driving adoption, the commercial sector will continue to be a key driver of development and innovation in the global Energy Efficient Lighting Technology Market for the foreseeable future.

Gain Access into Energy Efficient Lighting Technology Market Report Methodology

                              

Country/Region Wise Acumens

Will Stringent Energy Efficiency Regulations and Standards Drive the Energy Efficient Lighting Market in North America?

North America dominates the global energy-efficient lighting market accounting for more than a third of total revenue. This large market presence demonstrates the region’s proactive efforts in developing and implementing intelligent lighting solutions aimed at energy efficiency. Among these advances, halogen lights have emerged as a popular alternative providing a mix of energy efficiency and lighting quality. Furthermore, North America has a diverse landscape of electrical firms including both established industry giants and creative start-ups which accelerates the development and acceptance of energy-efficient lighting technology.

Stringent energy efficiency laws and standards are critical to developing the energy-efficient lighting market in North America. These rules create a high market demand for energy-efficient lighting systems by regulating their use in a variety of applications including commercial, residential, and industrial settings. They also encourage innovation and implementation of sophisticated lighting technology that meet or surpass energy efficiency standards. By establishing explicit criteria and targets for energy efficiency, North American regulatory agencies foster an environment in which producers, retailers, and consumers prioritise energy-efficient lighting systems.

North America is likely to maintain its leadership position in the worldwide energy-efficient lighting market owing to ongoing technological breakthroughs, supporting regulatory frameworks, and rising consumer awareness. As energy conservation remains a primary goal for governments, organizations, and consumers alike, the demand for innovative lighting solutions that offer superior energy savings and performance will only increase. North America will continue to be at the forefront of pushing the shift to a more sustainable and energy-efficient future through lighting technology, using its technological competence, regulatory framework, and market dynamics.

How Increasing Demand for Green Technologies is Expected to Boost the Energy Efficient Lighting Market in Asia Pacific Region?

The Asia Pacific area demonstrated its presence as a key player in the energy efficient lighting market establishing its place as the second-leading region with a significant revenue share. This impressive growth trajectory can be attributed to a variety of factors including large contributions from powerful economies such as Japan, China, and South Korea. These countries have been in the forefront of investing in cutting-edge lighting technologies driving innovation and acceptance across the region.

The increasing industrial growth in Asia-Pacific region has increased demand for energy-efficient lighting, notably in warehouses and industrial complexes. As enterprises attempt to optimize energy usage and decrease operational costs, it is becoming increasingly clear that efficient lighting solutions can have a substantial impact on total energy efficiency and productivity. Energy-efficient warehouse lighting in particular has emerged as a critical area of attention for organizations looking to improve visibility, safety, and operating efficiency while reducing energy consumption and environmental impact.

The Asia Pacific region’s position as a market leader in energy efficient lighting demonstrates the region’s dedication to technological improvement, sustainability, and economic development. With important contributors like as Japan, China, and South Korea pushing innovation and adoption as well as rising demand for energy-efficient lighting across a wide range of industries, the Asia Pacific market outlook is quite positive. As the region prioritizes energy efficiency, environmental sustainability, and economic development, energy-efficient lighting technology will play an important role in crafting a more resilient, sustainable, and successful future.

Competitive Landscape

The Energy Efficient Lighting Market is a dynamic and competitive industry, marked by a diverse array of players striving to capture market share. These companies are actively engaged in efforts to solidify their presence by implementing strategic initiatives such as collaborations, mergers, acquisitions, and garnering political support. With a focus on innovation, these organizations are continuously enhancing their product offerings to meet the diverse needs of consumers across various regions.

Some Prominent Players in energy efficient lighting market include

Syska Group, Bajaj Electricals Ltd., General Electric Company, Cree Inc., Toshiba Lighting & Technology Corporation, OSRAM Licht Group, Nichia Corporation, Bridelux Inc., and LIGMAN Lighting Co.

Latest Developments

  • In March 2024, Advancements in smart thermostats, lighting controls, and AI-powered systems for monitoring building energy usage provide consumers with greater control over energy use.
  • In June 2023, Electric vehicles are undergoing accelerated expansion, driven by government incentives, lowering battery costs, and rising consumer demand for sustainable mobility.
  • In November 2023, integrating solar and wind power into the grid becomes a primary goal, with developments in battery storage (e.g., increased usage of Tesla Powerwall) and smart grid technology easing this transition.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2018-2031

Growth Rate

CAGR of 7.86%

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Revenue Forecast, Growth Factors, Competitive Landscape, key Players, Segmentation Analysis

Segments Covered
  • Type
  • Applications
Region Covered
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East And Africa
Key Players

Syska Group, Bajaj Electricals Ltd., General Electric Company, Cree Inc., Toshiba Lighting & Technology Corporation, OSRAM Licht Group.

Customization

Report customization along with purchase available upon request

Colour Detection Sensor Market, By Category

 Type

  • Incandescent Lamp
  • Light Emitting Diode
  • Arc Lamp
  • Gas Discharge Lamps

Applications

  • Residential
  • Commercial
  • Industrial

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

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