New York, USA, March 22, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global energy efficient lighting market is estimated to generate $370.4 billion by 2027, and grow at a CAGR of 8.4% over the forecast period from 2020 to 2027. As per our analysts, the growing adoption of efficient lighting across the globe, as it saves energy and has long shelf-life is the major factor predicted to accelerate the growth of the global energy efficient lighting market during the forecast period. Moreover, the increasing penetration of smart LEDs and initiatives taken by several governments related to adoption of LEDs for better efficiency are some factors estimated to create massive growth opportunities for the global market by 2027. Conversely, high initial and implementation cost associated with the energy efficient lights is expected to restrict the global market growth in the near future.
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Impact of COVID-19 on the Market
The outbreak of coronavirus across the globe has impacted the global energy efficient lighting market in a negative way. This can be majorly attributed to shortage of electric components supply due to COVID-19 pandemic and the delaying of residential projects where energy efficient lighting is used. However, many leading companies of the global market are taking strategic steps to sustain during the pandemic. For instance, in August 2020, Advanced Lighting Technologies, the leading innovator & manufacturer of energy efficient lighting materials and finished products, announced that it is following government guidelines relating to continue working during the unprecedented time. The company said that it is fully operational for delivering their lighting products to projects, customers, and infrastructure development.
LED Source Type Sub-segment to be Dominate the Industry
By source type, the light emitting diodes (LED) sub-segment is estimated to subjugate the global industry and value for $169.6 billion in the projected timeframe. The
dominance of this sub-segment is majorly attributed to various benefits of using LEDs as compared to other type of lights such as its energy efficiency, long life, high intensity and brightness, low radiated heat, reliability, and many others.
Commercial Sub-segment to Hold the Highest Market Share
By application, the commercial sub-segment is anticipated to account for the highest share in the global market and surpass $142.1 billion by 2027. This is mainly due to the
increasing penetration of LEDs in commercial sectors and the availability of various energy efficient lighting solutions as per use or requirement.
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North America Region to be Most Lucrative
By region, the North America market for energy efficient lighting valued for $68.3 billion in 2019 and is expected to witness lucrative growth by the end of 2027. The extensive growth of the region can be attributed to rapid adoption of latest technologies, strict government & industry regulations, and the presence of key players.
Major Market Players
Some of the top players operating in the global energy efficient lighting industry include -
- ABB
- Eaton
- General Electric
- Philips
- Toshiba Corporation
- Advanced Lighting Technologies Australia Inc.
- Schneider Electric
- NICHIA CORPORATION
- Digital Lumens, Inc.
- Bridgelux.
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Further, the report presents and outlines several aspects of these key players such as recent strategic moves, business performance, product portfolio, recent developments,
and SWOT analysis.
The players are adopting several strategies to acquire a leading position in the global industry. For instance, in November 2020, Crompton Greaves Consumer Electricals, a
leading manufacturer of consumer products, announced the launch of its latest ceiling lights, ‘Star Lord.’ Star Lord is an ultra slim LED panel that features maximum
brightness, energy-efficiency, and style to the décor.
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