Energy Efficient Lighting Market Size, Share Report, Analysis, Trends, Growth 2030

Industry Prospective:

The global Energy Efficient Lighting market was worth around USD 207.4 billion in 2021 and is estimated to grow to about USD 330.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.1 percent over the forecast period. The report analyzes the Energy Efficient Lighting market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Energy Efficient Lighting market.

Energy Efficient Lighting Market: Overview

Energy Efficient Lighting are lighting solutions which are focused on conservation of energy and sustainability in order to provide a better low consumption alternative. Increasing demand for energy and rising focus on sustainability are factors that will majorly influence the energy efficient lighting market potential over the forecast period.

Increasing focus on sustainability, rising consumer preference of energy conservation, shift in consumer preferences from conventional lighting methods to energy efficient ones are other factors that will guide the energy efficient lighting market potential through 2028.

High implementation and installation costs of energy efficient lighting are estimated to have a hindering effect on the global energy efficient lighting market potential over the forecast period.

COVID-19 Impact:

The COVID-19 pandemic led to some changes to the energy efficient lighting market, but these were not so harsh as they were on the other markets that nearly crumbled under the adverse economic conditions in 2020. The energy efficient lighting market saw a drop in manufacturing and sales activities owing to multiple lockdown restrictions across various nations.  

The energy efficient lighting market is predicted to make a swift recovery in the post-pandemic era as the world returns to normal, and this will majorly be driven by increasing demand for energy efficient solutions as the world grapples from the increasing demand for energy. The energy efficient lighting market will also be driven by the increasing popularity of sustainability trends as well.

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Energy Efficient Lighting Market: Growth Drivers

Increasing Demand for Energy Conservation

The world is experiencing a major population boom and this trend has substantially impacted multiple markets. This increasing population has also resulted in a huge uproar for energy consumption, which the world is not ready for yet. The depleting non-renewable resources that are used for energy generation have also promoted the use of energy efficient systems, and hence these factors are projected to boost the demand for energy efficient lighting over the forecast period.

Energy Efficient Lighting Market: Restraints

High Costs Associated with Implementation

Energy Efficient Lighting systems and solutions require high initial investment as there are multiple components that need to be installed in order to shift from conventional lighting setups and this has a hampering effect on the energy efficient lighting market growth. Energy efficient lighting companies are focusing on launching new and affordable solutions in order to overcome this barrier and unleash the full growth potential to maximize revenue streams.  

Global Energy Efficient Lighting Market: Segmentation

The global Energy Efficient Lighting market is segregated based on fiber type, Product, end use, and region.

By Product, the market is divided into Fluorescent Lamps, Compact Fluorescent Lamps (CFLs), LED Lamps, High Intensity Discharge (HID) Lamps, and Induction Lamps. The LED lamps segment is expected to hold a dominant market share and this trend is predicted to be the most lucrative segment over the forecast period as well. Increasing benefits of the use of LED and supportive government initiatives are anticipated to boost the growth in this segment.

By End use, the energy efficient lighting market is segmented into Residential, Commercial, Industrial, and Outdoor. The industrial and outdoor segments are expected to be the most lucrative segments in the global energy efficient lighting market and will majorly influence the industry growth through 2028.

Recent Developments

• In April 2022 –  Electrical Safety Foundation International (ESFI) announced the launch of a national effort to bolster electrical safety and also promote the use of energy efficient lighting and energy conservation systems in Arlington, Virginia, United States. 

Regional Landscape

Europe has bolstered its focus on energy efficiency and lower carbon footprint, and this has led to a major increase in the adoption of novel sustainability technologies. This region is predicted to have the most bright outlook over the forecast period, owing to its increasing regulations supporting sustainable alternatives to attain zero carbon footprint. Energy efficient lighting solutions are predicted to see high demand, owing to increasing subsidies for their deployment by multiple government initiatives. Germany, the United Kingdom, and France are expected to be the most lucrative markets for energy efficient lighting industry growth over the forecast period.

The market for Energy Efficient Lighting in the Asia Pacific is also anticipated to provide beneficial opportunities owing to the rising focus on energy saving and energy management due to the increasing demand for energy from the growing population.

Competitive Landscape

Some of the main competitors dominating the global Energy Efficient Lighting market include - ABB (Switzerland), Eaton (Ireland), General Electric (US), Philips (Netherlands), Toshiba Corporation (Japan), Advanced Lighting Technologies Australia Inc. (Australia), Schneider Electric (France), NICHIA CORPORATION (Japan), Digital Lumens, Inc. (US), Bridgelux (US).

Global Energy Efficient Lighting market is segmented as follows:

By Product

• Fluorescent Lamps
• Compact Fluorescent Lamps (CFLs)
• LED Lamps
• High Intensity Discharge (HID) Lamps
• Induction Lamps

By End use

• Residential                                               
• Commercial                                            
• Industrial                          
• Outdoor

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa