Global Energy Efficient Lighting Market Projected to Garner $370.4 Billion Revenue by 2027, and Rise at a CAGR of 8.4% from 2020 to 2027

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    The global market for energy efficient lighting is projected to observe striking growth over the forecast period, due to the increasing adoption of energy efficient lighting solutions due to its various benefits. By source type, the LED sub-segment is estimated to observe significant growth by 2027. Regionally, the North America region is predicted to subjugate in the global industry during the analysis period.

    Research Dive states that the global energy efficient lighting market is likely to register a revenue of $370.4 billion by 2027, at a CAGR of 8.4% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.

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    Market Dynamics

    As per the analysts of Research Dive, the growing adoption of energy efficient lighting due to its various benefits, such as long shelf-life and greater energy savings is the major factor anticipated to accelerate the growth of the global energy efficient lighting market over the forecast period. Besides, various government initiatives to adopt LEDs for better efficiency is another factor estimated to boost the growth of the global market. Moreover, the growing attention of people towards adoption of smart LED lighting solutions are predicted to generate massive growth opportunities for the market by 2027. However, the high equipment and implementation costs associated with energy efficient lightings may restrict the market growth in the coming years.

    COVID-19 Impact on the Global Market

    The outbreak of COVID-19 has impacted the growth of the energy efficient lighting market in a negative way, majorly due to the shortage in the supply of electric components across the globe. Besides, the lack of proper supply of components due to lockdown imposition and strict government guidelines have resulted in the delay of residential projects. However, several companies functioning in the global market are coming forward with strategic steps to help society during the coronavirus pandemic.

    Get Access to Comprehensive Analysis of the Impact of Covid-19 on Energy Efficient Lighting Market

    Light Emitting Diodes (LED) Sub-segment to be Most Profitable

    By source type, the light emitting diodes (LED) sub segment generated a revenue of $85.8 billion in 2019 and is predicted to dominate in the global industry by 2027. The significant growth of the LED sub-segment is majorly attributed to its various benefits compared to other type of lights, such as its energy efficiency, long life, high intensity and brightness, low radiated heat, reliability, instantaneous illumination, directional lighting, directional lighting and other benefits.

    Commercial Sub-segment to Hold the Largest Market Share

    By application type, the commercial sub-segment valued for $73.3 billion in 2019 and is predicted to hold the dominating market share over the forecast period. This is mainly due to the penetration of LEDs in commercial sectors. In addition, the key players functioning in the global market are offering various energy efficient lighting solutions as per its uses.

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    North America Region to Witness Significant Growth

    By region, the North America energy efficient lighting market valued for $68.3 billion in 2019 and is projected to garner a revenue of $119.6 billion by 2027. The significant growth of the region can be attributed to the strict government & industry regulations and the rapid adoption of latest technologies. Moreover, many energy-efficiency programs in the region, such as ENERGY STAR certification, DLC programs, and the Lighting Design Lab certification that increase the outreach of energy efficient lights is also expected to bolster the regional market growth by 2027.

    Prominent Market Players

    The report presents several aspects of the major energy efficient lighting market players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global energy efficient lighting industry are:

    1. Eaton
    2. General Electric
    3. Philips
    4. Toshiba Corporation
    5. Schneider Electric
    6. ABB
    7. Advanced Lighting Technologies Australia Inc.
    8. Bridgelux
    9. NICHIA CORPORATION
    10. Digital Lumens, Inc.

    These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Companies Development Strategies Summary Report

    For instance, in June 2020, Osram, the leading lighting manufacturer based in Germany, launched energy-efficient LED lighting solutions for commercial agriculture production. The company has introduced new modules of ‘LED VYPR Top Light Series’ with updated and innovated PhysioSpec Spectra, especially for greenhouse cultivators.

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