According to a new market research report published by Transparency Market Research the global Energy-efficient Lighting Systems Market is expected to reach value of US$ 29,712.6 Mn by 2026, expanding at a CAGR of 3.5% from 2018 to 2026. According to the report, the global market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period. Asia Pacific is likely to lead the global market, with the market in the region expanding at a CAGR of 5.5% during the forecast period.
Mandatory lighting efficiency standards to drive the global energy-efficient lighting technology market
In order to reduce CO2 emissions and address the issue of global warming, governments have set new green building policies and mandates. These policies are expected to encourage building owners, managers, and occupants to examine their existing lighting systems and practices and opt for efficient lighting systems. According to Energy Saving Trust Organization, from September 2018, all traditional incandescent bulbs have been banned in the European Union to switch toward the energy-efficient lighting technology. Similarly, from 1st January 2018, California mandated that light bulbs should meet a minimum efficiency level of 45 LPW. In other words, they must be three times more energy-efficient than old incandescent bulbs. The Government of California is also offering credit schemes and subsidies for efficient lighting systems to increase their sale.
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Global Energy-efficient Lighting Technology Market: Scope of Report
Based on product sale, the global energy-efficient lighting technology market has been broadly segmented into new installation and replacement. Among these, the replacement segment held the maximum market share in 2017. However, long life span of energy-efficient lighting products is leading to long replacement cycles. Hence, market share of the replacement segment is expected to decline, both in terms of volume and revenue, by the end of the forecast period. Thus, the new installation segment is expected to lead the energy-efficient lighting technology market by 2026.
Asia Pacific dominated the global energy-efficient lighting technology market in 2017 and is expected to hold the maximum market share throughout the forecast period. Increasing investments in infrastructure development and upcoming smart building projects in Asia Pacific are driving the market in the region. China is anticipated to dominate the market in Asia Pacific, in terms of both revenue and volume, between 2018 and 2026, owing to higher LED penetration in residential as well as commercial applications in the region. In terms of revenue, India and Japan are anticipated to hold a market share of 29% by 2026 and the two countries are anticipated to be among the most promising markets for energy-efficient lighting technology due to increasing investments in infrastructure development and upcoming smart building projects. Europe and North America are anticipated to hold a significant market share throughout the forecast period.
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Global Energy-efficient Lighting Technology Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global energy-efficient lighting technology market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Key players operating in the global energy-efficient lighting technology market are Bajaj Electricals Ltd., Cree Inc., Eaton Corporation, General Electric Company, OSRAM Licht Group, Apple Inc., Nichia Corporation, Toshiba Lighting & Technology Corporation, LIGMAN Lighting Co, and Bridelux Inc.