The growing discrepancy between energy demand and supply, coupled with intensifying environmental concerns has steered various industries to adopt sustainable practices. As per some estimates, lighting accounts for over 25% of the total power generation in the world. A mass shift is being witnessed in the lighting usage patterns. Against this backdrop, the global energy-efficient lighting market is projected to exhibit paced growth in the coming years. Notable smart city development across the globe is expected to further the market’s expansion. As per United Nations Human Development Index, there are over 118 smart cities in the world in 2021, with 26 more to be completed by 2025. These trends are promoting the usage of sustainable lighting systems as a sustainable and smart alternative to traditional lights, thereby prolonging the market’s growth trajectory.
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Robust Smart City Development to Provide Substantial Growth Prospects
In the past few years, the growing number of smart city projects and initiatives have provided strong tailwinds for the global energy-efficient lighting market. Sustainability and energy efficiency are some of the key themes of all smart city projects and intelligent lighting systems are key to achieving these goals. Moreover, these lighting systems are emerging as a considerable source of saving money and producing light that benefits the inhabitant’s comfort, health, productivity, and safety. The additional benefits of these lighting systems include better ventilation, light ambience, and warmth. Paced advancements in IoT and networking technologies are also poised to create considerable opportunities for market growth in the study period.
Paced Adoption of LEDs to Open New Avenues of Growth
Some of the recent technological advancements in artificial illumination technologies have created fruitful market outcomes. One such innovation is Light Emitting Diodes (LEDs). The demand for LEDs is growing due to their notable benefits over traditional sources of light. Lower energy consumption, higher durability, longer life, faster switching, and greater versatility in shape and size are some of the key highlights of LEDs. The application pool of LEDs includes backlights, ambient lighting, vehicles, air transportation illumination, healthcare, marketing, signals & road signs, crime investigation, screensavers, camera flashes and portable devices among others. Such trends are projected to lead the global energy-efficient lighting market to sound maturity.
North America to Lead Energy-Efficient Lighting Market Amidst Soaring Energy Consumption
North America is expected to lead the global energy-efficient lighting market. Key contributors to such developments include a growing focus on sustainability, thriving technological advancements, high-power consumption in the industrial sector, and a concentration of market players in the region. The region also has favourable energy-efficiency laws. Several smart city projects are also underway in major regional economies such as the USA and Canada. Meanwhile, Asia Pacific is expected to become the fastest-growing economy with notable production and consumption of energy-efficient lamps and LEDs. Making it a lucrative energy-efficient lighting market region.
Leading Market Players
Some of the most competitive players in the global energy-efficient lighting market include Philips, Eaton, Toshiba Corporation, ABB, General Electric, Advanced Lighting Technologies Australia Inc., Schneider Electric, Nichia Corporation, Bridgelux, and Digital Lumens, Inc.
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