The energy-efficient lighting market size is expected to see strong growth in the next few years. It will grow to $75.3 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to smart lighting integration, urbanization and infrastructure development, energy efficiency targets, market expansion in developing countries, incentive programs and rebates. Major trends in the forecast period include internet of things (IoT) integration, human-centric lighting solutions, circadian lighting adoption, Li-Fi technology development, growth in horticultural lighting market.
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Segmentation & Regional Insights
The energy-efficient lighting market covered in this report is segmented –
1) By Type: High-Intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED), Other Types
2) By Application: Residential, Commercial, Industrial, Outdoor, Other Applications
3) By End-User: Government, Healthcare, Education, Retail, Hospitality, Other End-Users
Europe was the largest region in the energy-efficient lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy-efficient lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The government’s energy-efficiency initiatives are expected to fuel the growth of the energy-efficient lighting market going forward. Energy-efficiency initiatives refer to programs, policies, or actions implemented to reduce energy consumption and increase energy efficiency. Government initiatives are helpful in advancing energy-efficient lighting through the establishment of standards, supporting research and development, and promoting cross-sector collaboration. For instance, in December 2023, according to the Department of Energy, a US-based federal government agency, the Biden-Harris Administration is allocating $530 million to enhance building energy efficiency and resilience, aiming to reduce consumer costs by promoting the adoption and implementation of cutting-edge energy codes, zero energy codes, building performance standards, and innovative codes across US. Therefore, the government’s energy-efficiency initiatives are driving the energy-efficient lighting market.
Key Industry Players
Major companies operating in the energy-efficient lighting market are General Electric Company, Schneider Electric SE, ABB Group, Toshiba corporation, Philips Lighting, Eaton Corporation, Signify N.V., OSRAM GmbH, Hubbell Lighting Inc., Acuity Brands, Zumtobel Group AG, Seoul Semiconductor Co. Ltd., Cree Inc., Bajaj Electricals Ltd., Leviton Manufacturing Co. Inc., Dialight, Lumileds Holding B.V., Cooper Lighting, The Lighting Quotient, Bridgelux Inc., Soraa Inc., Advanced Lighting Technologies Australia Inc., Nichia Corporation, Savant Systems Inc.
The energy-efficient lighting market report table of contents includes:
1. Executive Summary
2. Energy-Efficient Lighting Market Characteristics
3. Energy-Efficient Lighting Market Trends And Strategies
4. Energy-Efficient Lighting Market – Macro Economic Scenario
5. Global Energy-Efficient Lighting Market Size and Growth
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31. Energy-Efficient Lighting Market Other Major And Innovative Companies
32. Global Energy-Efficient Lighting Market Competitive Benchmarking
33. Global Energy-Efficient Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Energy-Efficient Lighting Market
35. Energy-Efficient Lighting Market Future Outlook and Potential Analysis
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