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Energy-Efficient Lighting Technologies - Growing Adoption of Green Building Concepts Bolsters Market Growth

 

Albany, NY -- (SBWIRE) -- 02/15/2019 -- ResearchMoz.us has announced the addition of a report, titled "Energy-efficient Lighting Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026". The report on the global energy-efficient lighting technology market offers a detailed assessment of key growth dynamics, current opportunities and emerging technology frontiers, and key demand trends that will underpin the prospects. The study also presents insights into growth avenues in various regions and recent strategies adopted by prominent players. It also offers an incisive analysis of macroeconomic factors that can impact the competitive dynamics in near future.

The drive for energy-efficient lighting technology stems from the need for optimizing the consumption of power in the backdrop of ever rising demand for energy across the globe. Coupled with this, insufficient rise in global energy production capacity has led governments and regulators promote the use of energy-efficient technologies, especially in developing region of Asia Pacific. This regulatory thrust plays a key role in the expansion of the global market. In this regard, efforts to bolster adoption of green building concepts and various environmentally-friendly mandates for residential building owners are fueling the growth.

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The demand for energy-efficient lighting technology has witnessed a robust fillip from the growing awareness about the energy benefits of light bulbs such as LEDs and CFLs. The market has also witnessed substantial impetus from the growing affordability of these energy-efficient bulbs for middle-class populations, particularly in emerging economies. The growth in the global market is also fueled by stringent implementation of government mandates in developed regions such as in Canada and European Union.

However, since these energy-efficient bulbs have long replacement cycles, this factor may mar the outlook of the market in the short term. Moreover, the technical drawback of LEDs and CFLs to operate in extreme environments has hampered the prospects of the market to an extent. Nevertheless, the decline in revenues will be offset by gains from extensive uptake of LED as energy-efficient lighting technology in residential and commercial buildings, world over.

The growth in the global market is notably compounded by rising number of new constructions in developing worlds. New installations are expected to contribute the majority of shares in the global market by 2026 end. Furthermore, the advent of internet of lights has opened a world of possibilities in the global market. These technologies are fast gathering steam in residential applications on account of benefits such as better controls and integration with sensors.

On the regional front, North America and Europe are expected to contribute substantial shares to the global energy-efficient lighting technology market. Meanwhile, Asia Pacific is expected to hold the sway, garnering a promising CAGR during the assessment period.

Some of the prominent players operating in the energy-efficient lighting technology market includes Bridelux Inc., LIGMAN Lighting Co, Nichia Corporation, Apple Inc., OSRAM Licht Group, Eaton Corporation, and Cree Inc.

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