Albany, NY -- (SBWIRE) -- 05/31/2019 -- The energy-efficient lighting technology comprises compact and linear fluorescent lighting as well as LED lighting. Exponentially growing population and urbanization lead to the rise of commercial and residential buildings. Over the last 30 years, the demand for energy has risen significantly. In order to meet this increasing demand, governments across the world have started construction of new power plants.

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However, strong resistance from people staying near these plants have resulted in several legal actions and lawsuits that decelerated and, in some cases, stopped the construction of new power plants. Therefore, in order to extend the life of existing power plants and provisionally avoid the need to build new ones, governments have started promoting the use of energy-efficient products. The global energy-efficient lighting market is projected to expand at a CAGR of 3.5% during the forecast period and reach value of US$ 29,712.6 Mn by 2026.

Prices of energy-efficient light bulbs (such as CFLs and LEDs) were initially very high. Therefore, though being energy-efficient, these bulbs hardly replaced any incandescent lights. Currently, prices of LED bulbs have dropped considerably since its introduction and these bulbs have become affordable for the common man for use in lighting applications.

Furthermore, since an LED light bulb can last from 20,000 to 50,000 hours i.e. 5–8 times longer than any other bulb, its cost of operation is lower than other bulb types. Also, an LED bulb is a filament-less bulb. It does not break like an incandescent bulb, which makes it more durable than others.

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Moreover, energy-efficient light bulbs offer significant electricity savings, as they utilize less energy and last longer. Thus, owing to their lower operating costs, these bulbs are increasingly being preferred in upcoming smart buildings and they are also replacing the existing traditional light bulbs in several other applications.

Energy-efficient lighting is expected to witness growth opportunities as Internet of Lights (IoL). Internet of Lights is formed when all smart lights in a space are connected by digital networks and they are able to communicate with one another; communicate with a server or gateway; and communicate with sensors and controls in the vicinity of lights.

Some of the prominent 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.