Global Energy Efficient Lighting Technology Market by Correlated Color Temperature (CCT), Application and Geography
Albany, NY -- (SBWIRE) -- 02/03/2017 -- According to the research study, in 2011, the global market for energy efficient lighting technology was valued at US$118.7 bn and is anticipated to reach a value of US$173.4 bn by the end of 2016. The market is projected to register a healthy 7.90% CAGR between 2011 and 2016.
Energy efficiency is a crucial factor in reducing the quantity of energy needed to power products and services. For instance, when a home has been insulated, it requires less energy for heating and cooling purposes in order to attain as well as maintain the desired temperature. Furthermore, the installation of LED lights, fluorescent lights, or natural skylights helps in reducing the amount of energy needed to achieve a similar level of illumination compared to traditional incandescent light bulbs. Enhancements in energy efficiency are largely attained by implementing a more efficient technology or by application of widely accepted processes to reduce energy losses or even starting a production process.
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The global market for energy efficient lighting technology has been segmented on the basis of product type into fluorescent, light emitting diodes, and compact fluorescent lamps. In recent years, the global lighting industry has witnessed tremendous developments, particularly in terms of the technological scenario of compact fluorescent lamps and solid state lighting. The traditional incandescent bulbs segment is anticipated to become obsolete due to the introduction and increased adoption of compact fluorescent lamps and light emitting diodes.
In the global market for energy efficient lighting technology, the LED light bulbs segment is dominating the overall market and is estimated to register a progressive 14.90% CAGR between 2011 and 2016. The rapid growth of this segment can be attributed to the growing applications of LED lighting in residential spaces, decorations, signal indicators, and display backlighting. Furthermore, this segment is expected to exhibit a high growth rate by the end of 2020, owing to its extraordinary features such as high energy efficiency, long operational life, and strong weather resistance.
Currently, the lighting industry holds between 18% and 20% of the overall energy consumption across the globe, whereas approximately 30% of the total consumption of energy is for domestic uses. The U.S. is anticipated to account for the largest market for LED lighting by the end of 2016. Nevertheless, the Asia market is projected to exhibit a 16.60% CAGR between 2011 and 2016.
Furthermore, the research study covers the competitive landscape and vendor analysis of the market, focusing on the company profile, inception details, products offered, financial overview, SWOT analysis, business strategies, and recent developments if any. Some of the major players operating in the global market for energy efficient lighting technology are Nichia Corporation, Osram GMBH, Cree, Inc., GE Lighting, Royal Philips Electronics, Bridgelux Inc., and Cooper Lighting.
Transparency Market Research, a global market intelligence firm, has recently announced the publication of a new market research report made available on the company website. The research study, titled "Global Energy Efficient Lighting Technology Market by Correlated Color Temperature (CCT), Application and Geography (2011- 2016)," presents a comprehensive analysis of the global energy efficient lighting technology market including the market overview, drivers and barriers, major geographical segments, current market trends, product segmentation, and vendor analysis of the market.
Browse the full Global Energy Efficient Lighting Technology Market by Correlated Color Temperature (CCT), Application and Geography (2011- 2016) report at http://www.transparencymarketresearch.com/emerging-lighting-technology-market-by-color-temperature.html