Albany, NY -- (SBWIRE) -- 06/15/2018 -- Energy efficient lighting technology is a clutch of energy efficient equipment, effective controls, and design structure used for lighting purpose. Not only do they serve to bring down energy consumption, but also illuminate effectively. With electricity production being limited and pollution levels rising by the day, such advantages are majorly fuelling demand in the global energy efficient lighting technology market.
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The global market for energy efficient lighting technology is being boosted by the stringent regulations of governments trying to battle rising pollution. Their smart city projects across the world is also benefitting the market.
As per a report by Transparency Market Research, the global energy efficient lighting technology market will reach an estimated US$300 bn by 2025 by expanding at a CAGR of 7.9% between 2017 and 2025.
The different types of products purveyed in the global energy efficient lighting technology market are incandescent lamp, light emitting diode (LED), arc lamp, and gas discharge lamps.
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The LEDs are expected to see maximum growth in the global energy efficient lighting technology market on account of their swift uptake on the back of surging popularity. This is because they are available in a range of customized shapes for both residential and commercial purpose. The gas discharge lamps are another promising segment that is expected to expand at a healthy clip.
From a geographical standpoint, Europe is a leading market for energy efficient lighting technology which accounts for maximum share in revenue. The region's dominant position is a result of several countries implementing the Energy Performance Certificates which require commercial spaces to adhere to energy efficient requirements and processes. The market in Europe is likely to clock a CAGR of 8.8% from 2017 to 2025 to pull in a revenue of US$16.47 bn by 2025.
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