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.
Albany, NY -- (SBWIRE) -- 12/07/2017 -- The global energy efficient lighting technology market is driven by growing regulations by governments around the world. Rising awareness on maintaining operational efficiency and aggressive marketing techniques by energy efficient lighting manufacturers has also contributed to the growth of the market. According to a new research report "Energy Efficient Lighting Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025", the market is likely to grow at a CAGR of nearly 8% through 2025. This new report has been added to the comprehensive database of Market Research Hub (MRH).
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According to the report, there has been increase in regulations on reducing energy consumption. Governments around the world, especially in developing and developed countries, are enacting broader measures that reduce the energy consumption in commercial and residential applications. This has forced builders to incorporate energy efficiency in components and equipment, with energy efficient lighting witnessing specific focus. Lighting accounts for a significant contribution to the overall energy consumption in a household or commercial unit, and replacing traditional energy-consuming lighting with advanced energy-efficient products is a feasible method of reducing the overall consumption.
In addition to the broader focus on energy efficiency, the growth the market has also been complemented by advancement in lighting technology and reduction in the prices of LEDs. When LED were first introduced in the market, a significant percentage of end-users were not receptive to the technology as the cost was up to 10x the cost of existing lighting products. However, advancement in manufacturing technology has meant that price of LED lights has gone down significantly, creating a wider audience for manufacturers.
The energy efficient lighting technology encompasses a wide range of products including LED, gas discharge lamps, incandescent lamps, and arc lamps. Among these, the demand for LED lights remains prominent, as they have been adopted by both residential and commercial consumers. The widespread acceptability of LED lights and a positive perception is likely to create further opportunities for manufacturers during the assessment period.
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Europe remains a leading market for energy efficient lighting technology companies. The market in the region has been driven by favorable regulations by the government concerning the use of energy efficient lighting products. The Europe energy efficient lighting technology market is likely to grow at a CAGR of 8.8% through 2025 and reach a value of over US$ 16 Bn. Asia Pacific excluding Japan (APEJ) is another lucrative market for energy efficient technology manufacturers as many countries in the region are growing at an impressive pace. The focus on boosting infrastructure is creating growth opportunities for manufacturers. Some of the leading players in the global energy efficient lighting technology market include Apple Inc., LIGMAN Lighting Co., Ltd, Bridgelux Inc., Cooper Lighting, Bajaj Electricals Ltd, Cree Inc., Eaton Corporation, Digital Lumens, Inc., GE Lighting, and Nichia Corporation.
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