Stratview Research has published a new report on the Energy Efficient Lighting Market, segmented by Product (Fluorescent Lamps, Compact Fluorescent Lamps (CFLs), LED Lamps, High-Intensity Discharge (HID) Lamps, Induction Lamps), By End-Use (Residential, Commercial, Industrial, Outdoor), and Region – COVID-19 Impact Analysis and Forecast to 2026. This report provides critical insights on the market dynamics and enables strategic decision making for the existing and new market players.
The Energy Efficient Lighting Market is estimated to grow from USD 2.9 billion in 2020 to USD 4.2 billion by 2026 at a healthy CAGR of 6.4% during the forecast period.
COVID-19 Impact on Energy Efficient Lighting Market
The COVID-19 outbreak has moderately affected the energy-efficient lighting industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The coronavirus pandemic has created a decline in the need for energy-efficient lighting in the residential sector. In addition, the industrial operations were affected due to a temporary halt and limited workforce, which further affected the industry growth.
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This report studies the Energy Efficient Lighting Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on product, the energy-efficient lighting market is classified into fluorescent lamps, compact fluorescent lamps, LED lamps, high-intensity discharge lamps, and induction lamps. The LED lamps segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to several benefits of using LEDs, when compared to other types of lights such as its long life, high energy efficiency, low radiated heat, high intensity & brightness, reliability, and many others, which boosts the segment growth.
By region, the European market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to the strong presence of leading product manufacturers, stringent energy efficiency regulations, as well high consumption of energy in residential and industrial applications. Also, the rising need for Energy Performance Certificates which require commercial spaces to adhere to energy-efficient requirements and processes further proliferates the regional market growth.
Following are the key players in the Energy Efficient Lighting Market:
- ABB (Switzerland)
- Eaton (Ireland)
- General Electric (US)
- Philips (Netherlands)
- Toshiba Corporation (Japan)
- Advanced Lighting Technologies Australia Inc. (Australia)
- Schneider Electric (France)
- NICHIA CORPORATION (Japan)
- Digital Lumens, Inc. (US)
- Bridgelux (US).
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