Energy efficient lighting technology plays a vital role in reducing energy consumption as well as carbon emissions. This technology utilizes light-emitting diode (LED) lamps and lighting control systems that optimize lighting output based on occupancy. LED bulbs and light fixtures have gained immense popularity as they consume up to 90% less energy than traditional incandescent bulbs. They also have a long lifespan of around 50,000 to 100,000 hours, which is significantly higher than other lighting solutions. Growing awareness about energy savings and cost benefits of LEDs has driven their adoption across residential and commercial establishments.
The Global energy efficient lighting technology market is estimated to be valued at US$ 237.54 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Energy Efficient Lighting Technology are Bajaj Electricals Ltd, Bridgelux, Inc., Cooper Lighting, Cree, Inc., Digital Lumens, Inc., Eaton Corporation, General Electric Co., LED Roadway Lighting Ltd., LIGMAN Lighting Co., Ltd., Nichia Corporation, OSRAM Licht Group, Philips Lighting Holding B.V., Toshiba Lighting Technology Corporation, and Zumtobel Group AG. These companies are focusing on enhancing their product portfolios through extensive research and development.
The rising Energy Efficient Lighting Technology Market Demand consumption globally presents significant opportunities for key players in the energy efficient lighting market. Governments across countries are offering various subsidies and rebates to promote the adoption of LED lighting. Additionally, strict regulations pertaining to energy usage and carbon emissions are encouraging commercial establishments and households to replace conventional lamps with energy-efficient alternatives.
The energy efficient lighting technology market is witnessing rapid global expansion. Key companies are actively expanding their presence in developing economies through partnerships, acquisitions and by setting up manufacturing plants close to their target markets. This allows them to cater to the growing local demand as well as benefit from lower production costs.
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