According to some estimations, lighting contributes to an astonishing 25% of the global power consumption metrics. Such a significant contribution has incented many environmental agencies to urge businesses and individuals to re-evaluate their lighting solutions. To this end, a mass shift is expected in global lighting consumption patterns. Many industry stakeholders are promoting the adoption of energy-efficient lighting systems to save the environment and decrease burgeoning energy costs. Many smart cities are also being developed that primarily use energy-efficient lighting technologies such as LEDs. According to the United Nations Human Development Index, there were about 118 smart cities in the world in 2021 and the number is expected to grow in the study period. All these factors are expected to boost the demand for these products and set the precedent for the global energy-efficient lighting market expansion.
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Growing Adoption of LEDs to Prolong Positive Energy-efficient Lighting Market Trajectory
The recent innovations in artificial illumination technologies have showcased unforeseen promise in terms of efficiency and performance. Among these, one of the most prominent innovations is the Light Emitting Diode (LED). The demand for LEDs is growing due to their notable benefits over traditional sources of light. Lower energy consumption, longer life, higher durability, greater versatility in shape and size, and faster switching are some of the key benefits of LEDs. Nowadays, LEDs are used in ambient lighting, backlights, air transportation illumination, marketing, healthcare, signals road signs, screensavers, camera flashes, portable devices and crime investigation among others. Such advancements are expected to lead the global energy-efficient lighting market to fruition.
Paced Smart City Developments to Create Notable Business Outcomes for Energy-efficient Lighting Market
Of late, many smart city projects and initiatives are being promoted across the globe. These smart city projects have a high focus on facilitating sustainability and energy efficiency and intelligent lighting systems are key to achieving these goals. Moreover, these lighting systems are emerging as a considerable source of saving money for administrative bodies. It is also considered pleasant and aids the inhabitant’s comfort, health, productivity, and safety. The additional benefits of these lighting systems include better ventilation, light ambience, and warmth. Besides, the integration of IoT and networking technologies are furthering these lights’ effectiveness. These initiatives have provided strong tailwinds for the global energy-efficient lighting market.
Soaring Energy Consumption to Cement North America’s Lead in Energy-efficient Lighting Market
North America is poised to dominate the energy-efficient lighting market owing to an increasing focus on sustainability and ever-growing energy consumption in the industrial sector. Moreover, the region has a concentration of industry stakeholders and favourable energy-efficiency regulations. In addition, several smart city projects are underway in key regional economies such as the USA and Canada. These cities focus on functioning by using only eco-friendly sources of power. Elsewhere, Asia Pacific is expected to emerge as the fastest-growing region with notable production and consumption of energy-efficient lamps and LEDs.
Leading Market Players
The most active players present in the global energy-efficient lighting market include Toshiba Corporation, Eaton, ABB, Nichia Corporation, Advanced Lighting Technologies Australia Inc., Schneider Electric, Philips, Bridgelux, Digital Lumens, Inc, and General Electric.
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