Energy Efficient Lighting Technology Market is Estimated to Witness...

Energy Efficient Lighting Technology Market is Estimated to Witness High Growth Owing to Advancements in LED Technology

Posted 2024-10-18 12:10:37

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Energy efficient lighting systems such as LED lighting helps saves energy and offers long lifespan and design flexibility compared to traditional lighting systems such as incandescent bulbs. LED lighting has gained massive popularity across commercial, residential and industrial sectors owing to its low power consumption, durability and compact size.

The Global Energy Efficient Lighting Technology Market is estimated to be valued at US$ 123.45 Billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031.

Key Takeaways
Key players operating in the Energy Efficient Lighting Technology are Philips Lighting, OSRAM, GE, Nichia, Cree, Cooper Industries, LG Innotek, and Schneider Electric.

Key opportunities in the market include replacement of conventional lighting with energy efficient lights across applications, increasing government support through policies and awareness programs as well as growing focus towards smart lighting systems. Technological advancements such as the development of horticultural LED lighting, tunable lighting and OLED lighting are further expected to boost the market growth.

Market Drivers
Energy Efficient Lighting Technology Market regulations regarding energy conservation and carbon emission reduction across countries are majorly driving the adoption of energy efficient lighting technology. Rapid urbanization and growing construction activities are also propelling the demand for LED lighting from the commercial and residential sectors. Rise in disposable income coupled with increasing consumer awareness about energy savings are further fueling the market growth. Large scale street-lighting replacement programs by governments worldwide with LED bulbs is a key factor estimated to strengthened the energy efficient lighting technology market over the coming years.

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