Increased Installation of Smart Lighting Devices Drives Energy-efficient Lighting Market Ahead
Energy-efficient lighting has been witnessing greater adoption over the recent past to attain effective energy conservation in addition to saving money, and the maintenance costs. As energy-efficient lighting can save the electricity while maintaining good quality and quantity of the light it not only affects our comfort, health, productivity, and safety, but also the economy. It has been estimated that lighting accounts for about 25% of the total power generation of the world, which itself points to the promising prospects of energy-efficient lighting market in future. Many countries have been spending a huge amount of their electricity budget on lighting. For achieving efficient use of electricity, nations have been taking a sustained switch to the energy-efficient lighting which is the most cost-effective, and reliable method of energy-saving. This is expected to fuel the growth of energy-efficient lighting market.
Lighting system technical developments give not only energy economy but also other benefits such as ventilation, light ambiance, and warmth. These lighting gadgets enhance the home's aesthetic appeal while minimising the need for artificial heating and cooling, increasing product demand. The energy-efficient lighting saves energy and is a less expensive light source than traditional lighting sources. The energy-efficient lighting market is predicted to be driven by higher energy savings than other lighting types. The global energy-efficient lighting market is upheld by the increased need for intelligent street lighting systems, increased demand for energy-efficient lighting systems, and widespread adoption of LED bulbs, and lights. At the end of 2020, the global installed base of intelligent street lighting was 16.2 million, estimated to reach 360 million by 2029. The growing number of bright streetlights will help energy consumption with convenient operation. Advanced LED driver innovations and the incorporation of powerful Wi-Fi connectivity modules in lighting boost smart lighting sales. Over the projection period, the growing demand for bright lighting to improve building appearance would drive market statistics.
The global proliferation of innovative city initiatives drives significant market demand for intelligent lighting systems in highway and roadway applications. Government officials in several nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct intelligent cities, thereby enhancing market representation. The leaders in the smart city industry will get funding from their national governments to modernize their R&D centres, hence increasing the growth of smart cities. According to United Nations Human Development Index, in 2021, there were a total of 118 smart cities worldwide, with 26 more smart cities to be constructed by 2025. The growing number of smart cities will increase the demand for intelligent lighting in the coming years, thus driving the growth of energy-efficient lighting market.
Demand for Light Emitting Diodes (LED) Dominant with Growing Need for Reduced Energy Consumption
LEDs are in high demand due to their benefits over incandescent light sources. Among them are lower energy usage, increased physical toughness, longer lifetime, faster switching, and smaller size. LEDs have a wide range of properties. Their uses include air transportation illumination, backlights, vehicles, ambient lighting, crime investigation, universal healthcare, marketing, signals & road signs, lit screensavers, camera flashes, portable devices, and electronic devices. LEDs have developed as a powerful lighting source; nevertheless, they are more expensive than incandescent bulbs and require more accurate heat and power management. LEDs are becoming more popular as consumers become more aware of the benefits of their extended lifespan.
Rapid Developments Around Smart Cities, and Strict Energy Regulation Underpin North America’s Primacy
In the forecast period, North America will dominate the worldwide energy-efficient lighting market. The region is the most lucrative market for energy-efficiency lights due to the increased manufacture of energy-efficient lamps. This is primarily because of the presence of prominent manufacturers, tight energy efficiency laws, and high-power consumption in industrial and residential applications. The increased demand for Energy Performance Certificates, which require commercial premises to meet energy-efficient regulations and processes, is expected to fuel the expansion of energy-efficient lighting market across the region. High power consumption in residential and industrial applications and stringent energy efficiency standards are expected to boost the market growth. The ongoing and upcoming smart city projects in the region are likely to drive the development of the intelligent lighting market during the forecast period. In the US, there are currently ten intelligent cities. The government of the US is planning to add 8 to 10 more smart cities by 2025. Hence, the rapid technological up-gradation in the region will also drive market growth.
Over the projected period, Asia Pacific is expected to have the fastest-growing economy, with solid production and consumption of energy-efficient lamps, especially in general and LED lights. The government regulations promoting energy efficiency are projected to propel the market. Rapid economic expansion has resulted in mega-urban projects and favorable government policies, making the region appealing to manufacturers. The increase is also due to global government programs to promote energy-efficient lighting around the globe. In India, the Street Light National Programme is a government initiative to enhance energy efficiency in the country. The government intends to replace 3.5 crore traditional streetlights with energy-saving LED lighting. This will result in an annual energy savings of 900 crore units and a total cost savings of Rs 5,500 crore for municipalities. Such initiatives of various regional governments will propel the expansion of energy-efficient lighting market.
Global Energy-efficient Lighting Market: Competitive Landscape
Participants in the market are introducing new products and forming collaborations, alliances, and partnership agreements. In January 2022, Orion Energy Systems, Inc., a provider of energy-efficient LED lighting, control, and IoT systems, including turnkey project implementation, program management, and system maintenance, announced the acquisition of Stay-Lite Lighting, a nationwide lighting, and electrical maintenance service provider, today announced the addition of Stay-Lite Lighting. The acquisition accelerates the growth of Orion Maintenance Services, which provides customers with lighting and electrical services. In June 2020, Signify N.V., a Dutch multinational lighting corporation formerly known as Philips Lighting N.V., announced the launch of brand-new Philips Hue products such as the Philips Hue White A21 bulb, Philips Hue Light strip Plus, Philips Hue Bloom table lamp, and others to enhance its product portfolio and accelerate market growth.
Some of the players in energy-efficient lighting market include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., Nichia Corporation, Bridgelux, and Digital Lumens, Inc.
Global Energy-efficient Lighting Market is Differentiated as Below:
Key elements included in the study: Global Energy-efficient Lighting Market
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