"Brightening the Bottom Line: Business Opportunities in the Energy-efficient Lighting Market by 2030"

The global energy-efficient lighting market is witnessing a significant surge in adoption, driven by the urgent need for energy conservation, cost savings, and reduced maintenance expenses. With the ability to save electricity while maintaining superior light quality and quantity, energy-efficient lighting not only impacts comfort, health, productivity, and safety but also holds considerable economic implications. Recent estimates indicate that lighting accounts for approximately 25% of the world's total power generation, underscoring the promising prospects for the energy-efficient lighting market in the future.

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Numerous countries allocate a substantial portion of their electricity budget to lighting, prompting a growing shift towards energy-efficient lighting as the most cost-effective and reliable method for energy savings. This transition is expected to fuel the expansion of the energy-efficient lighting market.

Technical advancements in lighting systems offer benefits beyond energy conservation, including improved ventilation, light ambiance, and warmth. These lighting solutions enhance the aesthetic appeal of homes while reducing the need for artificial heating and cooling, thereby driving product demand. Energy-efficient lighting not only saves energy but also serves as a more economical light source compared to traditional lighting methods. The higher energy savings provided by energy-efficient lighting is projected to drive market growth.

The global energy-efficient lighting market is bolstered by the increasing demand for intelligent street lighting systems, the widespread adoption of LED bulbs and lights, and the growing need for energyefficient lighting systems. By the end of 2020, the global installed base of intelligent street lighting reached 16.2 million and is projected to reach 360 million by 2029. The rising number of well-lit streets will contribute to energy conservation through convenient operation. Advanced LED driver innovations and the integration of powerful Wi-Fi connectivity modules in lighting solutions are boosting the sales of smart lighting. Furthermore, the increasing demand for bright lighting to enhance building aesthetics will drive market growth in the foreseeable future.

The global proliferation of innovative city initiatives is a key driver of significant market demand for intelligent lighting systems in highway and roadway applications. Governments in several countries, including India, Italy, Germany, and China, are actively engaging in strategic partnerships to develop intelligent cities, thereby bolstering market representation. National governments provide funding to leaders in the smart city industry to modernize their research and development centers, further accelerating the growth of smart cities. According to the United Nations Human Development Index, there were a total of 118 smart cities worldwide in 2021, with an additional 26 smart cities projected to be constructed by 2025. The expanding number of smart cities will drive the demand for intelligent lighting, consequently propelling the growth of the energy-efficient lighting market.

LEDs Lead the Demand with the Growing Focus on Reduced Energy Consumption

The demand for Light Emitting Diodes (LEDs) is surging due to their numerous advantages over incandescent light sources. These advantages include lower energy consumption, increased durability, longer lifespan, faster switching, and smaller size. LEDs find applications in various sectors such as air

transportation, vehicles, healthcare, marketing, and electronic devices. As consumers become more aware of the extended lifespan and benefits of LEDs, their popularity continues to rise. However, LEDs are more expensive than incandescent bulbs and require accurate heat and power management. Nevertheless, the demand for LEDs is expected to grow rapidly due to the rising awareness of their energy-saving potential.

North America Takes the Lead with Rapid Technological Advancements and Stringent Energy Regulations

North America is projected to dominate the global energy-efficient lighting market during the forecast period. The region holds the most lucrative market for energy-efficient lighting due to increased manufacturing of energy-efficient lamps. Prominent manufacturers, stringent energy efficiency regulations, and high power consumption in industrial and residential applications contribute to the region's market dominance. The rising demand for Energy Performance Certificates, which require commercial establishments to meet energy-efficient regulations and standards, is expected to drive market expansion. Furthermore, ongoing and upcoming smart city projects in North America will boost the development of the intelligent lighting market. The United States currently has ten intelligent cities, with plans to add 8 to 10 more by 2025, leading to rapid technological advancements and stimulating market growth.

Asia Pacific Emerges as the Fastest-Growing Region with Robust Production and Consumption of EnergyEfficient Lamps

Asia Pacific is poised to experience the fastest-growing economy over the forecast period, driven by substantial production and consumption of energy-efficient lamps, particularly LEDs. Government regulations promoting energy efficiency are expected to propel market growth in the region. The rapid economic expansion has resulted in mega-urban projects and favorable government policies, making the region highly appealing to manufacturers. Additionally, global government programs promoting energyefficient lighting worldwide contribute to the market's growth. In India, for instance, the Street Light National Programme is a government initiative aimed at enhancing energy efficiency by replacing 350 million traditional streetlights with energy-saving LED lighting. This initiative is estimated to save 9 billion kilowatt-hours annually, resulting in substantial cost savings. Similar initiatives by regional governments are expected to drive the expansion of the energy-efficient lighting market.

Prominent Players in the Energy-Efficient Lighting Market

The competitive landscape of the energy-efficient lighting market is characterized by companies introducing new products and forming collaborations, alliances, and partnership agreements. Key players in the market include Eaton, Philips, General Electric, Toshiba Corporation, ABB, Schneider Electric, Advanced Lighting Technologies Australia Inc., Nichia Corporation, Bridgelux, and Digital Lumens, Inc.

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