Energy Efficient Lighting Technology Market Study 2018

The lighting industry is constantly evolving, improving and developing new products that are inclined toward reducing energy, while also meeting the adequate illumination needs for a particular given space. The modern day energy efficiency markets invent new products and deliver valuable goods and services that are meant to reduce the energy required in order to fuel global economies. Many energy-efficiency investment plans have already catered key changes and energy-reductions in the global energy demand.

To understand the exact need of savings new energy technologies yield, considering the effects of Light Emitting Diode (LED) and Compact Fluorescent Lights (CFL) over conventional incandescent light bulbs has become necessary. LEDs and CFL bulbs have completely revolutionized the energy-efficiency lighting market. Owing to longer lamp life, easier replacement methods, and viable maintenance costs, these newer technologies offer more than slash energy consumption and utility budgets. Some additional benefits such as depreciation in dust and dirt in older buildings, commercial and private spaces is considered as an improvement in the appearance and energy performance of the lighting technology.

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Market Dynamics & Figures

The comprehensive study conducted on the global energy-efficient lighting technology market by a U.S. leading research firm, Transparency Market Research discusses the various aspects involved in this market. It shows the fair characterization of the energy-efficient lighting technology market by different applications and patterns related to Correlated Color Temperature (CCT) for the forecast period (2011- 2016). According to their statistics, the global energy-efficient lighting technology market is estimated to be USD 118.7 billion in 2011 and expected to reach USD 173.4 billion in 2016 at a CAGR of 7.9% over the period 2011 to 2016. The LED segment is the fastest growing with CAGR14.9% during the forecast, 2011 and 2016.

Market Overview – LED, CFL, and Fluorescent

Since the past few years of the lighting market has experienced notable technology improvements in the area of compact florescent lamps (CFL), light emitting diode (LED), and solid state lighting, it is observed that amongst the three markets, the LED market is the fastest growing segment increasing at a CAGR of 14.9% from 2011 to 2016, because of the rising applications of LED lighting that includes residential lighting, decoration, signal indicators and display backlighting. Owing to its exceptional features that include high energy-efficiency, long operational life and robust weather resistant design, LED lighting market is enjoying robust growth in every field. Its lighting applications are likely to see double-digit growth with the highest market share in overall lighting market post 2020.

Subsequently, compact fluorescent lamps (CFL) bulbs are more efficient in their performances due to which they consume about 70% shares than incandescent light bulbs. CFL bulbs electricity consumption is far lesser than that of incandescent bulbs, and hence they are significantly more adaptable to fighting global warming issues. Some of the key advantages of CFL include improved light quality and longer operational life. These kinds of bulbs give healthier concentrated light than linear fluorescent as their sizes are also just about one-fourth of the size of conventional fluorescent lamps. CFL is widely known for its quality of slashing carbon dioxide emissions by about 1,300 lbs. over its entire life span.

In the overall lighting technology market, the U.S. is projected to be the largest market of LED in 2016. This region is likely to be taken over by the Asian regions that will witness the highest growth rate at a CAGR of 16.6% from 2011 to 2016. At present, the lighting accounts for about 18% to 20% of total energy consumption globally, while around 27% to 30% of total energy consumed is for domestic purposes.

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