An energy efficient device or product consumes less energy/power and incurs lower operating cost as compared to its conventional or traditional counterpart. Initially incandescent bulbs were used for lighting but nowadays compact fluorescent lamps (CFL) and light emitting diodes (LEDs) are used, as they consume around 75% lesser energy.
Increasing government initiatives towards adoption of energy efficient solutions coupled with green building initiatives in various countries are major factors driving growth of the global energy efficient lighting technology market. In addition, increasing awareness among consumers regarding energy efficient products and devices is further driving growth of the global energy efficient lighting technology market. Increasing adoption of energy efficient lighting technology by various enterprises, residential, commercial buildings and increasing deployment of smart buildings and smart cities that use energy efficient lighting solutions are some other factors fueling growth of the global energy efficient lighting technology market.
However, CFL bulb contains various chemical elements and gases such as Mercury, Xenon etc. that are toxic in nature and environmental concerns related to exposure of these gases and elements is a primary factor hampering growth of the global energy efficient lighting technology market to a certain extent. Technological advancements towards product development and product offering can create potential business opportunities for market players in the global energy efficient lighting technology market over the forecast period.
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The global energy efficient lighting technology market is segmented on the basis of product type, application, and region. On the basis of region, the global energy efficient lighting technology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe accounts for highest market share in terms of revenue contribution and is expected to maintain its position over the forecast period, followed by the market in North America. The growth in Europe market can be attributed to European Union initiative towards zero energy building by 2020 and high adoption rate of energy efficient solutions. The market in Asia Pacific is expected to register a CAGR of X.X% by 2026, owing to increasing adoption of energy efficient lighting technologies coupled with rapid urbanization in emerging economies in this region.
Key players in the global energy efficient lighting technology market are GE Lighting, OSRAM GmbH, Bajaj Electricals Ltd., Apple Inc., Bridgelux Inc., Cooper Lighting, Philips Lighting, Cree Inc., Digital Lumens, Inc., LIGMAN Lighting Co., Ltd, and Nichia Corporation.