The Energy efficient lighting technology helps in reducing the electricity demand and is referred as the cost effective method since the technology has controlled the costs. The technology also plays a major role in improving energy independence and in reducing the environmental impacts.
Energy efficient lighting refers to the application of more illumination from less power lights or by eliminating the high power lights which include high discharge lamps, incandescent lamps. The lighting can also be applied with the several control technologies such as SCADA, GSM or GPRS based controls for more efficient results.
The players in the market are focusing on energy efficient lighting technology to develop more affordable yet sophisticated and reliable lighting products for serving the various requirements of the customers. Light Emitting Diode (LED) and Compact Fluorescent Lights (CFL) bulbs are considered as the energy efficient lighting in the market as they consume around 75% lesser energy.
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Increasing green building initiatives coupled with government initiatives for adoption of energy efficient solutions in several countries are considered as the major factors anticipating the market. Furthermore, growing awareness among the consumer related to energy efficient products and devices is also projected to fuel the market growth.
Increasing implementation in various residential, enterprises and commercial buildings along with the deployment of the smart cities and smart building using the energy efficient lighting solutions are few other factors enhancing the industry growth. Owing to their significantly longer life and self-ballasting ability, CFLs are replacing the incandescent lamps enhancing the market demand for CFLs.
Although, the CFLs contain chemical elements and gases such as Xenon, Mercury which are toxic in nature and environmental concerns related to the exposure of the gases has hampered the industry growth to a certain extent. However, the enduring technology advancements towards the product development and offering is projected to generate more potential opportunities for the industry participants over the forecast period.
Based on the products, the energy efficient lighting technology can be segmented into light emitting diode (LED), incandescent lamps, arc lamps and gas discharge lamps. The LEDs are expected to hold the major market share over the forecast period owing to their elevated popularity occurring from availability of LEDs in different customized shapes for both residential and commercial applications.
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By Application, the market can be segregated into residential, commercial and government and based on correlated color temperature, the technology market can be segmented into 2700K-3000K, 3500K-4000K, 4000K-5000K,5000K-6500K and more than 6500K. The residential sector is estimated to be major sector driving the demand, although government segment is anticipated to swiftly adopting the technology in their premises, public places and initializing the smart cities projects for further development of the technology.
Europe accounts for highest share in the global industry owing to the high adoption rate of the energy efficient solutions and the initiatives taken by European Union attributed towards zero energy building by 2020. The market is further followed by the North America and Asia Pacific regions. The growth in the Asia Pacific region is attributed to increasing implementation of the technology coupled with growing urbanization.