According to a new report, published by KBV research, The Global Energy Efficient Lighting Market size is expected to reach $74 billion by 2028, rising at a market growth of 8.4% CAGR during the forecast period.
The Light Emitting Diodes (LED) segment acquired maximum revenue share in the Global Energy Efficient Lighting Market by Type in 2021, thereby, achieving a market value of $31.7 billion by 2028. A light-emitting diode (LED) is a two-lead semiconductor light source. Since it is a p n junction diode, it emits light when activated. Because of recent developments in LED technology, they can now be employed in environmental illumination. LEDs have witnessed a boom in popularity due to the benefits they offer over incandescent light sources, including lower energy usage, increased physical resilience, longer lifetime, faster switching, and smaller size.
The Industrial segment is showcasing a CAGR of 8.8% during (2022 - 2028). This is because energy efficient lighting solutions reduce capital expenditures, scheduled outages, and maintenance, optimize labor costs, meet national and international safety standards, have a lower carbon footprint, and have a lesser environmental impact. All of these factors are projected to encourage the use of energy-efficient lighting in industrial settings, resulting in fast growth during the projection period.
The Europe market dominated the Global Energy Efficient Lighting Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $24.8 billion by 2028. The North America market is estimated to witness a CAGR of 8% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 9.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/energy-efficient-lighting-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ams-OSRAM AG, Signify N.V., Savant Systems, Inc., Toshiba Corporation, ABB Group, Schneider Electric SE, Advanced Lighting Technologies Australia, Inc., Nichia Corporation, Bridgelux, Inc., and Digital Lumens, Inc.
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