A new report published in the Transparency Market Research (TMR) demonstrate that the global market for energy efficient lighting market presents highly competitive state of this market. The study also highlight that some of the key players are dominating this market. TMR has found that these players namely Bajaj Electricals Ltd., LIGMAN Lighting Co., Philips Lighting Holding B.V., Digital Lumens, Inc., and Dialight, Eaton are majorly focused in Asia Pacific region to strengthen their presence across the globe.
Mergers and acquisitions are key successful growth strategies adopted by the prominent players in order to offer opportunity to the new entrants to strengthen their presence during the course of forecast period from 2016 to 2024.
The revenue generated by the global market for energy efficient lightening market likely to reach valuation of US$4.2 bn in 2015 and projected to touch US$15 bn by the end of said period. The global market for energy efficiency lightening market expected to expand at 13.4% CAGR throughout the assessment period from 2016 to 2024.
Based on lightening source, linear fluorescent lamps dominate the global energy efficient lightening market account for US $ 1.6 Bn and likely to register highest market share in terms of adoption. Closely followed by LED and HID. On the basis of geography, Asia Pacific dominate the global market for energy efficient lightening market owing to favorable government policy supported growth of the global energy efficient lighting market.
Usage of Energy Efficient Light to Conserve Energy to Drive Market Growth
Increasing demand for the plasma light in horticulture and growing demand for fluorescent lights in the limited space application is likely to upsurge growth of the global market in coming years. The high efficiency provided by the energy efficient lighting and long self-life of the product is expected to influence growth of this market in near future. Furthermore, government favorable policy can be another factor majorly driving growth of this market in coming years. These lights conserve energy, this can be one of the important factor positively triggering growth of global energy efficient lightening market in coming years.
The low maintenance required in the induction light is likely to drive the demand for the global market for energy efficient lightening market in the forthcoming period. The utilization of LEDs in the automotive sector is another factor augmenting growth of this market in near future. The aforementioned factor likely to attract more consumers, this can be one of the important factor improving growth of this market during the course of forecast period.
On the other hand, the high cost of the application can be one of the important factor negatively impacting growth of this market in near future. The low-efficiency for the heat sensitive factor is another factor likely to restrain growth of the energy efficient lightening market. The lack of standardization of the product and rising cost of testing, can be another factor affecting growth of this market in coming years. Moreover, the warehouse lights in the energy efficient market expected to hamper growth of the energy efficient lighting market. This market is likely to witness downfall in near future. However, rising demand in the automobile sector is likely to hinder growth of the global energy efficient lightening market.