As stated in our extensive report, the Global Energy Efficient Lighting Market accounted for USD 45.7 Billion in the year 2021.Energy Efficient Lighting reduces the electricity demand and is a cost-effective method of lighting system over conventional lighting methods. More efficient energy saving compared to other forms of lighting is likely to increase the Energy Efficient Lighting Market. The automotive lighting market has encountered an enormous change in the last five years as many innovative and adaptive technologies have penetrated the market.
Moreover, the increasing adoption of LEDs in the automotive industry might furnish new opportunities for the Energy Efficient Lighting Market. The rising technological advancements in lighting systems for energy efficiency and some further benefits like light ambiance, ventilation, warmth, etc., along with the growing adoption of LEDs in the automotive industry, are some components evaluated to navigate the growth of the Energy Efficient Lighting Market in upcoming days.
The epidemic of the Covid-19 pandemic has negatively impacted the Global Energy Efficient Lighting Market due to the scarcity of electric components and disruptions in supply chains worldwide. Furthermore, severe lockdowns and travel restrictions inflicted by governments assisted in the postponement of multiple residential projects that were running in countries like India and China. In addition, the consistent equipment produced by original equipment manufacturers (OEMs) is also predicted to inhibit Energy Efficient Lighting Market growth during the forecast period.
Europe holds the largest market share due to excessive production of energy-efficient lamps and some major manufacturers in the region. Furthermore, high power consumption in residential & industrial applications and strict energy efficiency regulations are also expected to bolster the market growth during the projected period. Again, growing effective strategies like collaborations and acquisitions by market players and the enlarged focus on infrastructure development in the developing nations like Indonesia, India, and China are some components anticipated to create substantial growth opportunities for the Energy Efficient Lighting Market in the coming future.
Some of the prominent players in the Global Energy Efficient Lighting Market include- Apple Inc., Bajaj Electricals Ltd, Bridgelux Inc., Cooper Lighting, Cree Inc., Digital Lumens Inc., Eaton Corporation, GE Lighting, LIGMAN Lighting Co. Ltd, Nichia Corporation, OSRAM GmbH and others.