(MENAFN - Market Press) Global Energy Efficient Lamps Market is estimated to reach US$ 17 Bn by 2026 in terms of revenue at a CAGR of 14.34 % in the forecast Period. The fast reduction of natural resources & global warming has produced a crucial requirement for energy conservation across the world. In 2016, lighting applications were projected to account for more than 20% of total energy consumption. There is an instant requirement to decrease this energy consumption, & governments across the world are focusing on the application of constructive policies to endorse the usage of energy-efficient lighting products.
The field of lighting has witnessed marvelous developments in the past few years, especially in the region of solid state lighting and compact fluorescent lamps (CFL). The traditional incandescent bulbs market is anticipated to be out-dated with the onset of CFL and LEDs. Governments & Organizations across the world are working on the lines of decreasing the energy consumption & running charges for lighting solutions. Energy Efficient Lamps when compared to their counterparts, like incandescent lamps, are technically progressive and efficient in terms of energy consumption, luminous intensity, efficacy which is driving the growth of Energy Efficient Lamps Market.
Energy Efficient Lamps Market
Energy efficient lamps market is segmented by Technology, Application, and Geography. LED is expected to grow at highest CAGR during the forecast period. LED has high lasting power than fluorescent and HID lighting. Lasting power of LED light bulbs is 50,000 hours twice of fluorescents & four to six times than incandescent. One of the benefits about LED lights is it does not get hot when in use.
Energy efficient lamps market for the automotive lighting segment will grow at maximum rate during the forecast period owing to the high adoption of energy efficient lamps technology in vehicles which have benefits like high efficiency and long battery life.
The Asia Pacific is expected to hold maximum number market share during the forecast period. Japan, China, and South Korea are prominent contributors to the growth of this Energy Efficient Lamps Market due to main investments in the latest lighting technologies. However, the market in Latin America is expected to grow at significant rate of 18.8% from 2018-2026. Government policies played a significant role in the development of the energy efficient lighting market.
Some of the key players in the energy efficient lamps market are Dialight, LIGMAN Lighting Co., Ltd., Philips Lighting Holding B.V., Digital Lumens, Inc., OSRAM GmbH, Cree, Inc., Eaton, General Electric Company, Toshiba Lighting & Technology Corporation, Zumtobel Group AG, and Bajaj Electricals Ltd.
The scope of the Global Energy Efficient Lamps Market:
Global Energy Efficient Lamps Market, By Technology:
• HID Lighting
• Fluorescent Lighting
Global Energy Efficient Lamps Market, by Application :
• General Lighting
• Automotive Lighting
• Medical Lighting
Global Energy Efficient Lamps Market, by Geography:
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Global Energy Efficient Lamps Market:
• Osram Licht AG
• Royal Philips Electronics N.V.
• Seoul Semiconductor Co., Ltd.
• General Electric Company
• Nichia Corporation
• Aixtron Se
• Bridgelux, Inc.
• Cree, Inc.
• Acuity Brands Lighting, Inc.
• Advanced Lighting Technologies, Inc.
• Energy Focus, Inc.
• Intematix Corporation
• LED Engin, Inc.
• Toyoda Gosei Co., Ltd.
• TCP International Holdings Ltd.
• Bright Light Systems
For more information, visit: https://www.maximizemarketresearch.com/market-report/energy-efficient-lamps-market/12065/