Energy-Efficient Lighting Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Energy-Efficient Lighting Market Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 25, 2024 /EINPresswire.com/ -- The energy-efficient lighting market, encompassing technologies that offer enhanced illumination while consuming minimal energy compared to traditional lighting, has experienced robust growth. Valued at $50.51 billion in 2023, the market is expected to rise to $55.27 billion by 2024, reflecting a compound annual growth rate (CAGR) of 9.4%. It will grow to $75.3 billion in 2028 at a compound annual growth rate (CAGR) of 8%. This expansion is fueled by stringent government regulations, heightened environmental awareness, cost efficiencies, and increasing consumer demand for sustainable lighting solutions.

Government Initiatives Propel Market Growth
Government initiatives worldwide play a pivotal role in propelling the energy-efficient lighting market forward. These initiatives encompass policies, programs, and incentives aimed at reducing energy consumption and enhancing efficiency standards. For instance, the Biden-Harris Administration's allocation of $530 million in December 2023 aims to bolster building energy efficiency across the United States through advanced energy codes and innovative standards, thus stimulating market growth.

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Key Players and Innovations
Major companies driving innovation in the energy-efficient lighting sector include General Electric Company, Schneider Electric SE, Philips Lighting, and OSRAM GmbH. These industry leaders are focused on developing cutting-edge products such as circadian lighting solutions. Circadian lighting mimics natural light patterns to support human circadian rhythms, thereby enhancing well-being and productivity. For instance, GE Lighting's sun-filled LED bulbs, launched in April 2021, replicate natural sunlight with a high color rendering index (CRI) of 97 and an R9 of 80+, promoting optimal sleep quality and color appearance.

Market Segments
The energy-efficient lighting market is segmented based on:
• Type: High-Intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED), Other Types
• Application: Residential, Commercial, Industrial, Outdoor, Other Applications
• End-User: Government, Healthcare, Education, Retail, Hospitality, Other End-Users
Geographical Insights: Asia-Pacific Leading Growth
Europe dominated the energy-efficient lighting market in 2023, while Asia-Pacific is projected to emerge as the fastest-growing region during the forecast period. Detailed regional dynamics and growth opportunities are outlined in the comprehensive market report.

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Energy-Efficient Lighting Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Energy-Efficient Lighting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on energy-efficient lighting market size, energy-efficient lighting market drivers and trends, energy-efficient lighting market major players, competitors' revenues, market positioning, and market growth across geographies. The energy-efficient lighting market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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