The global energy efficient lighting technology industry size was exhibited at USD 191.0 billion in 2023 and is projected to hit around USD 408.93 billion by 2033, growing at a CAGR of 7.91% during the forecast period 2024 to 2033.

What else can I do to reduce my lighting bill?

• Always turn lights off when leaving a room. The quickest way to start saving is just remembering to turn lights off when you don't need them. The typical household could save almost £25 (£30 in NI) a year just by switching off the lights as you leave the room.


• Be aware of how many lights you have on in a room. If you have the main light on, do you need the lamp on too?


• Arrange light switches so it is easy to turn them off, for example, place switches for rooms at the door.


• Use sensors or timers on external lights, so they are only on when they need to be.


• Consider using transparent shades or fittings, as a dark lampshade can absorb some of the light a bulb emits.


• Ensure that you regularly clean any lamp shades or fittings to increase the impact of the light.

The importance of energy-efficient lighting technology in the Industry is multifaceted and crucial for several reasons:

1. Energy Conservation: Energy-efficient lighting technologies significantly reduce energy consumption compared to traditional lighting sources like incandescent bulbs. This conservation of energy helps mitigate the strain on natural resources and reduces greenhouse gas emissions, contributing to sustainability efforts and combating climate change.


2. Cost Savings: Energy-efficient lighting technologies, such as LED (Light Emitting Diode) bulbs, consume less electricity, leading to lower utility bills for consumers and businesses. While the initial investment in energy-efficient lighting may be higher, the long-term savings in energy costs outweigh the upfront expenses.


3. Longevity and Durability: LED lights have a much longer lifespan compared to traditional lighting options, such as incandescent or fluorescent bulbs. This longevity reduces the frequency of replacements, lowering maintenance costs for households, businesses, and municipalities.


4. Environmental Impact: Energy-efficient lighting technologies have a reduced environmental footprint compared to conventional options. LED lights contain no hazardous materials like mercury, found in fluorescent bulbs, and they are highly recyclable. Moreover, their reduced energy consumption means fewer greenhouse gas emissions and less pollution associated with electricity generation.


5. Enhanced Performance: Energy-efficient lighting technologies often offer superior performance characteristics, including better color rendering, dimmability, and directional lighting capabilities. This enhances the overall quality of lighting in various settings, such as homes, offices, and outdoor spaces.


6. Technological Innovation: The growth of the energy-efficient lighting Industry drives innovation in lighting technology. Manufacturers continually strive to improve efficiency, lifespan, and functionality of lighting products, leading to further advancements and new applications in the Industry.


7. Regulatory Compliance: Many regions around the world have implemented regulations and standards to promote energy efficiency and reduce carbon emissions. Energy-efficient lighting technologies help consumers and businesses meet these regulatory requirements, avoiding penalties and fostering environmental stewardship.


8. Industry Growth and Job Creation: The energy-efficient lighting Industry represents a growing sector within the broader lighting industry. Increased adoption of energy-efficient technologies stimulates Industry growth, creates job opportunities in manufacturing, distribution, installation, and maintenance, and fosters economic development.

In conclusion, the importance of energy-efficient lighting technology in the Industry cannot be overstated. It offers numerous benefits ranging from energy conservation and cost savings to environmental protection and technological innovation, making it a pivotal component of sustainable development efforts worldwide.

In the rapidly growing field of the global energy efficient lighting technology Industry size was valued at USD 191.0 billion in 2023 and is projected to reach USD 408.93 billion by 2032, growing at a CAGR of 7.91% from 2023 to 2032 according to a new report by Nova One Advisor.

Growth Factors

The global energy efficient lighting technology Industry is primarily driven by the rising demand for the energy efficient solutions owing to the rising energy prices, significantly growing consumption of energy, and green building initiatives of the government. The increased investment by the manufacturers to produce energy efficient products and rising consumer awareness regarding the energy efficient products is driving the demand for the energy efficient lighting technology. Moreover, the rapid industrialization and rapid urbanization is expected to boost the growth of the Industry in the forthcoming yeas. The growing number of real estate residential and commercial projects across the globe and rising adoption of the energy efficient lighting technology by the government sector to reduce costs is positively impacting the growth of the global energy efficient lighting technology Industry. The ongoing projects of smart cities in numerous countries and rising deployment of smart buildings across the globe is anticipated to drive the demand for the energy efficient lighting technology during the forecast period.

The stringent government regulations regarding the lightings and energy consuming devices and rising importance and efforts of various industries to achieve sustainability is boosting the adoption of the energy efficient lighting technology. Moreover, manufacturers are investing heavily and are focusing on new product developments that can offer improved energy efficiency. For instance, In December 2016, OSRAM introduced new DL 30 LED with asymmetric light distribution feature for deploying in the parks, crossings, and residential areas. The strategical developments like new product launches with innovative features is expected to have a significant impact on the growth of the global efficient lighting technology Industry. Moreover, rising urban population, rising investments for electrification of the rural regions, and rising awareness about the energy efficient lighting technology among the consumers is fueling the demand for the deployment of the energy efficient lighting technology across the underdeveloped regions across the globe.

Type Insights

Based on the type, the light emitting diode segment dominated the global energy efficient lighting technology Industry in 2023, in terms of revenue. The LED lightings has gained immense traction among the global population as it saves around 79% energy. It deployment of the LEDs can significantly reduce the energy consumption and can lead to low operational costs as compared to the traditional lighting technologies. Moreover, the toxicity of the CFL bulbs that contains harmful gases and chemicals, which has an adverse effect on the environment is compelling the consumers to opt for the safer and cheaper alternatives. Therefore, the demand for the LED segment is expected to grow significantly in the upcoming years and hence this segment is also expected to be the fastest-growing segment during the forecast period.

Application Insights

Based on the application, the commercial segment accounted largest revenue share in 2023. This can be attributed to the increased adoption of the energy efficient lighting technology in the commercial spaces. The energy efficient lighting technology helps the commercial units to reduce the energy consumption and reduce the overall operational costs, which provide better opportunities to increase profits. The rising industrialization and rising number of business across the globe has significantly contributed towards the growth of the commercial segment.

On the other hand, the residential is estimated to be the most opportunistic segment during the forecast period. This is mainly due to the rising government expenditure on the electrification of rural areas and villages. Moreover, rapid urbanization, rapidly growing urban population, growing number of residential real estate projects, and rising awareness regarding the benefits of the energy efficient lighting technology are the major factors that are expected to boost the growth of this segment during the forecast period.

Some of the prominent players in the global energy efficient lighting technology Industry include: Bajaj Electricals Ltd., Cree Inc., Eaton Corporation, General Electric Company, OSRAM Licht Group, Apple Inc., Nichia Corporation, Toshiba Lighting & Technology Corporation, LIGMAN Lighting Co., Bridelux Inc.

Deep Dive Analysis: check here