Energy Efficient Lamps Market (Updated Version Available)
Energy Efficient Lamps Market Size, Share & Trends Analysis, By Type (LED Lamp, Compact Fluorescent Lamp, and High-Intensity Discharge Lamp), By End User (Residential, Commercial, and Industrial), By Region, Forecast Period-2023 - 2030
Report ID : RI_673910 | Date : July 2023 |
Format : 
Key Market Overview:
The Energy Efficient Lamps Market was valued at USD 45,206.11 Million in 2022, registering a CAGR of 8.3% during the forecast period (2023-2030), and the market is projected to be worth USD 86,367.98 Million by 2030.
Energy efficient lamps refer to sources of artificial light that utilize advanced technology for reducing the amount of electricity consumed for generating light as compared to traditional filament-burning light bulbs. Moreover, energy-efficient lamps offer several benefits including significant energy savings, improved lighting quality, longer shelf-life, durability, design flexibility, and zero UV emissions, among others. The aforementioned benefits of energy efficient lamps are major aspects for increasing its utilization in residential, commercial, and industrial sectors, among others.
Factors including increasing energy prices, rising government initiatives promoting energy-efficient lighting solutions, and growing residential construction are among the key prospects driving the adoption of energy efficient lamps. Additionally, the increasing application of energy efficient lamps in commercial and industrial sectors are significant factors driving the market growth.
In November 2022, Signify launched its new range of ultra efficient LED lighting solutions. The ultra efficient LED lighting solutions offer significant energy savings of up to 60% in comparison to standard LED lamps and a longer shelf-life. The solution is ideal for helping consumers in handling the mounting pressure for lowering carbon footprint in the global energy crisis. Therefore, the rising development of energy efficient lamps is further driving the growth of the market.
Energy Efficient Lamps Market Report Coverage:
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Market Dynamics:
Driver:
Rising residential construction is driving the market growth
Energy efficient lamps including compact fluorescent lamps and LED lamps are primarily used as lighting solutions in residential buildings. The benefits of energy-efficient lamps including significant energy savings, longer shelf-life, durability, and improved lighting quality are increasing its utilization in the residential sector.
Factors including rising disposable income, growing investments, and government policies including subsidies, tax incentives, and rebates are among the primary determinants driving the growth of the residential sector.
For instance, in 2022, the Government of the United Kingdom introduced a home-building fund for supporting new residential development in the country. The UK Government offers direct investments ranging from USD 2.5 million to USD 6.2 million to residential builders in the country. Thus, the rise in residential construction is driving the utilization of energy efficient lamps for installation in residential buildings for general lighting and significant energy savings, in turn proliferating the growth of the market.
Restraint:
Availability of substitutes is restraining the market growth
Energy efficient lamps have multiple substitutes including incandescent lamp and others. Comparatively, the substitutes have similar characteristics, performance, and applications, with respect to energy efficient lamps, which is a prime factor limiting the market growth.
For instance, incandescent lamps offer several benefits including lower initial cost, higher light output, ease of installation, and ease of dimming and controlling as compared to energy-efficient lamps including LED lamps, compact fluorescent lamps, and others. Moreover, incandescent lamps generate high amounts of heat, which makes it an excellent source of warmth during cold weather as opposed to energy-efficient lamps. Additionally, incandescent lamps are also used for lighting applications in residential and commercial buildings, owing to their lower costs. Therefore, the availability of substitutes for energy efficient lamps is restraining the growth of the market.
Energy Efficient Lamps Market Segmentation:
By Type
The type segment is divided into LED lamp, compact fluorescent lamp, and high-intensity discharge lamp.
The compact fluorescent lamp segment contributed to the largest revenue share in 2022. Compact fluorescent lamps (CFLs) are a type of energy-saving light bulb that offers higher durability, longer service life, and utilization of much less energy as compared to traditional light bulbs. Moreover, compact fluorescent lamps offer various benefits including compact size, good lumen, wide range of shapes and sizes, easy retrofit, and low operating cost, among others. The above benefits of compact fluorescent lamps are increasing its utilization in residential and commercial sectors, among others.
According to the Building and Construction Authority of Singapore, the overall construction demand in Singapore is estimated to reach between USD 27 billion to USD 32 billion by the end of 2023, witnessing considerable growth in comparison to 2020. Thus, the rise in residential and commercial construction is driving the installation of compact fluorescent lamps for lighting solutions in buildings, attributing to its above benefits, in turn contributing to market growth during the forecast period.
Further, factors including rising residential construction, increasing green building initiatives, and growing demand for energy-efficient lighting solutions are major prospects driving the growth of the compact fluorescent lamp segment.
Additionally, the LED lamps segment is expected to grow steadily during the forecast period. LED lamps is an electric light that use light-emitting diodes for generating luminescence. The installation of LED lamps offers several benefits including higher energy efficiency, longer lifespan, improved environmental performance, low voltage operations, and the ability to operate in cold conditions. LED lamps are mostly used in commercial and industrial buildings, among others.
According to the International Energy Agency (IEA), the global deployment of LEDs witnessed significant progress in 2021 as compared to 2020. For instance, various countries across the world started phasing out incandescent lamps and replacing them with LED lamps as the main lighting solution. According to IEA, more than 50% of the global lighting market makes use of LED technology as of 2021. Hence, the rising installation of LED lamps is fostering the growth of the segment.
Further, factors including the increasing demand for smart lighting solutions, IoT-driven lighting fixtures along with government initiatives are promoting the utilization of LEDs. Owing to its energy efficiency and environmental benefits are further anticipated to drive the segmental growth of LED lamps during the forecast period.
By End User
The end user segment is divided into residential, commercial, and industrial.
The residential segment accounted for largest share in the energy efficient lamps market in 2022. Energy efficient lamps, particularly compact fluorescent lamps, are primarily installed as lighting solutions in residential buildings, owing to its significant energy savings, longer shelf-life, and durability.
Factors including the rising disposable income, increasing residential construction, and growing demand for energy-efficient and smart lighting solutions are fostering the growth of the residential segment.
According to CoreLogic Inc., the sales of multi-family residential property in the United States depicted a substantial growth of 26% during the second quarter of 2021 in comparison to 2019. Thus, the growth of residential sector is driving the utilization of energy efficient lamps, attributing to its considerable energy savings, longer service life, and improved lighting quality. The above factors are further driving the growth of the residential segment.
By Region:
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The North American region is considered to contribute the largest revenue share in the year 2022. The growth of energy efficient lamps market in North America is primarily driven by several factors including increasing investments in building and construction projects and rising government initiatives towards installation of energy efficient lamps in the region.
For instance, in 2020, the Department of Public Utilities in the City of Richmond, United States converted around 7,500 streetlight fixtures into LED lighting in order to meet the security and sustainability needs of adopting energy-efficient lighting systems. The above factors are anticipated to drive the adoption of energy efficient lamps in residential and commercial sectors, in turn driving market growth in North America during the forecast period.
The Asia-Pacific region is anticipated to witness substantial growth during the forecast period. The growing pace of industrialization and development is promoting lucrative opportunities for market growth in the region. Moreover, the rising government initiatives for the development of smart cities in the Asia-Pacific region are contributing to the market growth for energy efficient lamps. Additionally, several factors including the increasing commercial and industrial construction and rising green building initiatives are further driving the demand for energy efficient lamps in the Asia-Pacific region.
For instance, according to Green Building Council, China certified 1,077 LEED green building projects in 2021, representing more than 14,151,480.95 gross square meters (GSM) of space. Likewise, in 2021, India approved 146 LEED green building projects while South Korea and Taiwan approved 42 and 31 LEED green building projects, respectively. Hence, the rise in green building projects in multiple countries across the Asia-Pacific region is anticipated to increase the demand for energy efficiency lamps, owing to its low energy consumption and negligible UV emissions. The above factors are projected to boost market growth in the Asia-Pacific region during the forecast period.
Energy Efficient Lamps Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in research and development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the global energy efficient lamps market. Key players in the market include-
• GE Lighting
• Signify Holding
• Havells
• Panasonic
• ABB
• Bajaj Electricals Ltd.
• Bridgelux Inc.
• Cree Lighting
• Eaton
• LIGMAN Lighting Co., Ltd.
• Osram Licht AG
Recent Developments
• In May 2022, Signify acquired Pierlite, an Australian-based company offering a range of energy efficient lighting solutions. The acquisition aims at strengthening Signify\'s position in the Australian and New Zealand lighting markets and offers considerable growth opportunities.
The Energy Efficient Lamps Market was valued at USD 45,206.11 Million in 2022, registering a CAGR of 8.3% during the forecast period (2023-2030), and the market is projected to be worth USD 86,367.98 Million by 2030.
Energy efficient lamps refer to sources of artificial light that utilize advanced technology for reducing the amount of electricity consumed for generating light as compared to traditional filament-burning light bulbs. Moreover, energy-efficient lamps offer several benefits including significant energy savings, improved lighting quality, longer shelf-life, durability, design flexibility, and zero UV emissions, among others. The aforementioned benefits of energy efficient lamps are major aspects for increasing its utilization in residential, commercial, and industrial sectors, among others.
Factors including increasing energy prices, rising government initiatives promoting energy-efficient lighting solutions, and growing residential construction are among the key prospects driving the adoption of energy efficient lamps. Additionally, the increasing application of energy efficient lamps in commercial and industrial sectors are significant factors driving the market growth.
In November 2022, Signify launched its new range of ultra efficient LED lighting solutions. The ultra efficient LED lighting solutions offer significant energy savings of up to 60% in comparison to standard LED lamps and a longer shelf-life. The solution is ideal for helping consumers in handling the mounting pressure for lowering carbon footprint in the global energy crisis. Therefore, the rising development of energy efficient lamps is further driving the growth of the market.
Energy Efficient Lamps Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 86,367.98 million |
| CAGR (2023-2030) | 8.3% |
| Base Year | 2022 |
| By Type | LED Lamp, Compact Fluorescent Lamp, and High-Intensity Discharge Lamp |
| By End User | Residential, Commercial, and Industrial |
| By Geography |
|
| Key Players | GE Lighting, Signify Holding, Havells, Panasonic, ABB, Bajaj Electricals Ltd, Bridgelux Inc., Cree Lighting, Eaton, LIGMAN Lighting Co., Ltd., Osram Licht AG |
Market Dynamics:
Driver:
Rising residential construction is driving the market growth
Energy efficient lamps including compact fluorescent lamps and LED lamps are primarily used as lighting solutions in residential buildings. The benefits of energy-efficient lamps including significant energy savings, longer shelf-life, durability, and improved lighting quality are increasing its utilization in the residential sector.
Factors including rising disposable income, growing investments, and government policies including subsidies, tax incentives, and rebates are among the primary determinants driving the growth of the residential sector.
For instance, in 2022, the Government of the United Kingdom introduced a home-building fund for supporting new residential development in the country. The UK Government offers direct investments ranging from USD 2.5 million to USD 6.2 million to residential builders in the country. Thus, the rise in residential construction is driving the utilization of energy efficient lamps for installation in residential buildings for general lighting and significant energy savings, in turn proliferating the growth of the market.
Restraint:
Availability of substitutes is restraining the market growth
Energy efficient lamps have multiple substitutes including incandescent lamp and others. Comparatively, the substitutes have similar characteristics, performance, and applications, with respect to energy efficient lamps, which is a prime factor limiting the market growth.
For instance, incandescent lamps offer several benefits including lower initial cost, higher light output, ease of installation, and ease of dimming and controlling as compared to energy-efficient lamps including LED lamps, compact fluorescent lamps, and others. Moreover, incandescent lamps generate high amounts of heat, which makes it an excellent source of warmth during cold weather as opposed to energy-efficient lamps. Additionally, incandescent lamps are also used for lighting applications in residential and commercial buildings, owing to their lower costs. Therefore, the availability of substitutes for energy efficient lamps is restraining the growth of the market.
Energy Efficient Lamps Market Segmentation:
By Type
The type segment is divided into LED lamp, compact fluorescent lamp, and high-intensity discharge lamp.
The compact fluorescent lamp segment contributed to the largest revenue share in 2022. Compact fluorescent lamps (CFLs) are a type of energy-saving light bulb that offers higher durability, longer service life, and utilization of much less energy as compared to traditional light bulbs. Moreover, compact fluorescent lamps offer various benefits including compact size, good lumen, wide range of shapes and sizes, easy retrofit, and low operating cost, among others. The above benefits of compact fluorescent lamps are increasing its utilization in residential and commercial sectors, among others.
According to the Building and Construction Authority of Singapore, the overall construction demand in Singapore is estimated to reach between USD 27 billion to USD 32 billion by the end of 2023, witnessing considerable growth in comparison to 2020. Thus, the rise in residential and commercial construction is driving the installation of compact fluorescent lamps for lighting solutions in buildings, attributing to its above benefits, in turn contributing to market growth during the forecast period.
Further, factors including rising residential construction, increasing green building initiatives, and growing demand for energy-efficient lighting solutions are major prospects driving the growth of the compact fluorescent lamp segment.
Additionally, the LED lamps segment is expected to grow steadily during the forecast period. LED lamps is an electric light that use light-emitting diodes for generating luminescence. The installation of LED lamps offers several benefits including higher energy efficiency, longer lifespan, improved environmental performance, low voltage operations, and the ability to operate in cold conditions. LED lamps are mostly used in commercial and industrial buildings, among others.
According to the International Energy Agency (IEA), the global deployment of LEDs witnessed significant progress in 2021 as compared to 2020. For instance, various countries across the world started phasing out incandescent lamps and replacing them with LED lamps as the main lighting solution. According to IEA, more than 50% of the global lighting market makes use of LED technology as of 2021. Hence, the rising installation of LED lamps is fostering the growth of the segment.
Further, factors including the increasing demand for smart lighting solutions, IoT-driven lighting fixtures along with government initiatives are promoting the utilization of LEDs. Owing to its energy efficiency and environmental benefits are further anticipated to drive the segmental growth of LED lamps during the forecast period.
By End User
The end user segment is divided into residential, commercial, and industrial.
The residential segment accounted for largest share in the energy efficient lamps market in 2022. Energy efficient lamps, particularly compact fluorescent lamps, are primarily installed as lighting solutions in residential buildings, owing to its significant energy savings, longer shelf-life, and durability.
Factors including the rising disposable income, increasing residential construction, and growing demand for energy-efficient and smart lighting solutions are fostering the growth of the residential segment.
According to CoreLogic Inc., the sales of multi-family residential property in the United States depicted a substantial growth of 26% during the second quarter of 2021 in comparison to 2019. Thus, the growth of residential sector is driving the utilization of energy efficient lamps, attributing to its considerable energy savings, longer service life, and improved lighting quality. The above factors are further driving the growth of the residential segment.
By Region:
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The North American region is considered to contribute the largest revenue share in the year 2022. The growth of energy efficient lamps market in North America is primarily driven by several factors including increasing investments in building and construction projects and rising government initiatives towards installation of energy efficient lamps in the region.
For instance, in 2020, the Department of Public Utilities in the City of Richmond, United States converted around 7,500 streetlight fixtures into LED lighting in order to meet the security and sustainability needs of adopting energy-efficient lighting systems. The above factors are anticipated to drive the adoption of energy efficient lamps in residential and commercial sectors, in turn driving market growth in North America during the forecast period.
The Asia-Pacific region is anticipated to witness substantial growth during the forecast period. The growing pace of industrialization and development is promoting lucrative opportunities for market growth in the region. Moreover, the rising government initiatives for the development of smart cities in the Asia-Pacific region are contributing to the market growth for energy efficient lamps. Additionally, several factors including the increasing commercial and industrial construction and rising green building initiatives are further driving the demand for energy efficient lamps in the Asia-Pacific region.
For instance, according to Green Building Council, China certified 1,077 LEED green building projects in 2021, representing more than 14,151,480.95 gross square meters (GSM) of space. Likewise, in 2021, India approved 146 LEED green building projects while South Korea and Taiwan approved 42 and 31 LEED green building projects, respectively. Hence, the rise in green building projects in multiple countries across the Asia-Pacific region is anticipated to increase the demand for energy efficiency lamps, owing to its low energy consumption and negligible UV emissions. The above factors are projected to boost market growth in the Asia-Pacific region during the forecast period.
Energy Efficient Lamps Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in research and development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the global energy efficient lamps market. Key players in the market include-
• GE Lighting
• Signify Holding
• Havells
• Panasonic
• ABB
• Bajaj Electricals Ltd.
• Bridgelux Inc.
• Cree Lighting
• Eaton
• LIGMAN Lighting Co., Ltd.
• Osram Licht AG
Recent Developments
• In May 2022, Signify acquired Pierlite, an Australian-based company offering a range of energy efficient lighting solutions. The acquisition aims at strengthening Signify\'s position in the Australian and New Zealand lighting markets and offers considerable growth opportunities.
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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