Energy Efficient Lamps and Ballasts Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region

The global market for energy efficient lamps and ballasts is set to experience significant growth over the forecast period from 2024 to 2031, according to a report by the publisher. The market, which was valued at US$ 4.5 billion in 2024, is expected to expand at a CAGR of 12.0%, reaching a staggering US$ 10.2 billion by 2031.

Sustainability Driving Consumer Preference

As sustainability becomes an increasingly vital concern, consumer preference for energy conservation is on the rise. This shift is leading consumers to switch from conventional lighting to energy-saving options. Notably, lighting accounts for approximately 11% of household electricity consumption in the UK, as reported by the Energy Saving Trust. By transitioning to energy-efficient LED lighting, British households can save up to £250 annually, with each light bulb providing savings between £15 and £18.

Government Initiatives Boosting Adoption

Government initiatives worldwide are playing a pivotal role in accelerating the adoption of energy-efficient lighting solutions. Notable among these efforts is the provision of 400,000 energy-efficient LED bulbs to households in Tozeur, Djerba, and Tunis by the National Agency for Energy Management (ANME). These bulbs are expected to reduce electricity consumption by an impressive 40%, underscoring the significant impact of such initiatives on energy conservation.

Factors Driving Market Demand

Introduction of New Technologies and Investments:

Technological advancements, particularly in components like LEDs and CFL bulbs, are poised to bolster market growth. Increased investment in research and development is expected to drive significant revenue growth, with smart lighting solutions anticipated to contribute substantially to market expansion.

Country-Wise Insights:

North America is projected to dominate the global market, with energy-efficient lamp and ballast sales in the region reaching US$ 4.1 billion by 2031. In the United States, LED technology is spearheading a fundamental shift in lighting, with energy savings estimated at 75% compared to incandescent lighting.

Asia Pacific Growth Potential: In the Asia Pacific region, government initiatives aimed at reducing energy consumption and conserving energy are expected to fuel market growth. China is expected to lead the market, reaching US$ 900 million by 2031, driven by investments in energy efficiency and consumer awareness about LED lights.

Category-Wise Insights

LED Lamps Driving Market Dominance:

LED lighting is projected to dominate the market, with revenues expected to grow at a CAGR of 10.1% by 2031. The versatility of LED lighting, offering superior light quality and energy efficiency, positions it as a key driver of market growth.

Commercial Applications Steadily Growing:

Commercial applications are expected to drive steady growth in the market, particularly in sectors such as offices, hospitals, and schools. Energy-efficient lamps offer longer lifespans, lower maintenance costs, and energy-saving features, making them increasingly popular in commercial settings.

Competitive Analysis

Collaborations between energy efficient lamp and ballast manufacturers and technology companies are shaping the competitive landscape. Organizations are expanding their product lines and technological capabilities to capture a greater market share. Research and development play a crucial role in product improvement and innovation, allowing companies to gain a competitive edge.

Key Companies Profiled:

• Philips Lighting
• Osram
• GE Lighting
• Acuity Brands
• Cooper Lighting
• Havells
• Panasonic Lighting
• Surya Roshni Ltd
• Shree Sant Kripa Appliance Pvt.Ltd
• Crompton Greaves Consumer Electricals LTD

Energy Efficient Lamps and Ballasts Market Outlook by Category

By Type:

• Fluorescent Lamps
• CFLs
• LED Lamps
• HID (High-Intensity Discharge) Lamps
• Others

By Applications:

• Commercial
• Industrial
• Residential

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

This product will be delivered within 1-3 business days.