Energy-Efficient Lighting Global Market Report 2024

The energy-efficient lighting market size has grown strongly in recent years. It will grow from $50.51 billion in 2023 to $55.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historical period can be attributed to several factors, including government regulations, heightened environmental awareness, cost-saving considerations, and increased consumer demand.

The energy-efficient lighting market size is expected to see strong growth in the next few years. It will grow to $75.3 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The anticipated growth in the forecast period can be attributed to various factors, including the integration of smart lighting systems, urbanization and infrastructure development initiatives, targets for enhanced energy efficiency, expanding markets in developing countries, and incentive programs along with rebates. Key trends in the forecast period encompass the integration of the Internet of Things (IoT) in lighting systems, the adoption of human-centric lighting solutions, the incorporation of circadian lighting principles, the development of Li-Fi technology, and a growing market for horticultural lighting.

The anticipated growth of the energy-efficient lighting market is expected to be fueled by government energy-efficiency initiatives. Energy-efficiency initiatives encompass programs, policies, or actions aimed at reducing energy consumption and enhancing energy efficiency. Governments play a pivotal role in advancing energy-efficient lighting through the establishment of standards, supporting research and development, and fostering cross-sector collaboration. A noteworthy example is the Biden-Harris Administration's allocation of $530 million in December 2023 to enhance building energy efficiency and resilience. This initiative aims to reduce consumer costs by promoting the adoption of cutting-edge energy codes, zero energy codes, building performance standards, and innovative codes across the United States, illustrating the significant impact of government energy-efficiency initiatives on the energy-efficient lighting market.

Key players in the energy-efficient lighting market are actively concentrating on the development of innovative products featuring advanced technologies, with a particular focus on circadian lighting solutions. Circadian lighting solutions are designed to replicate natural changes in color temperature and intensity throughout the day, aligning with the body's circadian rhythm to promote overall well-being and productivity. In April 2021, GE Lighting, a US-based lighting company, introduced sun-filled LED bulbs designed to mimic natural light, support circadian rhythms, enhance color appearance, and improve sleep quality. These bulbs, with a high color rendering index (CRI) of 97 and an R9 of 80+, closely resemble natural sunlight, offering versatility for various lighting needs in homes.

In May 2022, Signify N.V., a Netherlands-based lighting company, completed the acquisition of Fluence for $272 million. This strategic move aligns with Signify's objective to expand into attractive growth segments, particularly horticultural lighting, and to provide innovative solutions for improving food availability and sustainability in agriculture. Fluence, a US-based horticulture lighting company, specializes in offering energy-efficient LED lighting solutions for horticulture, contributing to the broader goals of sustainability and resource efficiency in the energy-efficient lighting market.

Major companies operating in the energy-efficient lighting market are General Electric Company, Schneider Electric SE, ABB Group, Toshiba corporation, Philips Lighting, Eaton Corporation, Signify N.V., OSRAM GmbH, Hubbell Lighting Inc., Acuity Brands, Zumtobel Group AG, Seoul Semiconductor Co. Ltd., Cree Inc., Bajaj Electricals Ltd., Leviton Manufacturing Co. Inc., Dialight, Lumileds Holding B.V., Cooper Lighting, The Lighting Quotient, Bridgelux Inc., Soraa Inc., Advanced Lighting Technologies Australia Inc., Nichia Corporation, Savant Systems Inc.

Europe was the largest region in the energy-efficient lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy-efficient lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the energy-efficient lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Energy-efficient lighting pertains to lighting technologies and solutions designed to consume less energy while delivering the same or enhanced level of illumination compared to conventional lighting options. These lighting solutions find extensive use in homes for various applications, encompassing general illumination, task lighting, accent lighting, and outdoor lighting.

The primary categories of energy-efficient lighting include high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), light-emitting diodes (LED), and other alternatives. High-intensity discharge lamps (HID) represent a type of electric gas-discharge lamp that generates light through the passage of an electric current between tungsten electrodes within a gas-filled arc tube. These lamps are applied in diverse settings, including residential, commercial, industrial, outdoor environments, among others. End-users for such lighting solutions span various sectors such as government, healthcare, education, retail, hospitality, and others.

The energy-efficient lighting market research report is one of a series of new reports that provides energy-efficient lighting market statistics, including energy-efficient lighting industry global market size, regional shares, competitors with a energy-efficient lighting market share, detailed energy-efficient lighting market segments, market trends and opportunities, and any further data you may need to thrive in the energy-efficient lighting industry. This energy-efficient lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy-efficient lighting market consists of sales of LED bulbs and fixtures, smart lighting systems, daylight harvesting controls, and energy-efficient outdoor lighting solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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