Increasing Adoption of Efficient Lighting Due to its Benefits over Other Lights to Propel the Growth of Energy Efficient Lighting Market by 2027
Research Dive in its latest published report estimates that the Global Energy Efficient Lighting Market will generate $370.4 billion and exhibit a CAGR of 8.4% from 2020 to 2027.
The rising adoption of efficient lighting around the world due to its benefits such as long shelf-life and energy saving is a significant factor predicted to foster the growth of the global energy efficient lighting market over the forecast period. Besides, the increasing penetration of smart LEDs is likely to create huge growth opportunities for the global market by the end of 2027. However, higher initial and installation costs involved with the energy efficient lights is expected to hinder the market growth in the coming future.
The COVID-19 pandemic has negatively impacted the global energy efficient lighting market in 2020. The decline in the growth rate of the market is majorly owing to shortage in supply of electric components due to COVID-19 restrictions worldwide and stalling of residential projects where energy efficient lights are used. However, the key players of the global market are implementing several strategies to obtain a strong position during the pandemic. For example, Advanced Lighting Technologies announced in August 2020 that it is following government guidelines to continue working during these hard times.
Based on region, the North America energy efficient lighting market is projected to surpass $119.6 billion by 2027 and is predicted to witness significant growth in the overall industry during the forecast period. The considerable growth of the region is majorly due to the presence of key players and rising adoption of latest technologies.
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