Global Energy Efficient Lighting Market is Expected to Bounce Back After the Pandemic Debacle
The increasing demand for LEDs across various applications due to their beneficial advantages such as greater physical robustness, faster switching, smaller size, and many more are expected to foster the growth of the market sub-segment forward.
The increasing penetration of LEDs in the commercial sector, due to their numerous advantages such as reducing capital expenditure, optimizing labor costs, offering greater energy saving, and many more are predicted to amplify the growth of the market sub-segment further.
The increasing production of energy-efficient lamps, the strong presence of leading manufacturers, and strict energy efficiency regulations in this region are expected to boost the regional growth of the market over the analysis timeframe.
The increasing adoption of efficient lighting across various commercial, industrial, and residential applications because of their various advantages such as greater shelf-life, and energy savings are expected to propel the growth of the energy efficient lighting market over the analysis period. Besides, the rising government initiatives to adopt LEDs for better energy efficiency are expected to augment the growth of the market during the forecast period. However, the high implementation and equipment cost of energy efficient lighting may hinder the growth of the market over the estimated period.
The increasing attention on the implementation of smart LED lighting solutions across various applications such as architectural, highways & roadways applications, and many more, is expected to create excellent growth opportunities for the market during the analysis period. Moreover, numerous advantages of smart LED solutions such as controlling the lighting with mobile phones, are expected to uplift the growth of the market in the coming period.
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