Energy Efficient Lighting Technology Market: Environment-friendly & reliable lighting Products to boost up Demand
Astute players in the global market for energy efficient lighting technology are focusing on developing sophisticated yet affordable environment-friendly, reliable lighting products to cater to the different requirements of customers. In fact, it has been noticed that already some companies are offering energy efficient lighting and control solutions with a variety of styles and functionalities that provide flexibility to design and business. In order to bolster their positions further, companies are also seen taking the inorganic route of mergers and acquisitions.
Some of prominent names operating in the global energy efficient lighting technology market are Apple Inc., Bajaj Electricals Ltd, Bridgelux Inc., Cooper Lighting, Cree Inc., Digital Lumens, Inc., Eaton Corporation, GE Lighting, LIGMAN Lighting Co., Ltd, Nichia Corporation, and OSRAM GmbH.
A report by Transparency Market Research forecasts the global energy efficient lighting technology market to attain a value of US$300 bn by 2025 by rising at CAGR of 7.9% during the forecast period from 2017 to 2025.
Depending upon the type of products, the key segments of the global energy efficient lighting technology market are incandescent lamp, light emitting diode (LED), arc lamp, and gas discharge lamps. Among them, the LEDs are predicted to rise at maximum pace on account of their soaring popularity resulting from their different customized shapes for both commercial and residential purpose.
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Geographically, some of the main regions in the global energy efficient lighting technology market are Asia Pacific, Europe, South America, North America, and the Middle East and Africa. Of them, Asia Pacific is a key region in terms of contribution to overall revenue. This is because of the presence of a large number of manufacturers and the easy availability of raw materials in the region, which makes it possible to reduce costs and manufacture affordable products. The market in Asia Pacific is expected to retain its dominant position in the near future by pulling a revenue of US$82.86 bn by 2025.