Energy efficient lamps offer high energy efficiency, are environmentally friendly, and prove to be cost-effective as compared to their traditional counterparts. The primary benefit of these products is reduced carbon emission and fossil fuel consumption, thus helping alleviate global warming and associated concerns. Cost of energy differs on a regional basis, with governments striving to ensure adequate power generation. High demand for energy emerging economies such as Asia Pacific and Latin America is expected to significantly drive the market over the forecast period. In addition, these products are an effective alternative to incandescent lamps, which is expected to positively impact the industry in the coming years. Compact Fluorescent Lamps (CFLs) last much longer as compared to conventional lamps, thus providing impetus to the market.
Light Emitting Diode (LED) lamps provide unidirectional light output. This presents a barrier to market growth, since a few applications require broad beam for lighting. While LED lamps accounted for a relatively small market share in 2012, this segment is expected to witness high demand over the forecast period. The average selling price of these products is considerably higher as compared to other lamp types; however, with enhancement in the manufacturing process is expected to result in a significant reduction in cost. The residential sector was the largest end-use market segment in 2012. This trend is expected to continue over the next few years, particularly in developing nations. Industrial lighting accounted for a small percentage of the market in 2012; it is further expected to lose market share in the near future.
Asia Pacific is expected to be the fastest growing economy over the forecast period, with high expected production and consumption of energy efficient lamps in general, and LED lamps in particular. Additionally, favorable government policies for energy efficiency are expected to drive the market in mature economies of North America and Europe. GE Lighting, Philips Lighting, Osram Licht AG, Havells, and Panasonic are among key market participants. Product innovation and differentiation along with energy efficiency ratings are the major strategies followed by leading companies.
Grand View’s market research study takes a closer look at the energy efficient lamps industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key product segments including fluorescent lamps, CFLs, induction lamps, High Intensity Discharge (HID) lamps, and Light Emitting Diode (LED) lamps. Estimates for energy efficient lamps end-use segments including residential, commercial, outdoor, and industrial have been provided with yearly forecast up to 2020. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global energy efficient lamps market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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