Solid-State and Other Energy-Efficient Lighting Market Estimated to Experience a Hike in Growth by 2025
Global Solid-state and Other Energy-efficient Lighting Market: Overview
Solid-state and other energy-efficient lighting forms have allowed the world to solve the expanding crisis of high energy consumption at the cost of depleting fossil fuels and excessive pollution, states TMR Research. The demand for energy-efficient lighting solutions is projected to skyrocket in the coming years as various end users are moving toward creating greener products. The growing initiatives to replace incandescent lighting lamps to equipping automobiles with less energy consuming lights are anticipated to work in favor of the global market. Solid-state and other energy-efficient lighting solutions offer a longer lifespan and a better battery life. All of these factors are collectively expected to benefit the overall market.
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Global Solid-state and Other Energy-efficient Lighting Market: Key Trends
As the world progresses toward being technological advanced and fast-paced it is will demand mammoth amount of energy. However, the soaring consumption of energy over the past few years has led to massive carbon emissions and a spiraling greenhouse effect. Owing to these reasons, countries and governments across the globe are making arduous efforts to develop and adopt solid-state and other energy-efficient lighting solutions.
The solid-state and other energy-efficient lighting solutions are used for general lighting, backlighting, automotive lighting, medical lighting, and others. The market offers hardware, software, and services. Analysts predict that the rise of the construction industry is expected to boost the overall market in the near future. Rapid urbanization, migration, and growing population have collectively led to a huge demand for housing and accommodation, thereby the construction industry. As newer constructions are adopting energy-efficient ways of living they are expected to bolster the growth of the global market in the coming years.
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Global Solid-state and Other Energy-efficient Lighting Market: Market Potential
An emerging trend seen in the global solid-state and other energy-efficient lighting market is the adoption of these lights by astronauts. In a recent news, the International Space Station reported that it is using light-emitting diodes (LEDs) to help astronauts sleep better. The colors and the intensity of the light emitted by solid-state light assemblies is projected to showcase a new spectra of light, which will create an environment that can improve alertness by offer a normal day-life scene thereby promoting effective sleepiness. The new stated that if these lights could help astronauts sleep well, then they could be used by earthlings as well. Thus, these lights are not only energy efficient, but could also find a market in areas where vendors haven’t thought of treading yet.
Global Solid-state and Other Energy-efficient Lighting Market: Regional Outlook
Geographically, the global solid-state and other energy-efficient lighting market is segmented into Europe, Asia Pacific, North America, and Rest of the World. Analysts anticipate that North America will show a steady growth in the global market in the coming years. This regional market will be driven by the U.S. as the construction industry is adopting better lighting solutions to reduce the consumption of energy and carbon footprint. The growing adoption of and increasing preference for energy-efficient technologies across the region are expected to benefit the regional market. Europe is expected to follow suit as the governments across the globe are drawing up stringent regulations pertaining to usage of efficient lighting solutions in order to curb the greenhouse effect.
On the other hand, Asia Pacific solid-state and other energy-efficient lighting market will be led by China as the government expenditure increases on building better infrastructure for the public. Furthermore, the increasing focus on building energy management infrastructure is also expected to be boost the adoption of solid-state and other energy-efficient lighting market in Asia Pacific. The booming economies, such as China and India, trying to strike a balance between high energy consumption and efficient energy consumption are also projected to propel the global market in the near future.
Key Players Mentioned in this Report are:
Phillips Lighting Holding B.V., Samsung, General Electric Company, Sharp Corporation, Virtual Extension, OSRAM Licht AG, Cree, Inc., Dialight plc, Cooper Industries, Inc., and Zumtobel Group AG.
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Highlights of the report:
- A detailed analysis of key segments of the market
- Recent developments in the market’s competitive landscape
- Detailed analysis of market segments up to second or third level of segmentation
- Historical, current, and projected future valuation of the market in terms of revenue and/or volume
- Key business strategies adopted by influential market vendors
- Outline of the regulatory framework surrounding and governing numerous aspects of the market
- Growth opportunities in emerging and established markets
- Recommendations to market players to stay ahead of the competition