Energy Efficient Lighting Technology Market Size Report, 2024-2033
The global energy efficient lighting technology market size was exhibited at USD 191.0 billion in 2023 and is projected to hit around USD 408.93 billion by 2033, growing at a CAGR of 7.91% during the forecast period 2024 to 2033.
Energy Efficient Lighting Technology Market Size in the Europe 2023 To 2032
The Europe energy efficient lighting technology market was valued at US$ 200.8 billion in 2023 and is projected to expand around US$ 406.45 billion by 2033, growing at a CAGR of 8.3% from 2024 to 2033.
Based on region, Europe dominated the global energy efficient lighting technology market in 2023, in terms of revenue. Government’s increased efforts in several European nations to provide recognition to the commercial units that has deployed energy efficient lighting technology have significantly encouraged the market growth. The Energy Performance Certificates in European nations, necessitates the commercial units to deploy and follow the energy efficiency standards. The rapid economic growth in Europe and increased efforts of the people, corporates, and government to attain sustainability has significantly contributed towards the growth of the global energy efficient lighting technology market.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witnessing rapid industrialization, rapid urbanization, increased FDIs, and growing government initiatives to deploy sustainable and energy efficient solutions. The growing focus on the electrification of the rural areas in the nations like India, China, and Indonesia is presenting lucrative growth opportunities to the market players. Furthermore, rising government initiatives to promote the adoption of the energy efficient lighting technology is estimated to have a significant impact on the market growth. For instance, the Government of India invested around US$ 132 million in 2017 in EESL program, an energy efficient building program to encourage the adoption of the energy efficient lighting technology across the nation.
Growth Factors
The global energy efficient lighting technology market is primarily driven by the rising demand for the energy efficient solutions owing to the rising energy prices, significantly growing consumption of energy, and green building initiatives of the government. The increased investment by the manufacturers to produce energy efficient products and rising consumer awareness regarding the energy efficient products is driving the demand for the energy efficient lighting technology. Moreover, the rapid industrialization and rapid urbanization is expected to boost the growth of the market in the forthcoming yeas. The growing number of real estate residential and commercial projects across the globe and rising adoption of the energy efficient lighting technology by the government sector to reduce costs is positively impacting the growth of the global energy efficient lighting technology market. The ongoing projects of smart cities in numerous countries and rising deployment of smart buildings across the globe is anticipated to drive the demand for the energy efficient lighting technology during the forecast period.
The stringent government regulations regarding the lightings and energy consuming devices and rising importance and efforts of various industries to achieve sustainability is boosting the adoption of the energy efficient lighting technology. Moreover, manufacturers are investing heavily and are focusing on new product developments that can offer improved energy efficiency. For instance, In December 2016, OSRAM introduced new DL 30 LED with asymmetric light distribution feature for deploying in the parks, crossings, and residential areas. The strategical developments like new product launches with innovative features is expected to have a significant impact on the growth of the global efficient lighting technology market. Moreover, rising urban population, rising investments for electrification of the rural regions, and rising awareness about the energy efficient lighting technology among the consumers is fueling the demand for the deployment of the energy efficient lighting technology across the underdeveloped regions across the globe.
Energy Efficient Lighting Technology Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 191.0 Billion |
| Market Size by 2033 | USD 408.93 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 7.91% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Type, Appliocation, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Bajaj Electricals Ltd., Cree Inc., Eaton Corporation, General Electric Company, OSRAM Licht Group, Apple Inc., Nichia Corporation, Toshiba Lighting & Technology Corporation, LIGMAN Lighting Co., Bridelux Inc. |
Segments Insights:
Type Insights
Based on the type, the light emitting diode segment dominated the global energy efficient lighting technology market in 2023, in terms of revenue. The LED lightings has gained immense traction among the global population as it saves around 75% energy. It deployment of the LEDs can significantly reduce the energy consumption and can lead to low operational costs as compared to the traditional lighting technologies. Moreover, the toxicity of the CFL bulbs that contains harmful gases and chemicals, which has an adverse effect on the environment is compelling the consumers to opt for the safer and cheaper alternatives. Therefore, the demand for the LED segment is expected to grow significantly in the upcoming years and hence this segment is also expected to be the fastest-growing segment during the forecast period.
Application Insights
Based on the application, the commercial segment accounted largest revenue share in 2023. This can be attributed to the increased adoption of the energy efficient lighting technology in the commercial spaces. The energy efficient lighting technology helps the commercial units to reduce the energy consumption and reduce the overall operational costs, which provide better opportunities to increase profits. The rising industrialization and rising number of business across the globe has significantly contributed towards the growth of the commercial segment.
On the other hand, the residential is estimated to be the most opportunistic segment during the forecast period. This is mainly due to the rising government expenditure on the electrification of rural areas and villages. Moreover, rapid urbanization, rapidly growing urban population, growing number of residential real estate projects, and rising awareness regarding the benefits of the energy efficient lighting technology are the major factors that are expected to boost the growth of this segment during the forecast period.
Key Companies & Market Share Insights
Some of the prominent players in the energy-efficient lighting technology market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global energy efficient lighting technology market.
By Type
By Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Energy Efficient Lighting Technology Market
5.1. COVID-19 Landscape: Energy Efficient Lighting Technology Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Energy Efficient Lighting Technology Market, By Product
8.1. Energy Efficient Lighting Technology Market, by Product Type, 2024-2033
8.1.1. Incandescent Lamp
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Light Emitting Diode
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Arc Lamp
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Gas Discharge Lamps
8.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Energy Efficient Lighting Technology Market, By Application
9.1. Energy Efficient Lighting Technology Market, by Application, 2024-2033
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Government
9.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Energy Efficient Lighting Technology Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.4.2. Market Revenue and Forecast, by Application (2021-2033)
Chapter 11. Company Profiles
11.1. Bajaj Electricals Ltd.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Cree Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Eaton Corporation
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. General Electric Company
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. OSRAM Licht Group
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Apple Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Nichia Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Toshiba Lighting & Technology Corporation
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. LIGMAN Lighting Co.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Bridelux Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers