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Global Market for Solid State and Other Energy Efficient Lighting – Overview
Solid state and other forms of energy efficient lighting have enabled the world to solve the growing crisis of high energy consumption at the cost of fossil fuel depletion and excessive pollution, says TMR Research. The demand for energy efficient lighting solutions is projected to skyrocket in the coming years as various end users move towards creating greener products. Increasing initiatives to replace incandescent lighting lamps to equip cars with less energy consuming lights are expected to work in the global market’s favor. Solid-state and other energy-efficient lighting solutions offer longer life and better battery life. All of these factors are expected to collectively benefit the broader market.
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Global Solid State Lighting and Other Energy Efficient Lighting Market – Key Trends
As the world moves towards advanced and accelerating technology, it will demand an enormous amount of energy. However, increasing energy consumption in recent years has led to massive carbon emissions and a spiraling greenhouse effect. Due to these reasons, countries and governments around the world are making strenuous efforts to develop and adopt solid-state lighting solutions and other energy efficient lighting solutions.
Solid-state and other energy efficient lighting solutions are used for general lighting, backlighting, automotive lighting, medical lighting, and more. The market offers hardware, software and services. Analysts predict that the construction industry boom is expected to boost the broader market in the near future. Rapid urbanization, migration, and population growth have collectively led to a huge demand for housing and accommodation, hence the construction industry. As new construction is embracing energy efficient ways of life, it is expected to drive global market growth in the coming years.
Global Market for Solid State Lighting and Other Energy Efficient Lighting: Market Potential
An emerging trend seen in the global market for solid state lighting and other energy efficient lighting is the adoption of these lights by astronauts. In recent news, the International Space Station reported that it is using light-emitting diodes (LEDs) to help astronauts sleep better. The colors and intensity of the light emitted by the solid-state light assemblies are projected to show a new spectrum of light, which will create an environment that can enhance alertness by offering a normal everyday life scene and thus promote effective drowsiness. The new one claimed that if these lights could help astronauts sleep well, they could also be used by Earthlings. So these lights are not only energy efficient, they could also find a market in areas where vendors have yet to think to tread.
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Global Market for Solid State Lighting and Other Energy Efficient Lighting: Regional Insights
Geographically, the global market for solid state lighting and other energy efficient lighting is segmented into Europe, Asia Pacific, North America and the rest of the world. Analysts anticipate that North America will show steady growth in the global market for years to come. This regional market will be driven by the US, as the construction industry is embracing better lighting solutions to reduce energy consumption and carbon footprint.
The growing adoption and preference for energy efficient technologies throughout the region is expected to benefit the regional market. Europe is expected to follow suit, as governments around the world are drafting strict regulations regarding the use of efficient lighting solutions to curb the greenhouse effect.
On the other hand, China will lead the solid state lighting market and other energy efficient lighting markets in Asia Pacific as public spending on building better infrastructure for the public increases. In addition, the increasing focus on building energy management infrastructure is also expected to drive adoption of the solid state and other energy efficient lighting market in Asia Pacific. Booming economies such as China and India, trying to strike a balance between high energy consumption and efficient energy consumption, are also predicted to drive the global market in the near future.
The key players mentioned in this report are:
Phillips Lighting Holding BV, 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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About TMR Research
TMR Research is a leading provider of customized market research and consulting services for business entities eager to succeed in today’s economic climate. Armed with a team of experienced, dedicated and dynamic analysts, we are redefining the way our clients conduct business by providing authoritative and trusted research studies in tune with the latest market methodologies and trends.
