ALBANY, New York, November 6, 2018
ALBANY, New York, November 6, 2018 /PRNewswire/ --
The global energy efficient lighting market is competitive in nature with a few number of players operating worldwide, states a new report by Transparency Market Research. The development of smart lighting technology is anticipated to encourage the growth of the overall market over the forecast period and is likely to experience a healthy competitive scenario over the next few years. The rise in the number of mergers and acquisitions and the expected entry of new player are anticipated to support the growth of the overall market in the near future. The key players engaged in the energy efficient warehouse lighting market across the globe are LIGMAN Lighting Co., Ltd., Digital Lumens, Inc., Philips Lighting Holding B.V., General Electric Company, Dialight, Eaton, Zumtobel Group AG, OSRAM GmbH, Bajaj Electricals Ltd., and Cree, Inc.
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As per TMR, in 2015, the global market for energy efficient warehouse lighting stood at US$4.2 bn and is predicted to reach a value of US$15 bn by the end of 2024. The market is anticipated to register a promising 13.40% CAGR between 2016 and 2024. Among the key geographical segments, Asia Pacific is anticipated to hold a massive share of the energy efficient warehouse lighting market in the forecast period. This region is expected to remain in the leading position in the next few years.
Favorable Government Support to Drive Energy Efficient Lighting Market
The rising use of fluorescent lights in the limited-space applications, due to their compact size and the rising use of plasma lights in the horticulture are the main factors that are expected to encourage the growth of the overall energy efficient lighting market in the next few years. The favorable government support and the long life and high efficiency offered by energy efficient lighting are further anticipated to ensure the market growth in the next few years.
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In addition to this, the high energy savings by using the energy efficient lightings in comparison with the other forms of lighting is considered to support the growth in the coming few years. Also, the low cost required for maintenance of induction lighting is expected to propel the energy efficient lighting market in the next few years. The increasing adoption of LEDs in the automotive industry is projected to attract a large number of consumers, thus enhancing the market growth in the next few years.
High Cost of Applications to Restrict Growth of Energy Efficient Lighting Market
The global energy efficient warehouse lighting market is expected to face a slight downfall in the growth of the market. The low-efficiency for the heat sensitive applications and the increasing implementation and the high cost of application are some of the major factors that are predicted to restrict the growth of the market in the coming few years. Also, the lack of standardization and the increasing cost of testing are estimated to hamper the market growth in the near future. On the contrary, the high development of the wireless technology is predicted to ensure the development of the market in the coming years.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Energy Efficient Warehouse Lighting Market (Lighting Source - High-intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED)) - Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016 - 2024."
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The global Energy Efficient Lighting Market has been segmented as below:
Energy Efficient Lighting Market: By Lighting Source
Energy Efficient Lighting Market: By Region
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