The Asia Pacific Energy Efficient Lighting Market would witness market growth of 9.1% CAGR during the forecast period (2022-2028).
Energy efficiency is defined as the reduction of a product's energy consumption without impacting its output, final response, or user comfort levels. When compared to a product that uses more energy to fulfill the same job, an energy efficient product uses less energy. The lighting sector's energy efficiency provides the required illumination level of the lighting scheme for the application for which it was intended while using the least amount of energy. Simply said, energy efficient lighting saves electricity while maintaining a high level of light quality and quantity.
Traditional lamps (such as incandescent lamps) are replaced (or re-lamped) with energy efficient lamps such as fluorescent lamps, CFL lamps, and LED lamps for energy efficient illumination. It also includes illumination controls such as timers, PIR and ultrasonic sensors-based controls, and so on. It includes automatically turning off lights when they are not in use, especially during daylight hours. Electronic chokes are used instead of ballasts in traditional lighting, and electronic circuitry is used to achieve dimming of lights when necessary.
The need for energy has increased significantly as the Indian economy has risen. Furthermore, the high energy intensity of several sectors is a source of worry. In such a setting, the efficient use of energy resources and their conservation become critical for reducing wasteful consumption and ensuring long-term development. Recognizing that efficient energy usage and conservation are the most cost-effective way to satisfy rising energy demand, the Indian government enacted the Energy Conservation Act, 2001, and formed the Bureau of Energy Efficiency in March 2002.
The Act establishes and strengthens the delivery system for energy efficiency services in the country, as well as provides much-needed coordination among the various authorities. Energy conservation is a national cause, and people must all join hands and make every effort to make India an energy efficient economy and society so that India can compete not only in the local market but also in the international market.
The China market dominated the Asia Pacific Energy Efficient Lighting Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,189.3 Million by 2028. The Japan market is experiencing a CAGR of 8.5% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 9.8% during (2022 - 2028).
Based on Type, the market is segmented into Light Emitting Diodes (LED), Linear Fluorescent Lamps (LFL), High-Intensity Discharge Lamps (HID) and Others. Based on Application, the market is segmented into Commercial, Industrial, and Home. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Energy Efficient Lighting Market is Projected to reach USD 42.6 Billion by 2028, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ams-OSRAM AG, Signify N.V., Savant Systems, Inc., Toshiba Corporation, ABB Group, Schneider Electric SE, Advanced Lighting Technologies Australia, Inc., Nichia Corporation, Bridgelux, Inc., and Digital Lumens, Inc.
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