The North America Energy Efficient Lighting Market would witness market growth of 8.0% CAGR during the forecast period (2022-2028).
Lighting systems are becoming increasingly technologically advanced, providing not only energy economy but also additional benefits including ventilation, light ambiance, and warmth. Furthermore, these lighting systems increase product demand by adding aesthetic attractiveness to the home while minimizing the need for artificial heating and cooling. Additionally, energy efficient lighting uses less energy and is a more cost-effective light source than traditional lighting. The energy efficient lighting industry is predicted to grow due to better energy savings compared to other types of lighting. In the previous five years, the market has changed drastically, with several novel and adaptable technologies hitting the market.
Furthermore, the growing usage of LEDs in the automobile industry could create new prospects for the energy efficient lighting market. LED (Light Emitting Diode) technology is sweeping the lighting and décor industries. LED technology is increasingly being implemented in private and public constructions, such as residential buildings and business institutions. While LED lighting is environmentally friendly, it is not the sole benefit of this technology.
According to the latest analysis, LED adoption in the United States resulted in annual energy savings of 1.3 quadrillion Btu (quads) in 2018, equating to $14.7 billion in consumer savings and roughly 5% of total electricity use from buildings in 2018. The theoretical energy savings potential of widespread usage of the most efficient, connected LED products is over 5 quads, about four times more than current energy savings and equivalent to roughly 20% of total building power use in 2018. LED product installations increased in all applications from 2016 to 2018, approximately doubling to 2,325 million units or 30.0 percent of total general illumination lights.
A-type lamps now account for nearly half of all LED lighting installations, with a 32.9 percent installed penetration in this application. Decorative lamps now have the lowest installed LED penetration, but this has increased from 7.9% to 16% between 2016 and 2018. Although LEDs have a higher penetration rate in outdoor lighting (51.4%) than indoor lighting (29.8%), total LED installations in indoor applications are significantly higher (2.2 billion vs. 100 million).
The US market dominated the North America Energy Efficient Lighting Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $15,881 Million by 2028. The Canada market is anticipated to grow at a CAGR of 10.4% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 9.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Energy Efficient Lighting Market is Predict to reach $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.
By Type
By Application
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