Energy Efficient Lamps Market Size, Analysis, Growth Trends, and Segment Forecasts To 2020

According to the Energy Efficiency Market Report 2014 (EEMR 2014), the investment in energy efficient markets worldwide was between $310 billion and $360 billion in 2012. As more and more consumers make a conscious decision to reduce their carbon footprint, the demand for energy efficient products is increasing. Due to the increased focus on energy efficient, light-emitting diode (LED) lamps are being adopted by both residential and commercial consumers. The demand for energy-efficient LED lamps has gone up, as they not only provide consumers with a cost-effective lighting option, but also allow them greater control over home energy management (HEM) and home automation. Socio-economic factors have also played a major role in creating the demand for energy-efficient lamps. Rapid urbanization, increased mobility, and energy-savings are prime factors responsible for the increased demand for energy-efficient LED lamps. Energy efficient lamps are a part of the broader smart lighting industry, which focuses on providing consumers with greater system-wide control over numerous aspects of lighting. This enables the consumers to have a more convenient, hands-on approach to manage the lighting in their homes or office, which translates to energy savings in the long run. Fuelling the growth of smart lighting is the innovation in wireless technology, which gives consumers a hassle-free access to manage lighting equipment. As organizations—both government and private—become more focussed on decreasing their total energy costs, the demand for smart lighting equipment and energy efficient lamps is only going to increase. According to conservative estimates, 40% of the total energy cost in residential and commercial applications is due to lighting alone. LED lamps provide a great opportunity to both residential and commercial organizations to reduce their energy bills drastically. According to a research published by Transparency Market Research, the global energy-efficient lighting technology market will be worth $173.4 billion by the end of 2016. It is projected that incandescent bulbs will soon be on their way out and they will be replaced by energy-efficient fluorescent and LED lamps. The long-lasting property and cost-effectiveness of LED lamps have made them the market leader in the smart lighting sector. LED lamps last for around 50,000 hours, which is twice the life of fluorescents light bulbs. Also, LED lamps provide enhanced safety as unlike incandescent and fluorescent bulbs, they do not get hot when they are in use for a long time. Considering the factors that we have discussed in this report, it can be safely said that LED lamps are the future of the lighting industry. Their high efficiency, long-lasting property, and cost-effectiveness make them an ideal choice for use in a variety of applications. Market experts are of the opinion that LED lighting segment will see a double-digit growth post 2020. For More Information About Energy Efficient Lamps Market Research Report Visit –