Energy Efficient Lighting Technology Market is Anticipated to Witness High Growth Owing to Rising Electricity CostsEnergy efficient lighting technology plays a vital role in reducing energy consumption as well as carbon emissions. This technology utilizes light-emitting diode (LED) lamps and lighting control systems that optimize lighting output based on occupancy. LED bulbs and light fixtures have gained immense popularity as they consume up to 90% less energy than traditional incandescent bulbs. They also have a long lifespan of around 50,000 to 100,000 hours, which is significantly higher than other lighting solutions. Growing awareness about energy savings and cost benefits of LEDs has driven their adoption across residential and commercial establishments.
The Global energy efficient lighting technology market is estimated to be valued at US$ 237.54 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Energy Efficient Lighting Technology are