Energy Efficient Lamps and Ballasts Market Report Overview
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The global energy efficient lamps and ballasts market size is expected to grow from 4357.2 million in 2022 to USD 13089.24 million by 2031 at a CAGR of 13.0% from 2022 to 2031.
Energy efficient lamps and ballasts are sources of artificial light that make use of cutting-edge technology to reduce the amount of electricity required to produce light, in comparison to conventional filament-burning light bulbs by replacing high power consumption lights like incandescent, high discharge lamps. Additionally, this is utilized in various control technologies like SCADA-based controls or GSM or GPRS. It is also supplanting high power lighting frill by low power gadgets like electronic balances, installations, and so forth.
The factors that are responsible for the expansion of the market include the expansion of industrial structures, rapid urbanization and technological advancements, an increase in the demand for energy conservation, the cost-effectiveness of innovative product launches by manufacturers, and government regulations for conserving energy.
COVID-19 Impact: Pandemic to Show Significant Disruptions in the Market Demand
Due to Covid-9, the majority of global industries have experienced negative impacts over the past few months. This can be attributed to the significant disruptions manufacturing and supply chain operations experienced as a result of various precautionary lockdowns and other restrictions imposed by government. In addition, consumer demand has decreased as a result of people's increased desire to cut out unnecessary expenses from their budgets as the majority of people's general economic status has been severely impacted by this outbreak. Over the course of the forecast period, the energy efficient lamps and ballasts market’s demand is anticipated to be impacted by the above mentioned factors. However, market is expected to recover as the respective governing authorities begin to lift these enforced lockdowns.
Latest Trends
"Expansion of Industrial Sector to Fuel Market Growth"
Market demand is expected to rise during the forecast period due to the expansion of the industrial sector in modern economies. As a result of development of new concepts aimed at attracting new customers, major market players are anticipated to drive energy efficient lamps and ballasts market growth over the course of the forecast period. For instance, Signify N.V. announced in June 2020 that it would introduce new and upgraded Philips Hue products to expand its line-up. The new Philips Hue White Ambiance indoor light fixture, the Philips Hue White A21 bulb, the Philips Hue Light strip Plus, and the Philips Hue Bloom table lamp are just a few of the goods in this range. The demand for energy efficient lamps and ballasts may rise as a result of these developments in the worldwide market.
Energy Efficient Lamps and Ballasts Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Fluorescent Lamps, CFLs, LED Lamps, HID (High Intensity Discharge) Lamps and Others.
- By Application Analysis
Based on application, the market can be divided into Commercial, Industrial, and Residential.
Driving Factors
"Less Power Consumption to Increase Market Demand"
Energy efficient lamps and ballasts dissipate less heat which reduces the air conditioning load and have low maintenance costs. They can operate in low voltage and are very less in weight. These lights make homes look better and save money on artificial heating and cooling, both of which boost demand for products. Increasing demand for energy conservation devices is anticipated to expand market size in the forecast period.
"Increase in Shelf Life of Lamp to Boost Growth of Market "
Energy efficient lamps offer superior light quality and a longer lifespan than incandescent or fluorescent lamps, which has led to widespread use in business settings. Additionally, this market's expansion is being fueled by government regulations pertaining to energy efficiency. The major players in the industry are also developing novel ideas and innovations in order to increase their share of the market. They are introducing a wide range of new products to meet demand from customers. This is expected to drive market expansion.
Restraining Factors
"Increasing Raw Materials Cost to Restrict Market Expansion"
The initial cost of energy efficient lamps and ballasts is high. The interest rate, market conditions, technological advancements, governmental regulations, and other similar factors all influence investments that are subject to market risk. During the forecast period, it is anticipated that price volatility and rising raw material costs will impede market expansion.
Energy Efficient Lamps and Ballasts Market Regional Insights
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"Rapid Economic Development in Asia-Pacific likely to Boost Market Expansion "
Some of the top producers of energy efficient lighting products, like Philips Lighting, Osram Licht AG, and Eaton Corporation, are based in the Asia Pacific region. These businesses are making significant investments in R&D in order to release innovative products on the market. To satisfy the rising demand from diverse end-use sectors, they are also increasing their production capacities. To address the rising demand from numerous end-use enterprises, they are also increasing their product portfolio. As a result of rapid urbanization, Asia-Pacific holds the leading position in energy efficient lamps and ballasts market share.
Key Industry Players
"Adoption of New Approaches by Major Players Affecting Market Development"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Philips Lighting, Osram, GE Lighting, Acuity Brands, Cooper Lighting, Havells and Panasonic Lighting. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.
List of Market Players Profiled
- Philips Lighting
- Osram
- GE Lighting
- Acuity Brands
- Cooper Lighting
- Havells
- Panasonic Lighting
Report Coverage
This report examines an understanding of the energy efficient lamps and ballasts market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4357.2 Million in 2022 |
Market Size Value By |
US$ 13089.24 Million by 2031 |
Growth Rate |
CAGR of 13% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global energy efficient lamps and ballasts market expected to touch by 2031?
The global energy efficient lamps and ballasts market is expected to touch USD 13089.24 million by 2031.
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What CAGR is the energy efficient lamps and ballasts market expected to exhibit during 2024-2031?
The energy efficient lamps and ballasts market is expected to exhibit a CAGR of 13.0% over 2024-2031.
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Which are the driving factors of the energy efficient lamps and ballasts market?
Rapid urbanization and increasing awareness regarding conservation of energy are the driving factors of the energy efficient lamps and ballasts market.
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Which are the top companies operating in the energy efficient lamps and ballasts market?
Philips Lighting, Osram, GE Lighting, Acuity Brands, Cooper Lighting, Havells and Panasonic Lightin are the top companies operating in the energy efficient lamps and ballasts market.
