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Market Description in Detail is available at:
The Market of Energy-Efficient Lighting Technology is expected to
reach USD 173.4 billion in 2016 at a CAGR of 7.9% over the forecast
period 2011 to 2016. The LED segment is the fastest growing with CAGR
of 14.9% during 2011 and 2016.
The field of lighting has witnessed tremendous improvements in the
past few years, especially in the area of solid state lighting and
compact fluorescent lamps (CFL). The traditional incandescent bulbs
market is expected to be superseded with the onset of CFL and LEDs
(light emitting diodes). As compared to incandescent bulbs,
fluorescents have been considered for offering greater efficiency.
LED lasts longer than fluorescent and HID lighting and has proven to
be the most efficient in the industry. The typical lasting power of
LED light bulbs is 50,000 hours – twice as long as fluorescents.
They are four to six times more efficient than incandescent. One
advantage about LED lights is it does not get hot when in use. This
makes it the present market leader in energy efficient lighting
solutions.
In the overall lighting technology market, LED light bulbs are the
fastest growing market growing at a CAGR of 14.9% from 2011 to 2016.
It is becoming popular due to the increasing applications of LED
lighting in decorations, residential spaces, display backlighting,
and signal indicators. LED lighting applications will see
double-digit growth with the highest market share, post 2020. LED
lighting is enjoying the highest growth because of its exceptional
features that include long operational life, high energy-efficiency,
and robust weather resistant design.
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Today, lighting accounts for about 18% to 20% of total energy
consumption globally, while around 27% to 30% of total energy
consumed is for domestic purposes. The U.S. is projected to be the
largest market of LED in 2016. However, this will be taken over by
the Asian regions that will witness the highest growth rate at a CAGR
of 16.6% from 2011 to 2016.
The lighting industry is constantly evolving, improving and
developing new products that are inclined toward reducing energy,
while also meeting the adequate illumination needs for a particular
given space. The modern day energy efficiency markets invent new
products and deliver valuable goods and services that are meant to
reduce the energy required in order to fuel global economies. Many
energy-efficiency investment plans have already catered key changes
and energy-reductions in the global energy demand.
Major players operating in the global energy-efficient lighting
technology market, are Royal Philips Electronics, GE Lighting, Cooper
Lighting, Bridgelux Inc., Nichia Corporation, Osram, and Cree Inc.
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