Energy Efficient Lighting Market
also provided vendors utility rebates , thereby boosting the use of energy-efficient lighting solutions . Several European countries have implemented Energy Performance Certificates , which require commercial spaces to adhere to energyefficient processes and requirements .
In contrast , high initial investments and undefined technology issues discourage numerous companies from making the switch to energy-efficient warehouse lighting .
Demand for LFLs to Decline as LEDs Gain Prominence
“ The global market for energy-efficient warehouse lighting will witness impressive growth in the coming years ,” the TMR analyst predicts . Registering a strong CAGR of 13.4 % from 2016 to 2024 , the opportunity in the market is projected to be worth over US $ 15 bn by the end of the forecast period , rising from US $ 4.2 bn in 2014 .
Asia Pacific has led the energy-efficient warehouse lighting market at the start of the forecast period and will continue its streak through 2024 , accounting for a share of over 45 % in terms of revenue . By lighting source , linear fluorescent lamps ( LFLs ) led the overall market in 2014 . However , owing to the increasing popularity of and demand for light emitting diodes ( LED ), the dominance of LFLs is anticipated to be toppled by LEDs .
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This review is based on the findings of a TMR report titled “ Energy Efficient Lighting Market : Global Industry Analysis , Size , Share , Growth , Trends , and Forecast 2016-2024 .”
Energy Efficient Lighting Market : By Lighting Source -High-intensity Discharge Lamps ( HID ) -Linear Fluorescent Lamps ( LFL ) -Light Emitting Diodes ( LED ) -Other Lighting Sources
Energy Efficient Lighting Market : By Region -North America -U . S .
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