Energy Efficient Lamps and Ballasts Market

Energy Efficient Lamps and Ballasts Market Outlook (2023 to 2033)

According to Persistence Market Research, the global market for energy efficient lamps and ballasts will reach US$ 4.3 billion by 2023, growing at a CAGR of 9.3% from 2023 to 2033. The market is projected to reach US$ 10.6 billion by 2033.

As sustainability becomes more important, consumer preference for energy conservation increases. Energy efficient lighting will grow as consumers switch from conventional lighting to energy-saving options. Lighting accounts for about 11% of household electricity consumption in the UK, according to the Energy Saving Trust. British households can save up to £250 each year by switching to energy-efficient LED lighting, which saves them between £15 and £18 per light bulb.

Starting on May 1, 2023, Tozeur, Djerba and Tunis received 400,000 energy-efficient LED bulbs at a rate of three bulbs per household, provided by the National Agency for Energy Management (ANME). According to ANME, these bulbs will reduce electricity consumption by 40%.

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2018 to 2022 energy efficient lamps and ballasts Sales Outlook Compared to Demand Forecast from 2023 to 2033

According to Persistence Market Research (PMR), energy efficient lamps and ballasts grew at a 12.6% CAGR from 2018 to 2022. Between 2023 and 2033, the market is expected to grow at a rate of 9.3%.

Energy demand is on the rise and sustainability is becoming increasingly important, and these factors will impact the energy efficient lighting market. Government initiatives and programs are expected to stimulate demand for energy-efficient lamps and ballasts.

A source of renewable energy, solar lighting holds great potential for the future of lighting. LED solar lights are becoming increasingly reliable worldwide and are currently replacing conventional lighting systems on a permanent basis. Increasing demand for energy efficiency and the shift towards renewable energy has pushed the global market toward solar lighting.

A scheme aimed at easing a shortage of energy caused by Russian attacks urged Ukrainians to swap old light bulbs for free LEDs. Yulia Svyrydenko announced that post offices would exchange five incandescent light bulbs for five LED bulbs under a new EU initiative to replace 50 million light bulbs.

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What are the Factors Driving the Demand for Energy Efficient Lamps and Ballasts Market?

Introduction of New Technologies and Favorable Investments will support the Energy Efficient Lamps and Ballasts Market

Technological advances are also expected to boost the growth of the energy efficient lamps and ballasts market. The development of advanced components, like LEDs and CFL bulbs, and ballasts, will contribute to market growth.

Energy-efficient lamps and ballasts are expected to generate significant revenue growth due to increased investment in research and development. Smart lighting solutions are expected to contribute significantly to the growth of the energy efficient lamps and ballasts market in the future.

Lighting systems will become smarter and more energy efficient, while lamps and ballasts will be integrated into smart home systems, posing lucrative opportunities for market players. Commercial and residential applications are increasingly adopting energy-efficient lamps and ballasts, driving the market growth.

A rise in the demand for LED lighting solutions and energy-efficient lamps and ballasts is also expected to contribute to market growth. Energy efficient lamps and ballasts market growth is projected to be driven by the growing need for energy efficient lighting solutions across various application sectors.

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Country-wise Insights

What is the Future Growth Potential of the North American Energy Efficient Lamps and Ballasts Market?

North America Emerges as a Leader in Energy Efficient Lamps and Ballast Market

According to PMR, North America is expected to dominate the global energy efficient lamps and ballasts market. North American energy efficient lamp and ballast sales are projected to reach US$ 4.2 billion by 2033. The region is expected to accumulate a market share of 40.2%.

Due to the increasing uptake and investment in IoT technology, the region will remain dominant over the forecast period. Demand for LED lights in residential applications is expected to increase in the future as LED lights are increasingly adopted.

By 2023, the United States is expected to grab 78% of the global market due to technological advancements. A CAGR of 8.2% is projected by 2033 for the United States, which is expected to reach US$ 3.3 billion. The United States will generate an absolute dollar opportunity of US$ 1.8 billion through 2033.

Lighting in the United States is about to undergo a fundamental shift with LED technology, which is a highly energy-efficient lighting technology. In comparison with incandescent lighting in residential settings, LED lighting uses at least 75% less energy.

Lighting built using LEDs becomes more widespread in the US, and energy savings could be greatly enhanced. The majority of lighting installation by 2035 is projected to be LED, with energy savings of 569 TWh per year, equivalent to the power output of over 92 1,000 MW plants.

What Makes Energy Efficient Lamps and Ballasts a Popular Choice in Asia Pacific?

Government Initiatives will boost Demand for Energy Efficient Lamps and Ballasts Throughout Asia Pacific

The energy efficient lamps and ballasts market in the Asia Pacific is expected to account for 24.6% of the total revenue. Consumer awareness about LED lights and savings on bills has boosted market demand for energy-efficient bulbs and ballasts. A growing number of government policies aimed at reducing energy consumption and conserving energy are expected to boost the growth of the market.

According to the report, China is expected to reach US$ 907.4 million by the end of the forecast period. It will account for 35% of the total market share in 20233. Energy efficiency investments in the Indian lamp and ballast market have already resulted in a significant reduction in the country's energy demand. Using energy efficient lighting products has led to a 5% reduction in energy usage in India compared to conventional light sources. Government initiatives and programs to educate consumers have led to market growth.

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Category-wise Insights

How LED Lamps are driving the Global Energy Efficient Lamps and Ballasts Market?

Technology is Dominating the Market for LED Lamps in Energy Efficient Lamps and Ballasts Market

The LED market is projected to grow at a CAGR of 9.1% by 2033. Revenues from LED lighting will dominate the market for the foreseeable future. Sensor-equipped LEDs are increasingly used in a wide range of applications. In comparison with other types of light, LED lighting offers comparable or better light quality, has a longer lifespan, is stronger, and provides a comparable or even higher level of illumination.

Researchers have found that UV-emitting LED lights can be used to disinfect homes and other public places during a pandemic. For instance, in August 2020, U.S. FDA confirmed that LEDs emitting UV rays have the ability to disinfect air, surfaces, and water without leaving any residue.

Lighting that is energy-efficient, like UV LED lamps, will become more popular and eventually bolster the global market. As a result of these factors, investors may be able to take advantage of great opportunities during the forecast period.

Which Applications are expected to Drive Demand for Energy Efficient Lamps and Ballasts in the Market?

Commercial Lamps Are Expected to Grow Steadily During the Forecast Period

By application, the energy efficient lamps and ballasts market is segmented into commercial, industrial, and residential. Over the next ten years, the commercial lamps segment will expand at a CAGR of 9.2%.

It is widely accepted that energy-efficient lamps are useful in a wide range of commercial applications, such as offices, hospitals, schools, and other buildings for energy savings and improved lighting. Lamps that use energy-efficient technology are gaining popularity due to longer lifespans, lower maintenance costs, and energy-saving features. In 2015, businesses began focusing on ways to reduce their carbon footprints to save money; this eventually saved businesses a great deal. Commercial buildings benefit greatly from LED lighting as LED lights achieve 100% output in a short period of time. In addition, they provide a much better level of reliability compared to other options for commercial buildings with 24-hour lighting requirements.

Competitive Landscape

Energy efficient lamps and ballasts are being manufactured in collaboration with technology companies. Organizations hope to capture a much greater share of the market by expanding their product lines, technological capabilities, and marketing presence. Combining the strengths of different companies could lead to the development of innovative products.

Research and development are key processes by which many companies improve their products. In addition to introducing new products, gaining a competitive edge can be achieved by improving existing ones.

• In April 2023, Philips’s new Ultra Efficient LED bulbs, as the name implies, are 40% more energy-efficient than the brand's current LED models. According to Signify, the bulbs use advanced LEDs and optics to reduce energy costs between 55 cents and $1.03 a year. It is estimated that a Philips Ultra Definition 60W bulb consumes approximately 97 cents per year. In addition to reducing waste, the new lights may also prove useful in attempts to reduce energy consumption.
• In April 2023, Hykoont, a leading provider of solar energy and sustainable lighting solutions, will launch its first line of solar street lights to address the sustainability problem by offering easy installation and affordability for every home and business. A variety of sectors are being offered greener and more sustainable energy sources as part of an energy revolution. Homeowners and businesses alike are adopting solar-powered street lights as part of this sustainable energy trend.

Energy Efficient Lamps and Ballasts Industry Report Scope

Energy Efficient Lamps and Ballasts Market Outlook by Category

By Type:

• Fluorescent Lamps
• CFLs
• LED Lamps
• HID (High-Intensity Discharge) Lamps
• Others

By Applications:

• Commercial
• Industrial
• Residential

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America