Published By : 25 Aug 2016 | Published By : QYRESEARCH
The global energy-efficient lighting market has gained significant momentum from warehouse owners looking for solutions that could reduce their energy consumptions and save them on costs. In comparison to conventional incandescent lighting systems, advanced and smart lighting solutions such as CFL and LED provide better efficiency, increased safety, and cost savings. The demand for energy-efficient warehouse lighting has grown with their increasing application in cooling and ventilation, lighting, refrigeration, material handling, and others applications in warehouses. However, undefined technology issues and high initial investments are likely to hamper the growth of the global energy-efficient lighting market.
Government Initiatives to Promote Growth of Energy-efficient Lighting Market
Governments across the globe are introducing and implementing energy-saving policies. To put this in perspective, the U.S. government has imposed a ban on the use of conventional incandescent lighting in the warehouses. The government has also promised to give manufacturers utility rebates. Moreover, the implementation of Energy Performance Certificates in several European Countries have compelled warehouse owners to use energy-efficient lightings. Such measures are anticipated to give the global energy-efficient lighting market a significant push in the forthcoming years.
Energy-efficient Lighting Vendors to Shift Focus from Developed to Developing Regions
In recent times, the energy-efficient lighting manufacturers have shifted their focus from the developed markets of Europe and North America to developing markets of such as Argentina, China, India, South Africa, and Brazil. The shift can be attributed to favorable government policies, mega-urban projects, and rapid economic growth
Geographically, Asia Pacific is the leading market. The growing inclination towards green technologies and rapid industrial growth have stimulated the demand for energy-efficient lightings in the APAC region. Major investments in the leading lighting technologies have made China, South Korea, and Japan prominent markets in this region. However, Latin America will grow at an impressive CAGR owing to a rapid improvement in trade policies, which has escalated the infrastructure development in this region.