Published On : 15 Nov 2018
Lighting is necessity as it allows one to see objects in dark. Over the year’s humankind have found ways to beat the dark. It started from the discovery of fire, as it became only source of light in dark and continued to remain for long, until the discovery of electric bulbs. As the technology is getting better and better day by day, scientists and researchers have focused in making products which are efficient and does not leak energy in any other forms. Energy efficient lights are known to reduce electricity demand as it prevents loss of energy in terms of heat. It lights up the area with minimum input thus evading consumers to spend behind electricity bills.
Rising Popularity of LEDs Rises Demand for Energy Efficient Lighting Technology
LEDs (Light emitting diode) is one type of lighting technology present under efficient lighting market. It is likely to gain an immense popularity owing to its extensive usage in both residential and commercial areas. Apart from LEDs, another type which is anticipated to drive the global market is CFL (Compact Florescent Lamps). These gas discharge lamps have grabbed attention of population irrespective of its late arrival in the market. Some of the companies promises that CLF lights can save up to 80% of energy. Another factor that has helped CFL to have a healthy rise is its long self-life in comparison to standard incandescent lamps.
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Significant Growth of Smart Buildings to Increase Product Demand
Need for efficient lighting system has increased due to rising trend for owing smart homes. Rising interest to own latest technology and integrate it in various corners of the house is anticipated to help the market grow. Need for better security in commercial and residential buildings is anticipated to drive the market. Another major factor which is burgeoning the demand for smart buildings is it helps in reducing carbon dioxide emission in the atmosphere. Significant growth of environmental concerned population has supported the growth of smart buildings which has indirectly helped the energy efficient light technology to grow
Extensive Research and Development Activities Produces Energy Efficient Product Portfolios
It is expected that the demand for electricity in coming years will increase by a noteworthy share, thus pressuring energy generators to produce more electricity, causing a tremendous rise in air pollution. It is anticipated that in order to suffice the need growing demand for electricity, various pockets of the world will face power cut. In order to ease the burden on various electricity generator, government of various countries have started taking various initiatives to increase awareness among consumers regarding advantages associated with using energy efficient lighting technology. Research and development carried by various companies in order to increase the array of their product portfolio is anticipated to help the market grow.
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