The global ambient lighting industry reached a valuation of $60.8 billion in 2019 and it is predicted to progress at a CAGR of 9.2% between 2020 and 2030. Furthermore, the market will generate a revenue of $156.5 billion by 2030, as per the estimates of PS Intelligence, a market research company based in India.
This will be because of the burgeoning requirement for energy-efficient lighting solutions and the increasing implementation of strict regulatory policies regarding energy efficiency in several countries. The ballooning demand for energy conservation is fueling the requirement for greater energy efficiency in various countries around the world.
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Moreover, the governments of several countries are enacting stringent policies regarding energy efficiency, which is consequently propelling the popularity of energy-efficient lighting solutions across the world. For example, as per the U.S. Department of Energy, the U.S. Energy Standard for Buildings is a critical parameter for building designs and associated systems. It is also the national model code for all commercial buildings in the country.
According to several reports, the implementation of model energy codes for commercial and residential buildings is predicted to result in electricity costs savings of as much as $126 billion and a reduction of nearly 841 million metric tonnes (MMT) of carbon dioxideemissions. In recent years, China has become one of the largest consumers of energy in the world.
The country is currently accounting for nearly 14% of the total power consumption in the world. Due to this reason, the Chinese government made some serious commitments via its Development Plan for LED Lighting Industry in 2017.
