The market for energy efficient lighting still is growing. According to a new report from MarketsandMarkets, the market will grow from $118.29 billion in 2015 to $174.45 billion by 2022. The compound annual growth rate (CAGR) between last year and 2022 will be 5.38 percent.
The key areas are in the ROW (rest of world) category, which includes South America, the Middle East and Africa. Economic growth in these areas is leading to urbanization and associated increased development. These developments – which presumably are both business and residential – of course need to be lit. Other drivers include the automotive industry and retrofits of incandescent lamps with energy efficient devices, the study says.
Another report – available from Absolute Reports – analyzes the worldwide industrial lighting market for the period between this year and 2021. The study found that the market for general lighting, automotive lighting and backlighting will grow at a CAGR of 2.18 percent during the period. The key vendors are GE Lighting, Cree, LG Innotek, Philips, OSRAM, Panasonic, Schneider Electric, Acuity Brands, Advanced Lighting Technologies and Bridgelux, the press release says.