Market drivers include lighting efficiency regulations and energy cost savings
BOULDER, Colo. , Sept. 15, 2022 /PRNewswire/ -- A new report from Guidehouse Insights analyzes of the global market for lighting in commercial buildings.
The performance of LED lighting products has improved dramatically over the past 15 years. Simultaneously, prices have declined, making the financial case for LED lighting compelling and leading to widespread adoption in commercial buildings. According to a new report from Guidehouse Insights, because of anticipated increases in LED shipments between 2022 and 2031, global lamp and luminaire revenue is expected to grow modestly, at a 2.5% compound annual growth rate (CAGR).
"Standard market forces—the confluence of LED products' high level of performance and relatively low cost with increasing energy prices and concerns about the environmental impacts of building operations—are sufficient to increase LED adoption," says Wendy Davis , senior research analyst with Guidehouse Insights. "Though LED lighting systems have become the default choice for new construction and retrofit lighting installations, a sizable global installed base of legacy lighting products remains, fostering continued non-LED lamp sales for replacement of failed lamps."
Recently, government interventions, including lighting efficiency regulations and financial subsidies, have been critical drivers of LED market penetration. Because LED lamps and luminaires are long-lasting, increasing market penetration of this technology is slowing market growth, according to the report.
The report, Market Data: Energy Efficient Lighting for Commercial Markets, examines the global market for energy efficient lighting in commercial buildings (office, retail, education, healthcare, hotels & restaurants, institutional/assembly, warehouse, and transport). Market trends, drivers, and barriers are explored, with particular emphasis on the changing regulations affecting the lighting industry. Global market projections for lamp and luminaire unit shipments and revenue, segmented by lamp type (incandescent, halogen, T8 and T5, T12, CFL and miscellaneous fluorescent, high intensity discharge, and LED), construction type (new construction, retrofits, and failed lamp replacement), and region (North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa ), extend through 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 13,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Energy Efficient Lighting for Commercial Markets, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact: Cecile Fradkin +1.646.941.9139 cfradkin@scprgroup.com
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