ReportBuyer.com, the website for market research reports, has added a new study which forecasts that the energy-efficient lighting (EEL) industry is likely to sell 2.5 billion units by 2020 growing at a CAGR of 12.5% from 2012. Energy-efficient Lighting Market in Europe to 2020 says that the European lighting industry is currently in a stage of transition, as incandescent lamps and halogen lamps are due to be phased out and replaced by new technologies.
The new 182 page report states that with government efforts to save energy and reduce Greenhouse Gas (GHG) emissions in Europe, the Energy-Efficient Lighting (EEL) industry is likely to achieve sales of 2.5 billion units by 2020, having grown at a Compound Annual Growth Rate (CAGR) of 12.5% from 2012. The EU governments plans to phase out incandescent lamps by September 2012, and the proposal to phase out halogen lamps by September 2016, governments and media agencies in the EU are working towards successfully phasing out incandescent lamps and promoting alternative lighting.
High-Intensity Discharge (HID) lamps are gaining momentum in street lighting applications, and Light-emitting Diodes (LEDs) and Organic Light-emitting Diodes (OLEDs) are also evolving to be an extremely energy-efficient lighting option. The sales volume of these lamps is low at present, and the industry must conquer the general public’s perception of LED lamps being cold, dull, and unaffordable.
Although the initial cost of LED lighting is high, the overall cost of ownership is lower than for incandescent lamps, and technological advancements along with growing consumer awareness could lead to a potential boom in the market. LED lamps are constantly becoming cheaper, and due to oversupply in the LED packaging market, this trend is anticipated to continue throughout the coming years. Consumers in Europe are gradually becoming more concerned with cost than quality, and residential, commercial and industrial sectors are becoming more likely to purchase LED lamps over CFLs and halogen lamps, due to economic reasons.
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