The rising public awareness about the rapid environmental deterioration and significance of energy conservation has made several governments enact stringent policies regarding the energy efficiency of lights. These regulations are aimed at increasing cost and energy savings in multiple sectors.
For instance, the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and a crucial parameter for building various systems and designs, was enacted by the U.S. Department of Energy a few years ago. Such energy codes for commercial and residential structures are expected to massively reduce CO2 emissions by 841 MMT and lead to savings of nearly $126 billion in power costs.
China, which is one of the world’s largest users of ambient lighting systems and solutions, has emerged as one of the largest consumers of energy in the world in recent years and the country accounts for as much as 14% of the global power consumption, with lighting being a major electricity consumption area.
Therefore, to fuel energy savings, the country has made various commitments through its Development Plan for LED Lighting Industry in 2017, which intends to augment the adoption of LED lights in the country.
Besides these factors, the ballooning need for smart lighting solutions is also propelling the ambient lighting market, as a result of which, its revenue is predicted to grow from $60.8 billion in 2019 to $156.5 billion by 2030. Furthermore, the market will grow at a CAGR of 9.2% from 2020 to 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India.
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