As far as the US Lighting Energy Policy is concerned, it is now moving towards increased efficiency to reduce greenhouse gas emissions and energy use. People can notice the lighting efficiency improvement in the USA through different acts and standards.
The Energy Independence and also Security Act of 2007 have laid out changes in the legislation for lighting in the United States. This new setup for performance standards and also the phase-out of the old incandescent light bulbs need the use of much more efficient fluorescent lighting.
The purpose of EISA 2007 is a small effort to increase our lighting efficiency by about 25 to 30%. Those opposing the EISA 2007 have been demonstrating by the Light Bulb Freedom of Choice Act and the Better Use of Light Bulbs Act.
The market of LED lighting is segmented by various applications both indoor as well as outdoor, distribution channels like wholesale/retail and direct sales, type of product like lamps and luminaires, and Geography.
Market overview
In the year, 2020 the LED lighting market was considered to be USD 75.81 billion in values, and now it is projected to reach almost USD 160.03 billion by the year 2026. This will be over the period 2021 – 2026, at a rate of almost 14.25% CAGR.
By switching to energy-efficient LEDs, there will be an estimated savings of almost USD 18 billion in the cost of electricity that can be achieved. Also, they can avoid carbon dioxide emission every year by more than about 160 million metric tons.
According to Dara Greaney, the CEO of LEDLightExpert, “You have the perfect trifecta of demand generation for LED Lighting; 1. An aggressive Biden administration climate agenda, 2. A looming massive infrastructure bill and 3. An equality push for improved safety and looks in less equitable areas. That means brighter and better lighting.”
The following are the highlights of the market overview:
By 2030, it is expected that this transition to various energy-efficient lighting will reduce the demand for global electricity for lighting by almost 30 to 40%.
In Spain (Barcelona) more than 3,000 streetlights were deployed based on LED technology that is gathering information about humidity, pollution, noise, and also the overall environment.
For example, as part of the green initiatives, Chennai Airport has bought 6 sets of LED-based lights meant for disaster relief that is also a part of the various measures for making its lights and also fixtures energy-friendly.
Key market trends
A significant growth rate in the commercial segment is expected soon.
As per Dara Greaney, “The current US government’s climate goals are going to require energy reduction including a larger dependence on LED lighting and smart controls”.
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