San Francisco, California (PRWEB) November 28, 2014
Energy efficient lamps have been gaining popularity owing to their positive environmental impact. The use of energy efficient lamps reduces consumption of fossil fuels such as coal and oil used in power generation. They considerably help in restricting global warming by saving energy and reducing carbon emissions.
High output, low maintenance cost and high operational life are a few benefits offered by these products, which is expected to fuel adoption and in turn drive energy efficient lamps market growth. Additionally, government initiatives taken for energy conservation are expected to propel the market over the forecast period.
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Compact fluorescent lamps (CFLs) are expected to dominate the energy efficient lamps market owing to their wide benefits including high quality light, efficiency, versatility etc. Although CFLs are initially expensive, they help users save costs in the long run on account of their low energy consumption and long life. High durability and efficiency offered by LED lamps is expected to drive the market for these products over the next six years. In terms of application, the residential sector is expected to lead the energy efficient lamps market.
Asia Pacific has untapped growth potential, as a result of which it is expected to be an attractive regional market. North America and Europe are expected to dominate the energy efficient lamps market owing to favorable government regulations for energy conservation. Some key industry participants are Philips Lighting, GE Lighting, OSRAM, Acuity Brands, Havells, Panasonic Lighting and Cooper Lighting. Philips Lightings and OSRAM are expected to be dominant players in the energy efficient lamps market over the forecast period.
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