PRN: Energy Savings Draw Consumers to Energy-Efficient Lighting Systems, Finds Frost & Sullivan
Energy Savings Draw Consumers to Energy-Efficient Lighting Systems, Finds Frost & Sullivan
- Favorable legislation and volatile energy prices encourage conscientious lighting technology purchases
MOUNTAIN VIEW, California, July 19, 2012 /PRNewswire/ -- The rising environmental consciousness of end users as well as new energy-efficiency requirements have opened up a large market for energy-efficient lighting equipment in North America. Consumers are eager to not only adopt products that have the least impact on the environment, but also reduce energy consumption. As lighting accounts for more than 20 percent of primary energy use in commercial buildings in the United States, there is an urgent need to upgrade existing lighting systems.
New analysis from Frost & Sullivan's (http://www.buildingtechnologies.frost.com) Analysis of the North American Lighting Equipment Market finds that the market earned revenues of $17.3 billion in 2011 and estimates this to reach $20.8 billion in 2016.
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"Uncertainty around energy prices has led to reevaluations of energy consumption," said Frost & Sullivan Industry Analyst Alejandra Lozano.Â "Building owners, facility managers and homeowners are exploring ways to save energy by replacing their lighting systems with more energy-efficient ones."
North America has passed legislation such as the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007, which impose certain energy-efficiency standards on buildings and lighting products. The government also offers tax deductions for energy-efficient lighting systems and utility rebates for energy-efficient lighting products. This has led to the phasing out of incandescent lamps, magnetic ballasts, and other inefficient light sources, which, in turn, bodes well for the energy-efficient lighting equipment market.
Despite the vast opportunities in the market, intense competition and the higher initial costs of advanced lighting products are limiting revenue growth and market penetration. The slowdown in construction activity has further dampened the growth rate of market.
In the last few years, owing to the economic downturn, end users have started scrutinizing every purchase and demanding cost-effective systems. However, once the economy recovers and construction activity picks up, the market is anticipated to witness steady growth until 2016.
"Lighting manufacturers are also investing in R&D to make products more energy-efficient, longer lasting and affordable," said Lozano. "Novel lighting equipment demonstrates higher efficiency, faster startup, enhanced control, and better light quality, which are improving the uptake of innovative lighting fixtures and controls."
Overall, manufacturers with a competitive pricing strategy as well as high quality products that offer the most energy savings will have an edge in the market.
Analysis of the North American Lighting Equipment Market is part of the Environment & Building Technologies Growth Partnership Services program, which also includes research in the following markets: European Energy-Efficient Lighting Market; Forecasts and Growth Opportunities in the Total European Lighting Equipment Market; World LED Lighting Markets; and European Lighting Equipment Market: Opportunities by Vertical Application Sector. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the North American Lighting Equipment Market