The growing public awareness about environmental degradation and the importance of energy conservation has made the governments of many countries implement strict policies pertaining to the energy efficiency of lights. These policies are aimed at increasing energy and cost savings in several sectors.
Such energy codes for residential and commercial buildings are predicted to mitigate CO2 emissions by as much as 841 MMT and save around $126 billion in electricity costs. For instance, the U.S. Department of Energy has recently enacted the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and a critical parameter for developing various designs and systems.
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China, which is one of the largest users of ambient lighting solutions in the world, has become one of the biggest consumers of power in the world over the last few years and the country accounts for nearly 14% of the worldwide power consumption, with lighting being a primary electricity consumption area.
Apart from these factors, the growing requirement for smart lighting solutions is also driving the expansion of the ambient lighting market, owing to which, the revenue of the market is expected to surge from $60.8 billion in 2019 to $156.5 billion by 2030. Furthermore, the market will exhibit a CAGR of 9.2% between 2020 and 2030, as per the forecast of the market research firm, P&S Intelligence.
Thus, in order to boost power savings, the country has made commitments via its Development Plan for LED Lighting Industry in 2017 which is aimed at augmenting the deployment of LED lights in the country.