Find stats on top websites
Industry Landscape
The lighting industry is undergoing a significant transformation driven by LED technology, smart controls, and IoT integration. There's a strong emphasis on energy efficiency, sustainability, and dynamic lighting solutions. The market is competitive, with established players and new entrants focusing on specialized segments like smart cities, human-centric lighting, and lighting-as-a-service.
Total Assets Under Management (AUM)
Market Size of LED Lighting in United States
~31.8 billion USD (2023)
(13.5% CAGR)
- Residential segment holds significant share.
- Commercial sector shows strong growth.
- Demand for smart and connected lighting solutions increasing.
Total Addressable Market
31.8 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Human-Centric Lighting (HCL)
HCL systems dynamically adjust light color and intensity to mimic natural daylight patterns, promoting human well-being, productivity, and sleep quality.
Li-Fi (Light Fidelity)
Li-Fi utilizes visible light communication to transmit data, offering high-speed, secure, and energy-efficient wireless connectivity through lighting infrastructure.
AI and Machine Learning in Lighting
AI and ML enable intelligent lighting control, predictive maintenance, personalized user experiences, and optimized energy management based on real-time data analysis.
Impactful Policy Frameworks
Energy Policy and Conservation Act (EPCA) Appliance Standards (Various Amendments)
The EPCA, amended over time, sets minimum energy efficiency standards for various appliances and products, including lighting, to reduce energy consumption. Recent updates (e.g., in 2022 and 2023) have phased out less efficient fluorescent lamps.
This policy pushes Elumen8 to focus exclusively on highly energy-efficient LED solutions and innovate to meet stricter performance benchmarks, potentially increasing R&D costs but also market demand for compliant products.
California Title 24, Part 6 (Energy Efficiency Standards for Residential and Nonresidential Buildings)
California's Title 24 (2022 and beyond) includes stringent energy efficiency requirements for lighting in new and renovated buildings, emphasizing controls, dimming, and daylight harvesting.
This policy mandates that Elumen8's products and solutions sold in California must integrate advanced controls and demonstrate superior energy performance, necessitating comprehensive compliance and potentially influencing product design.
Inflation Reduction Act (IRA) of 2022 (Energy Efficiency Tax Credits)
The IRA offers various tax credits and incentives for energy efficiency upgrades, including commercial building energy efficiency deductions (179D) and clean energy technology investments for businesses.
This policy provides a significant financial incentive for Elumen8's commercial and industrial clients to invest in new, efficient lighting systems, directly stimulating demand for Elumen8's advanced LED and smart lighting solutions.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
