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LED Lighting Market By 2024 Major Companies: GE, Philips, Osram, Cree, ASM Pacific Technology, Eaton Corporation, Everlight, General Electric Company, Nichia Corporation, Seoul semiconductor, Sharp Corporation, Zumtobel Group

10-08-2018 11:01 AM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights, Inc.

LED Lamp Market

LED Lamp Market

Global LED Lighting market growth is attributed to modernization in lighting systems, demand for energy-efficient solutions, and adoption across residential, industrial, and commercial purposes during the forecast timespan. Stringent government regulations have boosted the need for eco-friendly solutions and reduction of carbon footprint through industrial and commercial applications. Reduction in prices of these lamps has gained traction among large organizations resulting in the deployment of these lamps on a larger scale. Their prices in Europe have reduced by 80-90% over the past few years.

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The automation of the manufacturing process has reduced the input costs of developing LED sources; thus, playing a significant role in decreasing the overall cost. Increasing R&D in chips and arrays is also a major factor driving industry growth; for instance, the introduction of organic light-emitting diode lamps. Steady technological advancements in manufacturing have made these bulbs brighter with longer operational duration. These lighting elements have about 30,000 to 40,000 hours of lifespan and can last up to four times longer than the compact fluorescent bulbs.

General purpose LED lighting market is expected to dominate the industry over the forecast time span owing to their multi-purpose applications. The advent of these lamps as a replacement of traditional counterparts is a major factor responsible for their growth. Shifting consumer preference toward energy-efficient lighting will augment the general-purpose lamp demand in the coming years. Longer product life along with adjustable illumination settings will further escalate the demand. Decorative lamps will showcase a significant growth rate owing to their wide usage in residential applications, especially in pools, fountains, gardens, and statues.

Indoor applications of the LED lighting market include the usage in commercial, industrial, and residential areas. Rapid urbanization and demand for energy-efficient solutions in office spaces, warehouse locations, and others while reducing the carbon footprint of the company are propelling the demand in this segment.

LED lighting market was over USD 18 billion in 2016, and is set to reach USD 13.5 billion by 2024.

Growth Drivers:

• Reduction in LED prices
• Increasing demand for energy efficient lighting
• Favorable government initiatives
• Infrastructure development projects
• Growing usage in public spaces and street lightings

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Europe is anticipated to dominate the LED lighting market share owing to the increasing demand for smart lighting and smart homes options. Various regulations in the region for implementation of these lamps in industrial, public, and residential sectors have further escalated the regional growth.

North America is expected to showcase a considerable growth rate owing to the increasing adoption in outdoor applications. Asia Pacific will exhibit a significant growth rate owing to various government initiatives across the region for the implementation of LED lamps.

Projects undertaken by governments in growing economies for infrastructure modernization also play a major role in driving the LED lamp market; for instance, China and India have approved and increased the installation in commercial and residential locations across the country.

Browse key industry insights spread across 162 pages with 269 market data tables & 18 figures & charts from the report, LED lighting market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/led-lamp-market

Companies operating in the LED lighting market include GE, Philips, Osram, Cree, ASM Pacific Technology, Eaton Corporation, Everlight, General Electric Company, Nichia Corporation, Seoul semiconductor, Sharp Corporation and Zumtobel Group.

Browse Related Reports:

Solid State Lighting Market By Technology, Regional Outlook and Forecasts, 2024

Global solid state lighting market share is moderately fragmented with major industry players such as General Electric, Cireon, TSMC, Molex, and OSRAM.

https://www.gminsights.com/industry-analysis/solid-state-lighting-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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