LED Lamp Market Trends Driver By Top Key Players: ASM Pacific Technology Ltd., Cree, Eaton, GE, OSRAM, Philips Lighting, Zumtobel Group, Sharp Corporation of Australia, Seoul Semiconductor, Nichia America Corporation, Everlight Electronics
LED Lamp Market size is set to reach USD 13.5 billion by 2024, according to a new research report by Global Market Insights, Inc. The global LED consumption in 2016 was over 2 billion units. Growing concerns about the depletion of non-renewable sources of power have fueled the need for lighting solutions that can reduce the negative impact on the environment. Owing to their wide range of benefits, these products are expected to eventually replace the usage of commonly used lighting sources such as filament lamps, fluorescent, and halogen lighting, fueling global LED lamp market size.
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Global LED lamp 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.
LED lighting is a cost-effective solution that provides longer duration of illumination compared to conventional counterparts such as filament bulbs and incandescent lights. The LED lamp market has witnessed considerable installation initiatives from regulatory bodies across public locations and highways.
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.
The general-purpose LED lamp market is expected to witness high growth rates during the forecast period owing to multipurpose applications. Consumption trends across various verticals are observed irrespective of the end-use. Adjustable illumination settings along with longer product life are expected to increase the demand across commercial and residential applications.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ASM Pacific Technology Ltd.
6. Philips Lighting
7. Zumtobel Group
8. Sharp Corporation of Australia
9. Seoul Semiconductor
10. Nichia America Corporation
11. Everlight Electronics
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LED Lamp Market By Product
• General purpose LEDs
• Decorative LEDs
• Specialty LEDs
LED Lamp Market By Application
• Indoor use
• Outdoor use
o Public places
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.
Europe LED lamp market share accounted for over 25% of the revenue in 2016. Modernization in the Europe region has increased the demand for smart homes and smart lighting options. The operational costs and long product life cycle of energy-efficient lighting are key reasons inducing the growth in this region. The European Commission has set requirements for energy-efficient solutions in residential, industrial, and public areas.
Some Key Players in LED lamp market include ASM Pacific Technology Ltd., Cree, Eaton, Everlight Electronics, GE, Nichia America Corporation, OSRAM, Philips Lighting, Seoul Semiconductor, Sharp Corporation of Australia, and Zumtobel Group.
Browse key industry insights spread across 162 pages with 269 market data tables & 18 figures & charts from the report, LED Lamp Market in detail along with the table of contents:
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.
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