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LED Lamp Market Forecasts Report to 2024 | Key Players Like Eaton, ASM Pacific Technology Ltd., Cree, GE, OSRAM, Philips Lighting, Zumtobel Group, Sharp Corporation of Australia, Seoul Semiconductor, Nichia America Corporation, Everlight Electronics
LED Lamp Market
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Global LED Lamp Market size is set to reach USD 13.5 billion by 2024. Increasing consumer demand for energy efficiency and enhanced lighting systems, reduced prices, and increased technology penetration in general lighting will drive the LED lamp market. 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Eaton
2. ASM Pacific Technology Ltd.
3. Cree
4. GE
5. OSRAM
6. Philips Lighting
7. Zumtobel Group
8. Sharp Corporation of Australia
9. Seoul Semiconductor
10. Nichia America Corporation
11. Everlight Electronics
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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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.
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:
https://www.gminsights.com/industry-analysis/led-lamp-market
Indoor applications of the LED lamp 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.
The demand for general-purpose lighting is anticipated to witness a surge over the forecast timeline. Decorative LED lamp market use cases are primarily residential spaces for lighting up gardens, pools, fountains, and statues. They are also used for functional applications consisting of building facades and landscaping. Rising consumer inclination towards energy-efficient lighting systems is projected to augment the general-purpose LED lamp market share over the forecast timeline.
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.
Companies operating in the 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 Related Reports: https://www.gminsights.com/industry-analysis/solid-state-lighting-market
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