LED Lamp Market to exhibit a robust growth, Key Players; Philips Lighting, Zumtobel Group, Sharp Corporation of Australia, Seoul Semiconductor, Nichia America Corporation, Everlight Electronics, ASM Pacific Technology Ltd., Cree, Eaton, GE, OSRAM

LED Lamp Market scale has witnessed a swift upsurge with the commendable product penetration across the industrial and residential sectors. The LED lamp industry growth is not only attributed to the huge profit residing in its wide spectrum of applications but is also equally driven by the buzzing trend of energy conservation worldwide. Considering the demand curve of LED lamps over the recent years, these products have become a commodity of choice in response to the escalating demand for sustainable lighting solutions and optimal energy usage. 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.

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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. Based on the growing LED lamp market trends, U.S. and India are identified as the main growth centers, owing to rapid economic growth, mega urban projects, and favorable government policies in the region. Rising demand for lower energy bills and sustainable solutions have eventually made LED lights become a popular commodity of choice. The initiatives taken by the government of US and Canada to reduce the overall cost has made LED lamps the best affordable option in attempt to minimize the energy usage. Accounting for more than 25% of overall industry share in 2016, Europe LED lamp market is set to augment, owing to growing trends in smart lighting industry and smart homes industry.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Philips Lighting
2. Zumtobel Group
3. Sharp Corporation of Australia
4. Seoul Semiconductor
5. Nichia America Corporation
6. Everlight Electronics
7. ASM Pacific Technology Ltd.
8. Cree
9. Eaton
10. GE
11. OSRAM

LED Lamp Market in indoor applications 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.

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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.

A significant drop in LED lights and lamps prices have displayed a sharp rise in the demand for LED lamp market across the commercial and residential applications. The oversupply situation of 2012 due to increase in competition has caused average sales price of LEDs to plunge between 30% to 40%. As a consequence, a wide product adoption was also seen across the hospitality, retail, and healthcare sectors. General-purpose, decorative, and specialty product segment of LED lighting industry is estimated to witness heavy deployment in the coming seven years. The rapid pickup in demand have drastically benefited the direct marketing channels such as e-commerce, as items like bulbs and ballasts can be easily stocked and ordered.

LED lamp market has witnessed a series of M&As and strategic collaborations as a part of its growth approach. Product diversification and differentiation have been the prime goals of the organizations behind these strategic moves. The companies are implementing vertical integration tactics across their value chain model. The aforementioned statement is justified by the acquisition of Lightech, a technology leader in LED drivers by GE Lighting, in 2011.

Another such move was witnessed in November 2012, when GE, the global lighting magnate acquired Albeo Technologies. This acquisition was a win-win situation for both the firms, where on one hand Albeo Technologies gained access to GE’s huge customer base and on the other hand, Albeo’s LED fixtures was added to GE’s list of lighting products.

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Stringent government policies in economies, such as China, Europe, and Canada, fueled by environmental concerns and requirement for energy-efficient solutions are the prime reasons for industry growth. Various countries including the U.S. have banned the usage of inefficient lighting solutions and offered rebates by utilities to reduce energy utilization. High living standards in Europe and the movement towards smart homes fitted with energy-efficient lamps are major reasons for regional LED lamp market growth. Companies operating in the industry include GE, Philips, Osram, Cree, etc.

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.

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