LED Lamp Market in residential sector is anticipated to exhibit a considerable industry share to 2024 owing to the heavy adoption across the sector | Top Key Players are Philips Lighting, Everlight Electronics, Cree, Eaton, GE, OSRAM

LED Lamp Market growth is driven by rising demand for enhanced lighting systems and wide adoption across varied applications including residential, commercial, and industrial. Features of these lamps, such as cost-effectiveness and longer illumination duration, are responsible for their heavy adoption across the globe. Stringent government norms and regulations in various regions regarding the ban of inefficient lamps will further fuel the LED lamp market growth. Residential sector is anticipated to exhibit a considerable industry share over the forecast timeline owing to the heavy adoption across the sector. The high revenue can be attributed to the continuous reduction in prices of these lamps over the years. Their availability in various color temperatures and easy dimmability are the other factors responsible for consumer inclination leading to this sector’s growth.

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Europe is anticipated to dominate the LED lamp 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.

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

The growing trend of automation and the ‘smart city’ and ‘smart home’ initiatives have further added to the growth of LED lamp industry. In this regard, the developed economies have contributed toward a major chunk of the overall market revenue. U.S. and Canada have been lucrative avenues for the LED lamp market growth over the recent years and are anticipated to display an upward path in the coming years as well. U.S. LED lamp market is also projected to gain a significant traction via the horticulture lighting recognized as one of the major niche applications in this region. Marijuana trade, which is proliferating on account of its medicinal value, is being addressed as a significant investment spot for the LED lamp industry participants.

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The emerging economies such as India and China are becoming popular platforms for the LED lamp market expansion. The rapid economic development, urban projects, and favorable government policies are the factors influencing the investments of the industry players in these regions. For instance, the Government of India, under the UJALA scheme, provides these lamps at lower prices, making it quite a viable option for the lower-income groups as well. Lighting Africa Program by the World Bank which enables sustainable lighting solutions access to 250 million people across sub-Saharan Africa, also provided a phenomenal impetus to LED lamp industry.

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. Moreover, their usage in functional applications, such as landscaping and building facades, will fuel their demand.

General purpose LED lamp 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.

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. In 2012, an eco-design measure was adopted to steer the market toward highly efficient lamps across Europe. The UK and Spain witnessed 85% decline in their prices in last few years. They are anticipated to account for almost 70% of lamps sold and over 60% of lamps installed globally by 2020. Various technological advancements, such as OLED lighting and Chip on Board (COB) LED array, have gained prominence in the industry.

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Government support plays a vital role in the industry. Various governments across the globe are launching various initiatives for the deployment of these lamps. For instance, in November 2015, Indian government launched an initiative, “The National Programme for LED-based Home and Street lighting” to increase their use across households and streets throughout the country. Under this scheme, the government desired to switch all street lights from the conventional to LED lamps across 100 cities that increased the production of these lamps in India by 30 times. Moreover, the Russian government is making huge investments for promoting the use of these lamps due to their energy efficiency.

The lighting companies worldwide are proactively investing in these products making it a significant part of their business portfolios. These investments where on one hand are benefiting the firms financially, on the other hand, are also addressing the corporate responsibility of the organizations. The recent noteworthy initiative in this regard is by Phillips Lighting where the company has developed LED lamps in a research partnership with Dubai Municipality. The company aims to supply 2 million ‘Dubai Lamps’ across the city in 2017, covering the residential and commercial sectors. This number is estimated to reach 10 million lamps by 2021, which signifies the huge expansion of LED lamp market across the country. Philips claims these lamps to reduce the electricity consumption by 90%. The innovation of ‘Dubai Lamps’ is certainly a groundbreaking move in the LED lamp industry. Other companies exploiting the opportunities in the LED lamp market include GE, Cree, Samsung, Osram, etc.

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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