Press release
LED Lamp Market will witness a dynamic growth up to 2024 | Major Vendors like Osram, Samsung, Philips, Cree, Eaton Corporation, General Electric Company
LED Lamp Market
LED Lamp Market in 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 LED lamp industry growth.
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LED Lamp Market Growth in Europe will be escalated by various regulations in the region for implementation of these lamps in industrial, public, and residential sectors. Europe is also one of the prominent regions partaking in the LED lamp industry share. The energy standards set by the European Commission has propelled the adoption of LED lamps across residential, industrial, and public areas. As per the estimates, Europe accounted for 25% of the overall LED lamp industry in 2016 and is forecast to witness phenomenal gains over the years ahead. Apart from the Europe is anticipated to dominate the LED lamp industry share owing to the increasing demand for smart lighting and smart homes.
LED Lamp Market growth is driven by increasing trend of automation and the ‘smart city’ and ‘smart home’ initiatives have further added in the coming year. 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 lamps market growth over the recent years and are anticipated to display an upward path in the coming years as well. U.S. LED lamp industry 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.
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
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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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. 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.
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.
Starlite- a UK based lighting company claims LED lights as the greatest development since 1880, when Thomas Edison presented the world with electric lamp. As per the estimates, the LED lamp market is anticipated to generate revenue worth USD 13.5 billion by 2024. Furthermore, the retailers and manufacturers of the dynamic LED lamp industry are keen to bring their market strategies at play. Mergers and acquisitions and product diversification are the key strategies adopted by these market players to seize lucrative deals.
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 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:
www.gminsights.com/industry-analysis/led-lamp-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.
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