Press release
LED Lamp Market Size to Hit USD 13.5 billion by 2024: Analysis of Key Players, Trends, Drivers, & Challenges
LED Lamp Market size is set to reach USD 13.5 billion by 2024, according to a new research report . The global LED consumption in 2016 was over 2 billion units.
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.
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.
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.
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The above information is provided on a regional and country basis for the following:
North America
Europe
Asia Pacific
Latin America
MEA
LED Lamp Downstream Derivatives Market Potential
• General purpose LEDs
• Decorative LEDs
• Specialty LEDs
LED Lamp preparation market by Application:
Indoor use:
• Residential
• Commercial
• Retail
• Hospitality
• Healthcare
• Others
• Industrial
Outdoor use:
• Highways
• Public places
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
Pitfalls and challenges
Reduced replacement frequency
Effects of blue light
Innovation & sustainability
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.
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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.
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.
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.
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