LED Lamp Market Share - Industry Growth Forecast Report 2024

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LED Lamp Market By Products, Technology, Industry
Trends and Forecast to 2024 Global Market
Insights Inc.
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Key Insights from LED Lamp Market

• The LED Lamp Market trends are analyzed from
  recent past with an eye on coming years in this
  report that also offers projections for LED Lamp
  industry targeted at helping in business
  decisions.
• 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.
• 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.
• 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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Continued...

• 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.
• 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 RD in
  chips and arrays is also a major factor driving
  industry growth for instance, the introduction
  of organic light-emitting diode lamps.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.
• 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.

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Continued...

• 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.
• 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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U.S. LED Lamp Market Size, By Product, 2016
2024 (Mn)

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360 Analysis

• By Product Trends
• 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.
• By Application Trends
• LED lamps are used to provide the same aesthetics
  delivered by the traditional incandescent bulbs
  accompanied by the energy saving capabilities,
  which propel its demand in the residential space.
  They are dimmable and available in different
  color temperatures. Startups in the LED lamp
  market have increasingly started to distribute
  their residential and commercial bulbs and
  luminaires to consumers bypassing traditional
  distribution channels.
• Competitive Market Share
• Established manufacturers, such as Philips,
  Osram, and Samsung, need to recreate their
  policies as the lighting revolution has
  dismantled the existing strategy landscape.
  Companies are adopting vertical integration
  across the value chain.

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