Decorative LED lamp market is expected to generate considerable revenue over the years ahead
— Speaking of the application landscape, LED lamp market comprises outdoor, indoor, and industrial applications. Indoor applications, comprising the industrial, residential and non-residential sectors, is anticipated to collect notable revenue by the end of 2024. Rising need of energy efficient products will boost the industry growth.
In a relatively short time span, LED lamp market has become extremely competitive. The companies operating in this industry have given incessant emphasis on the development of lighting solutions. The transition from cheap incandescent bulbs to affordable LED lamps have opened up a plethora of opportunities for the market players to grab commendable gains. The global LED lamp market is dominated by three bulb manufacturing companies namely Philips, Osram, and GE. However, the enduring energy-efficient lighting revolution has disrupted the LED lamp industry hierarchy to witness growing fragmentation and emergence of new manufacturers. These new entrants are seeking to capture certain market segments via product differentiation.
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Supportive initiations taken by regulatory bodies to deploy energy saving and eco-friendly products will influence LED lamp industry positively. The governments of various countries have been providing funds and subsidies to promote this product heavily across the globe. In addition, the implementation of strict norms to control the usage of inefficient lightening will also stimulate LED lamp industry notably. According to Global Market Insights, Inc., “Worldwide LED lamp market will generate a revenue of USD 13.5 billion by 2024.”
Decorative, general purpose, and specialty are the key products of LED lamp industry. Decorative LED lamp market is expected to generate considerable revenue over the years ahead. This product is extensively used for lighting up pools, statues, gardens, and fountains, which will fuel the industry share. In addition, the growing deployment of the product for functional applications such as landscaping and building facades will stimulate decorative LED lamp industry. General purpose products will also grow lucratively with a notable CAGR over the coming seven years. The attributing factor toward market growth is the shifting focus of the consumers toward energy efficient products.
Considering the regional landscape, Europe LED lamp industry covered more than 25% regional share in 2016 and will collect considerable revenue with a notable CAGR over the years ahead. Suring requirement of the product for smart lighting in smart homes, owing to the growing modernization across this region will augment the industry growth. The attributing factors favoring the industry growth are the long-lasting shelf life of the product life and affordable product cost. In addition, the European Commission is planning to deploy the product across various public, industrial, and residential areas.
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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 market in 2016 and is forecast to witness phenomenal gains over the years ahead. Apart from the favorable government norms, the technological advancements in this region such as Smart Homes and Smart City initiatives are also driving the Europe LED lamp industry.
Cree Inc., Philips, GE, Samsung, and Osram are some of noteworthy participants in LED lamp market. These companies often engage in strategic mergers and acquisitions to expand their product portfolio and increase their profit margins.
Major Key Points from Table of Content:
Chapter 4 LED Lamp Market, By Product
4.1 Global LED lamp industry share, by product, 2016 & 2024
4.2 General Purpose LED
4.2.1 Market estimates and forecast, 2013 – 2024
4.2.2 Market estimates and forecast, by region, 2013 – 2024
4.3 Decorative LED
4.3.1 Market estimates and forecast, 2013 – 2024
4.3.2 Market estimates and forecast, by region, 2013 – 2024
4.4 Specialty LED
4.4.1 Market estimates and forecast, 2013 – 2024
4.4.2 Market estimates and forecast, by region, 2013 – 2024
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