Supportive initiations taken by regulatory bodies to deploy energy saving and eco-friendly products will influence LED Lamp Market 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.”
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.
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Decorative, general purpose, and specialty are the key products of LED lamp market. 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 size.
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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North America LED lamp market will generate notable revenue by the end of 2024. U.S. and Canada will be the prominent regional revenue contributors. The government of U.S. and Canada have also implemented favorable rules and regulations, which will help to reduce the overall cost of the product, positively boosting the industry share. Furthermore, favorable initiative taken by U.S. government to reduce the usage of inefficient lightening will propel U.S. lamp market size.
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.
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