How increasing demand for improved lighting foster growth of the global LED lamp market between 2019-2024?

With growing demand for improved lighting solutions and increasing adoption across commercial, industrial and residential sectors, the LED lamp market is projected to experience tremendous growth in the forthcoming years.

Additionally, longer illumination duration and cost-effectiveness are few of the major benefits offered by LED lamps that foster their global adoption. Furthermore, strict rules and regulations imposed by world governments pertaining to the usage of inefficient lamps are likely to further fuel the global LED lamp market share by 2024.

There has been a significant reduction in LED lamp prices, which subsequently has attracted the attention of several large-scale enterprises, further boosting their adoption on a bigger scale.

Meanwhile, technological advancements like COB (Chip on Board) LED Array and OLED lighting can also be attributed for the projected growth of the market share in future.    

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How are the prominent product segments expected to fuel global LED lamp market share over the forthcoming years? 

The general-purpose LED product segment is anticipated to be the highest contributor towards the market share over the forthcoming years, primarily due to their multi-purpose usage. Additionally, with the emergence of general purpose LED lamps as an ideal replacement for the ageing, traditional lamps is another determinant impelling industry expansion.

Shifting customer focus on the use of energy-efficient lighting is likely to be one of the core drivers propelling demand for general-purpose LED lamps over the forecast period. General-purpose lamps also boast of a whole host of benefits over traditional lamps, including adjustable illumination and longer product life, which may emerge as a stimulating factor driving their demand in the future.  

Decorative LED lamp market is projected to witness a substantial growth over the forthcoming years owing to their wider acceptance for several applications in the residential sector. In fact, decorative LED lamps are widely used in fountains, pools, statues, and gardens.

Additionally, the usage of these lamps in functional applications like building facades and landscaping will further propel their demand and drive the global LED lamp market outlook.   

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How will the residential application segment impel global LED lamp market outlook?

Global LED lamp market is projected to witness substantial growth owing to the significant developments and product adoption across the residential sector. The high revenue generation from this sector can be accounted to decreased prices of LED lamps over the past couple of years.

Additionally, easy dimmability and varying color temperature variations offered by LED lamps are also increasingly attracting customer attention, further propelling the development of the sector.   

Which aspects of the Europe LED lamp market emerge as the primary growth facilitators during the projected time period?

The Europe LED lamp market size is anticipated to showcase momentous growth, dominating the overall LED lamp market outlook over the forecast timeframe. This growth can be attributed towards the rising demand for smart home options and adoption of smart lighting in the region. LED lamp prices have reduced by approximately 80-90 percent in the region over the past number of years.  

Several norms and regulations are imposed across Europe for greater adoption of LED lamps across the region’s public, industrial and residential areas are expected to further fuel the market outlook.

Since 2012, Europe has implemented an eco-design measure, which solely focuses on driving the market landscape towards the adoption of highly efficient LED lamps. This provides Europe LED lamp market an ideal growth ground to generate revenue from.     

Some of the prominent market players in the global LED lamp market are General Electric Company, Samsung, Osram, Philips, Eaton Corporation, and Cree, Inc. Acquisitions and joint ventures are the main strategies implemented by these companies to set themselves apart from growing competition in the market.

According to a research report by Global Market Insights, Inc., the global LED lamp market is projected to exceed $13 billion valuation by 2024.

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