OCEAN VIEW, Delaware, May 23, 2017 /PRNewswire/ --
The industry forecast report "Lamp Market Size By Product (Electrical Discharge [Fluorescent, High Intensity Discharge], Filament [Incandescent, Halogen]), By Application (Indoor [Residential, Commercial, Retail, Hospitality, Healthcare], Industrial), Outdoor [Highways, Public Places], Motor Vehicles), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Vietnam, Indonesia, Thailand, Brazil, Mexico) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. says Lamp Market share is poised to cross USD 18 billion by 2024. The global shipments in 2016 were 32 billion units.
Lamps are required in a wide variety of applications such as residential, hospitality, commercial, roadways, etc. Government initiatives for increasing lighting facilities in rural areas have increased the overall lamp market demand. The usage of CFLs has increased in commercial and residential sectors as they have replaced incandescent bulbs that are banned in most regions owing to the excessive mercury content.
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Halogen lamps are widely used in projector bulbs in automobiles owing to their low replacement costs and lesser energy consumption as compared to incandescent bulbs. These bulbs are being increasingly used as a replacement of incandescent bulbs which are banned in various regions. Rising usage and reliability on these bulbs have fueled the lamp market growth.
Stringent government regulations toward the usage of energy-efficient bulbs and rising spending on residential constructions are anticipated to hamper lamp market demand. Consumers' preference shifting towards LED bulbs owing to their lesser energy consumption costs will hamper the industry growth over the forecast timeline. Moreover, government initiatives across the globe for the implementation of LED bulbs have negatively affected the demand for bulbs and will be a threat to the lamp market growth.
Fluorescent and halogen lamps are among the most widely used lighting sources. Modern fluorescent bulbs provide a cost-effective solution for both private and commercial uses. Moreover, they uniformly distribute the light and are featured with long service life, high luminous efficacy, low energy consumption, and superior reliability. Substitution of fluorescent bulbs with advanced LEDs will drastically decrease the demand for raw materials such as Europium and Yttrium.
Browse key industry insights spread across 180 pages with 298 market data tables & 15 figures & charts from this 2017 report Lamp Market in detail along with the table of contents: https://www.gminsights.com/industry-analysis/lamp-market
The electrical discharge segment growth is attributed to the rising adoption of fluorescent bulbs across various applications. These fluorescent lamps are available in various lumen packages and wattage which enables consumers to vary the light power and output to accurate load requirements to fulfill the stringent energy codes.
The filament bulbs market will witness a sluggish growth over the forecast timeline due to the phasing out of incandescent bulbs. The aim behind the phasing out of these bulbs is to boost the adoption of advanced efficiency bulbs and specifically HIDs in place of halogen bulbs, reducing the energy wastage.
Residential applications are anticipated to witness high adoption rates due to the increasing demand for cost-effective lighting systems in households. The increasing inclination of consumers towards energy-efficient lighting products, such as HIDs and fluorescent lamps, will further impact the lamp market demand. Consumers are also focusing on the lighting design and adopting various electric lighting approaches to optimize the circulation of light inside their homes.
Rising expenditure on construction and the demand for energy-efficient lighting systems are anticipated to drive the Asia-Pacific lamp market. The presence of various manufacturers will also impact the industry. The need for efficient lighting systems for surgical purposes due to a large aging population base will escalate the demand for bulbs in the region.
The global lamp market is highly fragmented with players launching a variety of products. Mergers, collaborations, and partnerships are key strategies adopted by industry players.
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LED Lamp Market size was over USD 18 billion in 2016. Increasing consumer demand for energy efficiency and enhanced lighting systems, reduced prices, and increased technology penetration in general lighting will drive the LED lamp market. Stringent government policies across the globe favoring these bulbs by banning inefficient lighting systems and energy consumption are expected to augment the industry demand over the forecast period.
- LED Lighting Market Size 2016 - 2023
LED lighting market size was valued around USD 16 billion in 2014 and is expected to grow at CAGR of over 28% from 2016 to 2023. It is anticipated to reach over USD 45 billion over the forecast period. The industry is likely to achieve share of around 84% of lumen-hour market sales in the general illumination market by 2030.
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Global Market Insights, Inc., headquartered in Delaware, U.S. is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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