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.
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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.
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 R&D in chips and arrays is also a major factor
driving industry growth; for instance, the introduction of organic
light-emitting diode lamps. Steady technological advancements in manufacturing
have made these bulbs brighter with longer operational duration. 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.
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.
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.
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.
LED Lamp Market By
Product
- General purpose LEDs
- Decorative LEDs
- Specialty LEDs
LED Lamp Market By
Application
- Indoor use
- Residential
- Commercial
- Retail
- Hospitality
- Healthcare
- Others
- Industrial
- Outdoor use
- Highways
- Public places
The above information
is provided on a regional basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Vietnam
- Indonesia
- Thailand
- Latin
America
- Brazil
- Mexico
- MEA
Browse key industry insights spread
across 162 pages with 269 market data tables & 18 figures & charts from
the report, LED Lamp Market in
detail along with the table of contents:
About Global Market Insights
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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Arun
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://www.gminsights.com/blogs
Connect with us: Facebook | Google+ | LinkedIn | Twitter
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