Sellbyville, DE -- (SBWire) -- 02/07/2019 --Lamp Market is generating significant momentum in the overall lighting industry as the market players are launching a wide range of product portfolios with low pricing strategies to compete with other LED counterparts. The overall cost effectiveness and low replacement prices of these lamps have enabled extensive product penetration in the public and government infrastructure such as highways, stations, etc. Government initiatives undertaken to develop the rural areas of the emerging economies will fuel the growth of lamp market.
The global lamp industry is characterized by extensive product deployment not only from the residential sector, but also from the automotive, hospitality, industrial and commercial sectors. As per estimates, the global shipments of these lamps are projected to cross 32 billion by 2024. A report compiled by Global Market Insights, Inc., states the global lamp market is set to exceed USD 18 billion by 2024.
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Indoor applications accounted for the largest revenue share in the application segment of lamp market in 2016 and will record a considerable growth rate over the coming years. Surging product demand across the commercial, industrial, and residential sectors will noticeably stimulate lamp market share from indoor applications.
Rising awareness regarding energy efficient products and the enhanced consumer living standards are the attributing factors for market growth. Shifting focus of consumers toward various electric lighting systems and designs for an appealing ex-factor will favor the product demand. Additionally, growing deployment of fluorescent and halogen bulbs across the hospitality, healthcare, and household sectors will influence the product demand positively.
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.
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Electric discharge product segment will register a significant annual growth rate over the coming seven years. Since the last decade, the requirement for CFLs has been increasing considerably, which will amplify lamp market demand. Electric discharge lamps offer benefits like ease of reliability, superior efficiency, and a long shelf life, which will favorably influence the industry growth. Due to the benefits such as quick initial start-up time, excellent light quality, remarkable illumination, and less glare, the demand for fluorescent lamps, a type of electric discharge product will be suitably augmented over the forecast timeframe.
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.
Established manufacturers, such as Philips, Osram, and Samsung, need to recreate their policies as the lighting revolution has dismantled the existing strategy landscape. Companies are adopting vertical integration across the value chain. For instance, in July 2011, GE acquired Lightech, which makes electronic drivers.
Lamp market research report includes in-depth coverage of the industry with estimates & forecast in terms of global volume in unit shipments and revenue in USD from 2013 to 2024, for the following segments:
Lamp Market By Product
- Electrical discharge
- Fluorescent lamps
- High intensity discharge lamps
- Filament
- Incandescent lamps
- Halogen lamps
Lamp Market By Application
- Indoor use
- Residential
- Commercial
- Retail
- Hospitality
- Healthcare
- Others
- Industrial
- Outdoor use
- Highways
- Public places
- Motor vehicles
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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.
Lamp Market Global Analysis and Forecasts 2024 – GE, Havells India Ltd, OSRAM, MaxLite, EYE Lighting International, Federal-Mogul Powertrain, Panasonic, Philips, Toshiba
Stringent government policies across the globe favoring these bulbs by banning inefficient lighting systems and energy consumption are expected to augment the Lamp Market demand over the forecast period.