Global LED lamp market is projected to witness substantial growth owing to the significant developments and product adoption across the residential sector

Ocean View, DE -- (SBWire) -- 05/11/2020 --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.

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LED Lamp Market scale has witnessed a swift upsurge with the commendable product penetration across the industrial and residential sectors. The LED lamp industry growth is not only attributed to the huge profit residing in its wide spectrum of applications but is also equally driven by the buzzing trend of energy conservation worldwide. Considering the demand curve of LED lamps over the recent years, these products have become a commodity of choice in response to the escalating demand for sustainable lighting solutions and optimal energy usage.

The lighting companies worldwide are proactively investing in these products making it a significant part of their business portfolios. These investments where on one hand are benefiting the firms financially, on the other hand, are also addressing the corporate responsibility of the organizations. The recent noteworthy initiative in this regard is by Phillips Lighting where the company has developed LED lamps in a research partnership with Dubai Municipality. The company aims to supply 2 million 'Dubai Lamps' across the city in 2017, covering the residential and commercial sectors. This number is estimated to reach 10 million lamps by 2021, which signifies the huge expansion of LED lamp market across the country. Philips claims these lamps to reduce the electricity consumption by 90%. The innovation of 'Dubai Lamps' is certainly a groundbreaking move in the LED lamp industry. Other companies exploiting the opportunities in the LED lamp market include GE, Cree, Samsung, Osram, etc.

LED lamp industry has witnessed a series of M&As and strategic collaborations as a part of its growth approach. Product diversification and differentiation have been the prime goals of the organizations behind these strategic moves. The companies are implementing vertical integration tactics across their value chain model. The aforementioned statement is justified by the acquisition of Lightech, a technology leader in LED drivers by GE Lighting, in 2011. Another such move was witnessed in November 2012, when GE, the global lighting magnate acquired Albeo Technologies. This acquisition was a win-win situation for both the firms, where on one hand Albeo Technologies gained access to GE's huge customer base and on the other hand, Albeo's LED fixtures was added to GE's list of lighting products.

Europe is also one of the prominent regions partaking in the LED lamp market share. The energy standards set by the European Commission has propelled the adoption of LED lamps across residential, industrial, and public areas. As per the estimates, Europe accounted for 25% of the overall LED lamp market in 2016 and is forecast to witness phenomenal gains over the years ahead. Apart from the favorable government norms, the technological advancements in this region such as Smart Homes and Smart City initiatives are also driving the Europe LED lamp industry.

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Key Companies in LED Lamp Market: - ASM Pacific Technology Ltd., Cree, Eaton, GE, OSRAM, Philips Lighting, Zumtobel Group

With sustainability becoming the major focus area for both the consumers and the businesses, the LED lamp market is certain to exhibit lucrative growth roadmap over the years ahead. The LED lamp market is highly competitive and demands an appropriate alignment of the various business parameters such as cost, brand value, and product diversification to sustain the fierce competition.

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