Lamp Market to reach 18 Billion USD by 2024

“Lamp market to acquire significant revenue via indoor applications, U.S. to prominently drive the regional landscape”

Ocean View, Delaware, United States – June 28, 2017 /MarketersMedia/ —

Government policies undertaken worldwide for upgrading the lighting technologies across remote areas is bringing a notable change in lamp market dynamics. The extensive application landscape of the market which covers residential, commercial, hospitality, retail, as well as industrial sectors is complementing the growth path subsequently. Overall, the industry is experiencing a transition from traditional lighting amenities to energy competent fixture installations such as CFLs and LEDs. The deployment of CFLs has significantly increased in residential as well as commercial sectors following the regulatory frameworks pertaining to energy efficient technologies that have banned incandescent lamps in most regions. As per Global Market Insights, Inc., “Global lamp market is slated to exceed a revenue of USD 18 billion by the end of 2024.”

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U.S. is one region which is expected to hold a prominent position in the global market. Increasing consumer inclination toward energy saving bulbs and growing trends of retrofitting energy competent products is leaving a direct impact on U.S lamp market outlook. Fluorescent technology has observed an increasing penetration in the regional market across various utility domains. Alongside, standardization set by the U.S. Department of Energy related to fluorescent lamp ballast efficiency is expected to add a remarkable value to U.S. lamp market.

Asia Pacific lamp market is also expected to chalk a lucrative growth curve in the years ahead, subject to the increasing spending in construction activities along with surging demand for energy-efficient systems in this region. Presence of various manufacturers is equally complementing the business landscape.

The global lamp industry’s wide end application horizon can be majorly bifurcated into indoor and outdoor applications. Indoor applications which encompass residential, retail, commercial, and hospitality sectors accounted for the larger chunk in terms of revenue in 2016. Spreading awareness about energy efficient lighting technologies such as fluorescent lamps and HIDs along with consumers’ elevated living standards can be majorly given the credit for the rapid market expansion.

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Based on product trends, filament and electric discharge are the major two segmentations of lamp market. Driven by the surging demand for compact fluorescent lamps across residential and commercial arenas, electric discharge lamps are anticipated to cover a major share of the industry in the coming years. Some of the attributing features that are catalyzing the product adoption include minimal energy wastage, appropriate brightness, appropriate brightness, superior quality, and low glare. Comparatively filament lamp market will experience a moderate growth in the years ahead due to phasing out of incandescent lamps in most of the regions. However, large scale usage of halogen lamps in work lights, automotive headlights, and under cabinet lighting is expected to regain the revenue share.

Some of the prominent key players actively participating in lamp market include Toshiba Corporation, Amglo Kemlite Laboratories, Stanley Electric Company Limited, Eye Lighting International, Koninklijke Philips N.V., Eye Lighting International, Federal Mogul Corporation, and EiKO Limited.

Browse key industry insights spread across 180 pages with 298 market data tables & 15 figures & charts from the 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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lamp-market

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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