Global Lamp market forecast to surpass USD 18 billion by 2024: Global Market Insights, Inc.
Lamp Market is expected to chart a profitable growth map over the coming years, owing to the extensive product usage across the residential, household, healthcare, commercial, hospitality, automotive, retail, and industrial sectors. This product is heavily deployed in public spaces & highways subject to its beneficial features such as low replacement costs and less power consumption.
Favorable government policies for improving the lighting amenities across remote regions will lucratively impact global lamp industry trends. As per Global Market Insights, Inc., “Lamp market size is estimated to cross a revenue of USD 18 billion by 2024.”
Lamp industry encompasses a wide spectrum of applications that can be categorized into indoor and outdoor sectors. Lamps are extensively deployed across commercial spaces such as offices and hospitals as well as residential spaces such as high rise buildings, which will spur the growth of lamp industry in the indoor sector over the years ahead.
Over the last few years, there has been a rise in the consumer standard of living and awareness regarding energy saving, which has led to an increase in the usage of energy conserving products such as halogens and fluorescent bulbs. This fact is expected to favorably impact lamp market size, which was valued at USD 40 billion in 2016.
Taking into consideration the geographical landscape, Asia Pacific lamp industry size is anticipated to witness an upswing over the coming seven years, subject to the high spending on the construction activities. In addition, the requirement of these energy-effective lighting systems for performing surgeries will impel APAC market from the healthcare sector. The large-scale presence of key manufacturers across the region will also contribute significantly towards the revenue.
The U.S. will witness a tremendous growth rate in lamp market subject to the rising consumer demand for power-saving lamps. The popularity of these lamps across residential and commercial arenas is predicted to create lucrative growth avenues for U.S. industry.
The surging popularity of compact fluorescent lamps is anticipated to soar UK lamp market expansion in the near future. Tax benefits offered by the governments of Mexico and Brazil to reduce the product prices will propel Latin America lamp market revenue over the coming timeframe. Ample availability of raw materials in the region will contribute notably towards the business expansion.
Electrical discharge and filament are major lamp products. Electrical discharge lamp industry is projected to exhibit a substantial development over the next few years, subject to the huge demand for compact fluorescent lamps subject to the beneficial product features such as elongated service lifespan, minimal energy wastage, superior quality of light, appropriate brightness, and low glare.
Filament lamp market is projected to experience a moderate growth over the coming years, with halogen lamps offering high light quality, enhanced light output, and improved power efficiency. Furthermore, the large-scale use of the halogen lamps in under-cabinet lighting and work lights will further boost the revenue.
Leading corporations have been trying to improve their business position and secure a competitive edge over their rivals by implementing key business strategies such as alliances, joint ventures, and mergers & acquisitions. Amglo Kemlite Laboratories, Toshiba Corporation, Stanley Electric Company Limited, Eye Lighting International, Koninklijke Philips N.V., Federal Mogul Corporation, EiKO Limited, OSRAM Licht AG, MaxLite, Interlectric Corporation, Panasonic Corporation, and GE Corporation are the major participants of lamp industry.
Browse key industry insights spread across 180 pages with 298 market data tables & 15 figures & charts from the report, “Lamp Market” in detail along with the table of contents: