Ocean View, DE -- (SBWire) -- 06/23/2020 --Lamp market is expected to cross USD 18 billion by 2024. Government initiatives to increase lighting facilities, especially in rural areas, have led to their increased production. Rural areas of emerging economies, such as India and few nations the in Middle East and Latin America, are witnessing a surging demand that will escalate the industry growth.
Excessive use of this product in numerous application including hospitality, commercial, residential, roadways, and industrial will drive the global lamp market over the forecast timeframe. The use of halogen and high-intensity discharge light bulbs in the automobile sector will positively impact the lamp market growth.
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Halogen lamps and CFLs produce about 90% and 80% of their energy as heat respectively resulting in high energy consumption costs. Shifting preference of consumers toward LEDs owing to their less energy consumption costs as compared to traditional halogen and fluorescent bulbs will pose a major threat to the lamp market growth over the forecast timespan. Various government initiatives to ban incandescent bulbs due to their inefficiency and implementation of LED bulbs have negatively affected the industry growth.
High-efficiency ballasts increase the efficiency of light bulbs. Manufacturers are focusing on developing energy-efficient ballasts that comply with the regulations and use optimum energy. They are being increasingly used owing to their energy management and affordability. Technological advancements in the industry, such as smart lights and motion sensing lights, are gaining prominence in lamp market, especially in the household and hospitality segment owing to their energy management ability.
Government subsidies provided in North American countries, such as Mexico are estimated to fuel product demand across the region. Incandescent bulbs are priced at lower costs and have longer life cycle. These pocket-friendly incandescent bulbs are commonly utilized in Mexico for lighting households, which is likely to increase over time, hence boosting regional growth. Moreover, presence of major industry players across the region owing to greater availability of raw materials at low costs and consequent lower input costs is anticipated to create a conducive environment for the growth of lamp industry over the coming years.
To maintain energy efficiency in lighting products, governments across the globe are setting up standards & regulations and also providing subsidies for energy efficient lighting products to support optimal energy utilization. For instance, China government is providing subsidies for high-efficiency fluorescent bulbs. Additionally, the government is also encouraging utilization of solid mercury bulbs instead of liquid mercury bulbs due to its extraordinary effects.
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Lamp market competitors are Osram, Philips, and GE. Manufacturers are involved in collaborations, mergers, and partnerships to gain a competitive edge in the industry. Manufacturers focus on developing energy-efficient products to save electricity consumption. Enhanced products need to comply with industry standards in various wattage levels.
Table of Contents (ToC) of the report:
Chapter 5 Lamp Market, By Application
5.1 Lamp market share, by application, 2016 & 2024
5.2 Indoor Use
5.2.1 Market estimates and forecast, by region, 2013-2024
5.2.2 Residential
5.2.2.1 Market estimates and forecast, by region, 2013-2024
5.2.3 Commercial
5.2.3.1 Market estimates and forecast, by region, 2013-2024
5.2.3.2 Retail
5.2.3.2.1 Market estimates and forecast, by region, 2013-2024
5.2.3.3 Hospitality
5.2.3.3.1 Market estimates and forecast, by region, 2013-2024
5.2.3.4 Healthcare
5.2.3.4.1 Market estimates and forecast, by region, 2013-2024
5.2.3.5 Others
5.2.3.5.1 Market estimates and forecast, by region, 2013-2024
5.2.4 Industrial
5.2.4.1 Market estimates and forecast, by region, 2013-2024
5.3 Outdoor Use
5.3.1 Market estimates and forecast, 2013 – 2024
5.3.2 Market estimates and forecast, by region, 2013-2024
5.3.3 Highways
5.3.3.1 Market estimates and forecast, by region, 2013-2024
5.3.4 Public Places
5.3.4.1 Market estimates and forecast, by region, 2013-2024
5.4 Motor Vehicles
5.4.1 Market estimates and forecast, by region, 2013-2024
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New Research Study: Lamp Market Scenario : Size, Share, Report : Forecasts (2020-2024) : General Electric, Interlectric Corporation., Havells, Panasonic, Philips