Lamp Market trends research and projections for 2017-2024

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Lamp Market to surpass USD 18 billion by 2024
Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Lamp Market

• The lamp market trends are analyzed from recent
  past with an eye on coming years in this report
  that also offers projections for lamp industry
  targeted at helping in business decisions. Lamp
  market size will surpass USD 18 billion by 2024,
  The global shipments in 2016 were 32 billion
  units.
• Lamps are required in a wide variety of
  applications such as residential, hospitality,
  commercial, roadways, etc. Government initiatives
  for increasing lighting facilities in rural areas
  have increased the overall lamp market demand.
  The usage of CFLs has increased in commercial and
  residential sectors as they have replaced
  incandescent bulbs that are banned in most
  regions owing to the excessive mercury content.
• Halogen lamps are widely used in projector bulbs
  in automobiles owing to their low replacement
  costs and lesser energy consumption as compared
  to incandescent bulbs. These bulbs are being
  increasingly used as a replacement of
  incandescent bulbs, which are banned in various
  regions. Rising usage and reliability on these
  bulbs have fueled the lamp market growth.

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Continued...

• Stringent government regulations toward the usage
  of energy-efficient bulbs and rising spending on
  residential constructions are anticipated to
  hamper lamp market demand. Consumer preference
  shifting towards LED bulbs owing to their lesser
  energy consumption costs will hamper the industry
  growth over the forecast timeline. Moreover,
  government initiatives across the globe for the
  implementation of LED bulbs have negatively
  affected the demand for bulbs and will be a
  threat to the lamp market growth.
• 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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China Lamp Market Share, By Product, 2016

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Continued...

• The electrical discharge segment growth is
  attributed to the rising adoption of fluorescent
  bulbs across various applications. These
  fluorescent lamps are available in various lumen
  packages and wattage, which enables consumers to
  vary the light power and output to accurate load
  requirements to fulfill the stringent energy
  codes.
• The filament bulbs market will witness a sluggish
  growth over the forecast timeline due to the
  phasing out of incandescent bulbs. The aim behind
  the phasing out of these bulbs is to boost the
  adoption of advanced efficiency bulbs and
  specifically HIDs in place of halogen bulbs,
  reducing the energy wastage.
• Residential applications are anticipated to
  witness high adoption rates due to the increasing
  demand for cost-effective lighting systems in
  households. The increasing inclination of
  consumers towards energy-efficient lighting
  products, such as HIDs and fluorescent lamps,
  will further impact the lamp market demand.

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Continued...

• Consumers are also focusing on the lighting
  design and adopting various electric lighting
  approaches to optimize the circulation of light
  inside their homes.
• 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.
• The global lamp market is highly fragmented with
  players launching a variety of products. Mergers,
  collaborations, and partnerships are key
  strategies adopted by industry players.

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