Lamp Market Present Scenario and Growth Prospects from 2017 to 2024

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Lamp Industry Growth Outlook With Industry Review
and Forecasts by 2024 Fractovia.org
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Key Insights of Lamp Market

• Lamp market is generating significant momentum in
  the overall lighting industry as the market
  players are launching a wide range of product
  portfolios with low pricing strategies to compete
  with other LED counterparts. The overall cost
  effectiveness and low replacement prices of these
  lamps have enabled extensive product penetration
  in the public and government infrastructure such
  as highways, stations, etc.
• Government initiatives undertaken to develop the
  rural areas of the emerging economies will fuel
  the growth of lamp market. The global lamp
  industry is characterized by extensive product
  deployment not only from the residential sector,
  but also from the automotive, hospitality,
  industrial and commercial sectors. As per
  estimates, the global shipments of these lamps
  are projected to cross 32 billion by 2024. A
  report compiled by Global Market Insights, Inc.,
  states the global lamp market is set to exceed
  USD 18 billion by 2024.
• Indoor applications accounted for the largest
  revenue share in the application segment of lamp
  market in 2016 and will record a considerable
  growth rate over the coming years. Surging
  product demand across the commercial, industrial,
  and residential sectors will noticeably stimulate
  lamp market share from indoor applications.

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Continued

• Rising awareness regarding energy efficient
  products and the enhanced consumer living
  standards are the attributing factors for market
  growth. Shifting focus of consumers toward
  various electric lighting systems and designs for
  an appealing ex-factor will favor the product
  demand. Additionally, growing deployment of
  fluorescent and halogen bulbs across the
  hospitality, healthcare, and household sectors
  will influence the product demand positively.
• U.S. contributed significantly toward North
  America lamp market in 2016. Shifting trends
  toward the adoption of energy efficient products
  to consume less energy will stimulate the market
  growth. Presence of strong automotive base across
  this region will also fuel the demand for the
  product. Halogen lamps are increasingly used in
  the automobiles due to their ability to consume
  lesser energy as compare to incandescent bulbs.
  Replacing these lamps also costs lesser, subject
  to which North America lamp market will
  experience a significant growth.
• Latin America lamp market will collect
  considerable revenue over the years ahead. The
  governments of various countries such as Mexico
  and Brazil have been promoting the usage of these
  lamps by supplying favorable subsidies, which
  will lead to lowered product costs.

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China Lamp Market Share, By Product, 2016

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Continued

• Considering the long-lasting shelf life and
  reduced product cost, incandescent lamps are
  being increasingly deployed across the
  residential areas of Mexico, which will influence
  lamp market share noticeably. In addition, the
  presence of an enormous number of competitors
  across this region, owing to the availability of
  ample raw material will lead to the development
  of a wide range of products and will stimulate
  lamp industry. The notable players in lamp market
  are GE, Philips, and Osram. Asia Pacific lamp
  market will generate substantial revenue over the
  coming timeframe. Increasing expenditure on
  construction activities along with the surging
  requirement of energy efficient and eco-friendly
  lighting systems will fuel the market over the
  coming seven years. Stringent norms enforced by
  the government to deploy the energy efficient
  products will also impact notably on lamp market
  trends.
• Electric discharge product segment will register
  a significant annual growth rate over the coming
  seven years. Since the last decade, the
  requirement for CFLs has been increasing
  considerably, which will amplify lamp market
  demand. Electric discharge lamps offer benefits
  like ease of reliability, superior efficiency,
  and a long shelf life, which will favorably
  influence the industry growth. Due to the
  benefits such as quick initial start-up time,
  excellent light quality, remarkable illumination,
  and less glare, the demand for fluorescent lamps,
  a type of electric discharge product will be
  suitably augmented over the forecast timeframe.
  Manufacturers are investing heavily to develop
  more efficient products to save energy.

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