Lamp Market Valuation to Cross a Mammoth USD 18 Billion by 2024, Residential Sector to Drive the Application Landscape

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 lamp market growth.

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. Consumers are also focusing on the lighting design and adopting various electric lighting approaches to optimize the circulation of light inside their homes.

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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.

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.

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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.

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 market.

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