LED Lamp Market to witness heavy growth prospects from indoor applications up to 2024

LED Lamp Market in indoor applications include the usage in commercial, industrial, and residential areas. Rapid urbanization and demand for energy-efficient solutions in office spaces, warehouse locations, and others while reducing the carbon footprint of the company are propelling the demand in this segment. Projects undertaken by governments in growing economies for infrastructure modernization also play a major role in driving the LED lamp industry; for instance, China and India have approved and increased the installation in commercial and residential locations across the country.

Europe is anticipated to dominate the LED lamp market share owing to the increasing demand for smart lighting and smart homes options. Various regulations in the region for implementation of these lamps in industrial, public, and residential sectors have further escalated the regional growth. North America is expected to showcase a considerable growth rate owing to the increasing adoption in outdoor applications. Asia Pacific will exhibit a significant growth rate owing to various government initiatives across the region for the implementation of LED lamps.

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Based on the growing LED lamp market trends, U.S. and India are identified as the main growth centers, owing to rapid economic growth, mega urban projects, and favorable government policies in the region. Rising demand for lower energy bills and sustainable solutions have eventually made LED lights become a popular commodity of choice. The initiatives taken by the government of US and Canada to reduce the overall cost has made LED lamps the best affordable option in attempt to minimize the energy usage. Accounting for more than 25% of overall industry share in 2016, Europe LED lamp industry is set to augment, owing to growing trends in smart lighting industry and smart homes industry.

LED lamp market has witnessed a series of M&As and strategic collaborations as a part of its growth approach. Product diversification and differentiation have been the prime goals of the organizations behind these strategic moves. The companies are implementing vertical integration tactics across their value chain model. The aforementioned statement is justified by the acquisition of Lightech, a technology leader in LED drivers by GE Lighting, in 2011. Another such move was witnessed in November 2012, when GE, the global lighting magnate acquired Albeo Technologies. This acquisition was a win-win situation for both the firms, where on one hand Albeo Technologies gained access to GE’s huge customer base and on the other hand, Albeo’s LED fixtures was added to GE’s list of lighting products.

The automation of the manufacturing process has reduced the input costs of developing LED sources. thus, playing a significant role in decreasing the overall cost. Increasing R&D in chips and arrays is also a major factor driving LED lamp market growth. for instance, the introduction of organic light-emitting diode lamps. Steady technological advancements in manufacturing have made these bulbs brighter with longer operational duration. These lighting elements have about 30,000 to 40,000 hours of lifespan and can last up to four times longer than the compact fluorescent bulbs.

LED Lamp Market scale has witnessed a swift upsurge with the commendable product penetration across the industrial and residential sectors. The LED lamp industry growth is not only attributed to the huge profit residing in its wide spectrum of applications but is also equally driven by the buzzing trend of energy conservation worldwide. Considering the demand curve of LED lamps over the recent years, these products have become a commodity of choice in response to the escalating demand for sustainable lighting solutions and optimal energy usage. According to a new research report by Global Market Insights, Inc., LED Lamp industry is expected to cross USD 13 billion by 2024.

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