LED Lamp Market Statistics 2020 | Industry Growth, Share & Regional Forecast To 2024

Global LED lamp market is projected to witness substantial growth owing to the significant developments and product adoption across the residential sector. The high revenue generation from this sector can be accounted to decreased prices of LED lamps over the past couple of years.

Additionally, easy dimmability and varying color temperature variations offered by LED lamps are also increasingly attracting customer attention, further propelling the development of the sector.  

With growing demand for improved lighting solutions and increasing adoption across commercial, industrial and residential sectors, the LED lamp market is projected to experience tremendous growth in the forthcoming years.

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Additionally, longer illumination duration and cost-effectiveness are few of the major benefits offered by LED lamps that foster their global adoption. Furthermore, strict rules and regulations imposed by world governments pertaining to the usage of inefficient lamps are likely to further fuel the global LED lamp market share by 2024.

There has been a significant reduction in LED lamp prices, which subsequently has attracted the attention of several large-scale enterprises, further boosting their adoption on a bigger scale.

Meanwhile, technological advancements like COB (Chip on Board) LED Array and OLED lighting can also be attributed for the projected growth of the market share in future.   

The general-purpose LED product segment is anticipated to be the highest contributor towards the market share over the forthcoming years, primarily due to their multi-purpose usage. Additionally, with the emergence of general purpose LED lamps as an ideal replacement for the ageing, traditional lamps is another determinant impelling industry expansion.

Shifting customer focus on the use of energy-efficient lighting is likely to be one of the core drivers propelling demand for general-purpose LED lamps over the forecast period. General-purpose lamps also boast of a whole host of benefits over traditional lamps, including adjustable illumination and longer product life, which may emerge as a stimulating factor driving their demand in the future. 

Decorative LED lamp market is projected to witness a substantial growth over the forthcoming years owing to their wider acceptance for several applications in the residential sector. In fact, decorative LED lamps are widely used in fountains, pools, statues, and gardens.

Additionally, the usage of these lamps in functional applications like building facades and landscaping will further propel their demand and drive the global LED lamp market outlook.   

The Europe LED lamp market size is anticipated to showcase momentous growth, dominating the overall LED lamp market outlook over the forecast timeframe. This growth can be attributed towards the rising demand for smart home options and adoption of smart lighting in the region. LED lamp prices have reduced by approximately 80-90 percent in the region over the past number of years. 

Several norms and regulations are imposed across Europe for greater adoption of LED lamps across the region’s public, industrial and residential areas are expected to further fuel the market outlook.

Since 2012, Europe has implemented an eco-design measure, which solely focuses on driving the market landscape towards the adoption of highly efficient LED lamps. This provides Europe LED lamp market an ideal growth ground to generate revenue from.    

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Some of the prominent market players in the global LED lamp market are General Electric Company, Samsung, Osram, Philips, Eaton Corporation, and Cree, Inc. Acquisitions and joint ventures are the main strategies implemented by these companies to set themselves apart from growing competition in the market.

The global LED lamp market is projected to exceed $13 billion valuation by 2024.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1   Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Definition and forecast parameters

1.2   Data Sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Executive Summary

2.1   LED lamp industry 3600 synopsis, 2013 - 2024

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    Regional trends

Chapter 3   LED Lamp Market Insights

3.1   Industry segmentation

3.2   Industry growth landscape, 2013 - 2024

3.3   Industry ecosystem analysis

3.3.1    Distribution channel analysis

3.3.2    Vendor matrix

3.4   Technology landscape

3.4.1    Chip on board (COB) LED-array

3.4.2    OLED lighting

3.4.3    LED use in Li-Fi communication

3.5   Raw material analysis

3.6   Regulatory Landscape

3.6.1    U.S.

3.6.1.1    Institute of Electrical and Electronic Engineers (IEEE)

3.6.1.2    Illuminating Engineering Society of North America (IESNA)

3.6.1.3    American National Standards Institute (ANSI)

3.6.2    EU

3.6.2.1    Regulation 1194/2012

3.6.2.2    Energy Labels

3.6.2.3    Energy-related Products (ErP) Directive

3.6.3    China

3.6.3.1    GB30255-2013 regulations

3.6.3.2    GB/T2408-2014 regulations

3.7   Pricing analysis

3.7.1    Regional pricing trends

3.7.2    Cost structure analysis

3.8   Industry impact forces

3.8.1    Growth drivers

3.8.1.1    Reduction in LED prices

3.8.1.2    Increasing demand for energy efficient lighting

3.8.1.3    Favorable government initiatives

3.8.1.4    Infrastructure development projects

3.8.1.5    Growing usage in public spaces and street lightings

3.8.2    Pitfalls and challenges

3.8.2.1    Reduced replacement frequency

3.8.2.2    Effects of blue light

3.9   Innovation & sustainability

3.10   Growth potential analysis

3.11   Porter’s analysis

3.12   Competitive landscape, 2016

3.13   PESTEL analysis

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