(MENAFN- Ameliorate Digital Consultancy)
The LED lamp market is estimated to record commendable growth fueled by increasing demand for advanced lighting systems and extensive application of LED lamps across the commercial, residential and industrial sectors. Strict government regulations across various regions regarding the prohibition of inefficient lamps, as well as longer illumination duration and cost-effectiveness of LED lamps is anticipated to drive new demand.
LED lamps are easily dimmable and are available in a variety of colors. Features that have stimulated its demand in the residential sector. Continuous price reduction may fuel its adoption in large organizations, especially across countries like Europe, Spain and UK. Technological advancements such as Chip On Board (COB) LED array and OLED lighting will support global LED lamp market growth.
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Driven by elevating demand across various sectors, LED lamp manufacturers are developing new products that meet customer requirements. For example, in 2020, Energy Focus, Inc., a renowned sustainable LED lighting technology provider, announced the launch of its EnFocus™ lighting control platform that features dimming and color tuning capabilities. With such developments, the LED lamp market may register over USD 13 billion by 2024.
Growing number of government initiatives focused on stimulating the adoption of LED lamps could boost market growth. For example, in 2015, the Indian government launched an initiative to increase the adoption of LED-based home and street lighting across the country. The initiative also included switching all street lights from the conventional bulbs to more efficient LED lamps, in turn increasing the regional LED lamp manufacturing by 30 times. In Russia as well, big investments are being made by the government for promoting the use of energy efficient LED lamps.
General purpose LED lamps segment is likely to register major market share owing to the multiple applications of these lamps, especially across homes. General purpose LED lamps are replacing their traditional counterparts on account of shifting consumer preferences towards using energy-efficient lighting. These lamps have adjustable illumination settings and longer life, features that may fuel its demand and segment growth.
Europe LED lamp market is expected to grow substantially up to 2024 owing to rising demand for smart homes and smart lighting solutions. Several regulations in the region are being aimed at driving the application of LED lamps in residential, public and industrial sectors. Reduction in prices of these lamps has also resulted in its large scale deployment. According to reports, prices of LED lamps in Europe have reduced by 80-90% over the years. These factors may offer impetus to regional LED lighting market size by 2024.
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Partial Chapter of the Table of Content
Charts & Figures
FIG. 1 LED lamp market segmentation
FIG. 2 Industry size and forecast, (Volume & Revenue), 2013 – 2024
FIG. 3 Industry ecosystem analysis
FIG. 4 North America market price trend, 2013-2024 (USD)
FIG. 5 Europe Market price trend, 2013-2024 (USD)
FIG. 6 Asia Pacific Market price trend, 2013-2024 (USD)
FIG. 7 Latin America Market price trend, 2013-2024 (USD)
FIG. 8 MEA market price trend, 2013-2024 (USD)
FIG. 9 Global LED lamp cost structure analysis, 2016
FIG. 10 Growth potential analysis
FIG. 11 Porter's analysis
FIG. 12 PESTEL analysis
FIG. 13 Global LED lamp market share by product, 2016 & 2024
FIG. 14 Global LED lamp market share, by application, 2016 & 2024
FIG. 15 Global LED lamp market share, by region, 2016 & 2024
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