Lamp Market- Global Industry Analysis and Forecast (2022-2029)

Global Lamp Market was valued at US$ 46.48 Bn. in 2021. Global Lamp Market size is expected to grow at a CAGR of 4.67 % through the forecast period.
Lamp Market Overview:
High-intensity and fluorescent lamps are the two types of lamps. Fluorescent lamps are mercury vapor lamps that emit visible light through fluorescence. They include a glass tube, mercury, a small amount of inert gas, phosphorus coating, and a pair of electrodes. Fluorescent lamps save between 25 and 35 % of electricity. Furthermore, as compared to incandescent or halogen bulbs, they emit less heat.

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Lamp Market Dynamics:
Market Drivers: The lamp market is highly fragmented, with a variety of companies releasing products of all sizes. These players employ aggressive marketing methods to gain a competitive advantage. Competition is becoming more intense as the number of participants on the market grows. To expand their global footprint, market participants are merging, collaborating, and forming partnerships. Despite the existence of both domestic and international firms, the market is expected to be headed by a few international firms that are continually acquiring local or regional firms to boost their market share. The worldwide lamp market may be described as mature and sluggish, however new product advancements may help the market thrive.

Market Challenges: The prohibition on incandescent bulbs will have a detrimental impact on the lamp market, as consumers transition to modern technologies like LEDs and CFLs, which conserve energy and are highly efficient replacements for incandescent lights. The market is hampered by the high energy consumption costs of bulbs as compared to LED lamps. Because halogen and fluorescent lamps emit greater heat, they use more electricity. LED lamps to use 90% less energy and last 15 times longer than halogen bulbs. Also, government endeavors around the world to implement LED use have had a detrimental impact on bulb consumption.

Market Growth Factors: The growing use of lamps in a variety of outdoor and indoor applications, such as commercial, residential, industrials, autos, and highways, is moving the lamp market forward. Also, positive government measures to improve lighting facilities, particularly in rural regions, have increased the product's total demand in the market. Some government regulations have resulted in the development of new metric standards for measuring ballast efficiency. These regulations are intended to reduce CO2 emissions by millions of tonnes. All of these factors are expected to drive the overall lamp market forward shortly.
Lamp Market Segment Analysis:
Based on Type, In the future years, the market for electric discharge lamps is expected to rise at a rapid pace. Over the last decade, rising demand for CFLs has supported sales growth in this market. These bulbs' increasing popularity can be attributed to their long life, efficiency, and dependability. Because fluorescent lamps are more cost-effective, the market for these bulbs has grown significantly. A fluorescent lamp saves between 25 and 35 % on energy. Also, they produce less heat than halogen or incandescent lamps. They deliver higher light quality, faster start-up, longer durability, less glare, and better illumination. Furthermore, the rising use of CFLs in numerous applications has boosted growth possibilities. LEDs may be replaced by advancements in incandescent light bulbs. The heat energy lost in the filament can be recovered by encircling it with a particular crystal structure. Halogen bulbs employ halogen gas to extend their rated life and produce more light. They outlast normal incandescent lights in terms of life, light quality, and energy efficiency. Vehicles' headlights, work lights, and under-cabinet lighting all use these bulbs. Based on the Application, Indoor applications accounted for the biggest revenue share and are expected to continue to lead the sector in the coming years. The industry demand will be driven by rising lamp market usage in the residential, commercial, and industrial sectors. The demand for energy efficient bulbs has been spurred by rising living standards and increased awareness of the benefits of doing so. Halogen and fluorescent lights are rapidly being used in the household, hotel, and healthcare sectors, which has boosted market growth. The lamp market has grown due to increased utilization in different indoor and outdoor applications such as residential, commercial, industrial, roads, and autos. The actual market demand has increased as a result of government initiatives to improve lighting facilities in rural areas. Increased product demand in the commercial, industrial, and residential sectors will boost lamp market share in indoor applications significantly. Market growth is attributed to rising customer awareness of energy-efficient products and improved consumer living standards. Consumers' attention will be drawn to diverse electric lighting systems and designs for an appealing ex-factor, which will boost product demand. Furthermore, the increasing use of fluorescent and halogen lights in the hospitality, healthcare, and domestic sectors would boost product demand.
Lamp Market Regional Insights:
The Asia Pacific region dominated the market with 37.7 % share in 2021. China's lighting market has grown significantly in the previous 20 years, and the country has risen to become a world leader in lighting production and consumption. The mainland's need for lighting is increasing as China's economy grows and living standards rise. The lighting market in China is rising 0.4 % year on year. Due to the rising demand for LED lighting solutions from the commercial and industrial sectors, China is likely to see considerable growth in demand for LED Drivers over the forecast period. The country's market is being driven by considerable growth in the adoption of LED technology by municipal end-users, such as local governments, for open public spaces, streets, bridges, public parking places, walkways, and highways.

Europe is predicted to be the second largest. The population of Europe has a reasonably good standard of living. People in this region have the financial means to invest in smart homes with a variety of cutting-edge LED lighting.

The objective of the report is to present a comprehensive analysis of the Global Lamp Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Lamp Market dynamic, structure by analyzing the market segments and projecting the Global Lamp Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Lamp Market make the report investor’s guide.
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Global Lamp Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 46.48 Bn.


Forecast Period 2022 to 2029 CAGR:
4.7%
Market Size in 2029:
US$ 66.96 Bn.


 Segments Covered:
by Type
• Electrical Discharge
• Filament


by Application
• Indoor
• Outdoor



Lamp Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Lamp Market Key Players
• Federal Mogul
• Amglo Kemlite Corp
• EiKO Ltd
• Panasonic Corp
• Philips
• Stanley
• Interlective Corp
• Osram Licht
• General Electric
• Toshiba
• Maxlite
• Siemens
• Chicago Maniature
• Depositon Science
• Eye Kighting
• Fiat
• Hamamastu
• JKL Corp
• Samsung

Frequently Asked Questions:

1] What segments are covered in the Global Lamp Market report?
Ans. The segments covered in the Global Lamp Market report are based on Type and Application.

2] Which region is expected to hold the highest share in the Global Lamp Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Global Lamp Market.

3] What is the market size of the Global Lamp Market by 2029? 
Ans. The market size of the Global Lamp Market by 2029 is expected to reach US$ 66.96Bn.

4] What is the forecast period for the Global Lamp Market?
Ans. The forecast period for the Global Lamp Market is 2022-2029.

5] What was the market size of the Global Lamp Market in 2021?
Ans. The market size of the Global Lamp Market in 2021 was valued at US$ 46.48 Bn.