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LED Lamp Market Analysis, Scope, Future Trends and Opportunities During 2020-2024

Author : Ronak Bora | Published Date : 2020-09-14 

U.S. LED lamp market is also projected to gain a significant traction via the horticulture lighting recognized as one of the major niche applications in this region. Marijuana trade, which is proliferating on account of its medicinal value, is being addressed as a significant investment spot for the LED lamp industry participants. The growing trend of automation and the ‘smart city’ and ‘smart home’ initiatives have further added to the growth of LED lamp industry. In this regard, the developed economies have contributed toward a major chunk of the overall market revenue.  U.S. and Canada have been lucrative avenues for the LED lamp market growth over the recent years and are anticipated to display an upward path in the coming years as well.

Europe is also one of the prominent regions partaking in the LED lamp industry share. The energy standards set by the European Commission has propelled the adoption of LED lamps across residential, industrial, and public areas. As per the estimates, Europe accounted for 25% of the overall LED lamp market size in 2016 and is forecast to witness phenomenal gains over the years ahead. Apart from the favorable government norms, the technological advancements in this region such as Smart Homes and Smart City initiatives are also driving the Europe LED lamp industry size.

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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 favorable government regulations have also played a crucial role in the global commercialization of LED lamp market. The stringent norms by the government bodies banning the usage of inefficient lighting systems are providing a major push to the adoption of LED lamps. Both the residential and the commercial sectors are increasingly deploying these lighting solutions as a move toward sustainability. In addition to addressing the optimal energy usage demand, these lamps are also highly durable and cost-effective which is further fueling its demand worldwide. Reportedly, these light lamps have a life span of 30,000 to 40,000 hours and can last up to four times longer than fluorescent lamps.

LED Lamp Market is expected to cross USD 13 billion by 2024. Rising demand for enhanced lighting systems and wide adoption across varied applications including residential, commercial, and industrial will have a positive impact on the LED lamp market growth over the forecast timeframe. Features of these lamps, such as cost-effectiveness and longer illumination duration, are responsible for their heavy adoption across the globe. Stringent government norms and regulations in various regions regarding the ban of inefficient lamps will further fuel the LED lamp market growth.

Extensive use of conventional fluorescent lamps and low awareness about benefits of LED lamps will hamper the industry growth over the forecast timeline. Excessive costs of these lamps as compared to traditional fluorescent and halogen lamps may have a negative impact on the LED lamp market growth.

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Osram, Samsung, Philips, Cree, Inc., Eaton Corporation, and General Electric Company are among the prominent players in the LED lamp market. Joint ventures and acquisitions are the key strategies adopted by the industry participants to set their foothold. For instance, in April 2017, Cree, Inc., announced a joint venture with San'an Optoelectronics to manufacture high-performance LED packaged products to strengthen its global presence. In November 2012, General Electric Company acquired Albeo Technologies to expand its customer base and strengthen its presence in the industry.

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

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/led-lamp-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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