Lamp market is generating significant momentum in the overall lighting industry as the market players are launching a wide range of product portfolios with low pricing strategies to compete with other LED counterparts. The overall cost effectiveness and low replacement prices of these lamps have enabled extensive product penetration in the public and government infrastructure such as highways, stations, etc. Government initiatives undertaken to develop the rural areas of the emerging economies will fuel the growth of lamp market. The global lamp industry is characterized by extensive product deployment not only from the residential sector, but also from the automotive, hospitality, industrial and commercial sectors. As per estimates, the global shipments of these lamps are projected to cross 32 billion by 2024. A report compiled by Global Market Insights, Inc., states the global lamp market is set to exceed USD 18 billion by 2024.
Indoor applications accounted for the largest revenue share in the application segment of lamp market in 2016 and will record a considerable growth rate over the coming years. Surging product demand across the commercial, industrial, and residential sectors will noticeably stimulate lamp market share from indoor applications. Rising awareness regarding energy efficient products and the enhanced consumer living standards are the attributing factors for market growth. Shifting focus of consumers toward various electric lighting systems and designs for an appealing ex-factor will favor the product demand. Additionally, growing deployment of fluorescent and halogen bulbs across the hospitality, healthcare, and household sectors will influence the product demand positively.
China Lamp Market Share, By Product, 2016
U.S. contributed significantly toward North America lamp market in 2016. Shifting trends toward the adoption of energy efficient products to consume less energy will stimulate the market growth. Presence of strong automotive base across this region will also fuel the demand for the product. Halogen lamps are increasingly used in the automobiles due to their ability to consume lesser energy as compare to incandescent bulbs. Replacing these lamps also costs lesser, subject to which North America lamp market will experience a significant growth.
Latin America lamp market will collect considerable revenue over the years ahead. The governments of various countries such as Mexico and Brazil have been promoting the usage of these lamps by supplying favorable subsidies, which will lead to lowered product costs. Considering the long-lasting shelf life and reduced product cost, incandescent lamps are being increasingly deployed across the residential areas of Mexico, which will influence lamp market share noticeably. In addition, the presence of an enormous number of competitors across this region, owing to the availability of ample raw material will lead to the development of a wide range of products and will stimulate lamp industry. The notable players in lamp market are GE, Philips, and Osram.
Asia Pacific lamp market will generate substantial revenue over the coming timeframe. Increasing expenditure on construction activities along with the surging requirement of energy efficient and eco-friendly lighting systems will fuel the market over the coming seven years. Stringent norms enforced by the government to deploy the energy efficient products will also impact notably on lamp market trends.
Electric discharge product segment will register a significant annual growth rate over the coming seven years. Since the last decade, the requirement for CFLs has been increasing considerably, which will amplify lamp market demand. Electric discharge lamps offer benefits like ease of reliability, superior efficiency, and a long shelf life, which will favorably influence the industry growth. Due to the benefits such as quick initial start-up time, excellent light quality, remarkable illumination, and less glare, the demand for fluorescent lamps, a type of electric discharge product will be suitably augmented over the forecast timeframe.
Manufacturers are investing heavily to develop more efficient products to save energy. Industry giants are increasingly leaning toward mergers and acquisition to increase their profit margins. To sustain the competitive business space, market players are shifting their focus toward strategic collaborations as well.