LED Lamp Market Forecast 2020-2025, Latest Trends and Opportunities

The LED Lamp Market size is set to reach USD 13.5 billion by 2024, according to a new research report. The global LED consumption in 2016 was over 2 billion units.

Growing concerns about the depletion of non-renewable sources of power have fueled the need for lighting solutions that can reduce the negative impact on the environment.

Owing to their wide range of benefits, these products are expected to eventually replace the usage of commonly used lighting sources such as filament lamps, fluorescent, and halogen lighting, fueling global LED lamp market size.

Global LED lamp market growth is attributed to modernization in lighting systems, demand for energy-efficient solutions, and adoption across residential, industrial, and commercial purposes during the forecast timespan. Stringent government regulations have boosted the need for eco-friendly solutions and reduction of carbon footprint through industrial and commercial applications.

The general-purpose LED lamp market is expected to witness high growth rates during the forecast period owing to multipurpose applications. Consumption trends across various verticals are observed irrespective of the end-use. Adjustable illumination settings along with longer product life are expected to increase the demand across commercial and residential applications.

Indoor applications of the LED lamp market include the usage in commercial, industrial, and residential areas. Rapid urbanization and demand for energy-efficient solutions in office spaces, warehouse locations, and others while reducing the carbon footprint of the company are propelling the demand in this segment.

Projects undertaken by governments in growing economies for infrastructure modernization also play a major role in driving the LED lamp market; for instance, China and India have approved and increased the installation in commercial and residential locations across the country.

Stringent government policies in economies, such as China, Europe, and Canada, fueled by environmental concerns and requirement for energy-efficient solutions are the prime reasons for industry growth. Various countries including the U.S. have banned the usage of inefficient lighting solutions and offered rebates by utilities to reduce energy utilization. High living standards in Europe and the movement towards smart homes fitted with energy-efficient lamps are major reasons for regional LED lamp market growth. Companies operating in the industry include GE, Philips, Osram, Cree, etc.