Global LED Lamp Market: Overview
LED lamps make use of a semiconductor device emitting visible light when an electric current passes through it. Advancements in LED lamps in terms of its output, efficiency, and cost have made them appropriate for large-scale use in various fields such as household, business, and other places. Comparatively, they are more environment-friendly and are more durable having the ability to replace incandescent or halogen bulbs. Owing to their advantages, LED lamps to have their presence in a wide range of applications ranging from indoors, outdoors, to business, to mention a few.
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Global LED Lamp Market: Growth Factors
Strict government regulations to ban inefficient lighting systems that consume more energy is the major factor propelling the growth of the global LED lamps market. Low prices of such energy-efficient lamps are making large organizations to adopt them on a large-scale. In addition, government support seen for energy-efficient lighting via various subsidies such as UJALA scheme by Indian Government has further resulted in these lamps to be made available at lower prices for the sole purpose of saving energy. Several countries taking up initiatives to build better roadways, smart cities, and flyovers for the development of their infrastructure further impacts the growth of the global LED lamps market in a positive way. Owing to their advantages such as low heat emitted, high efficacy, and longer life, the demand for LED lamps is increasing rapidly. Conversely, the dominance of fluorescent bulbs and no or low awareness of LED lamps among users may hamper the growth of the global LED lamp market.
Global LED Lamp Market: Segmentation
The global LED lamp market is segmented on the basis of product type, application, and region. Based on the product type, the global market is segmented as decorative, general purpose, and specialty. On the basis of application, the global LED lamps market is segmented as indoor, outdoor, and industrial. The indoor segment is further sub-segmented as residential, retail, commercial, healthcare, and hospitality. The outdoor segment is sub-segmented as public places, highways, and others. Geographically, the global market is segmented as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
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Global LED Lamp Market: Regional Analysis
Europe is anticipated to dominate the global LED lamp market in terms of revenue. This is mainly attributed to the fact that modernization in Europe has rapidly increased the demand for smart lighting and smart homes options. Moreover, benefits provided by LED lamps such as low operational costs, energy-efficient lighting, and long product life cycle are the major factors boosting the growth of the global LED lamps market in this region. The European Commission has come up with requirements for energy-efficient lighting solutions in industrial, residential, and public areas. This has also impacted the global market growth in Europe in a positive way.
Global LED Lamp Market: Competitive Players
Some of the major players in the global LED lamps market include General Electric Company, Phillips Lighting Holding BV, OSRAM Licht AG, Cooper Industries Inc., and Cree Inc.
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Global LED Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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