[Latest] Lamp Market Size Worth USD 45.74 Billion by 2030, Growing at a 5.68% CAGR: Zion Market Research (Industrial Trends, Report, Analysis, Players, Outlook, Forecast, Growth, Value, Segmentation)
Zion Market Research
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Zion Market Research
The global lamp market size is expected to reach a value of USD 45.74 billion by 2030, at a CAGR of 5.68% during the forecast period (2023- 2030), as highlighted in a report published by Zion Market Research. The key market players listed in the Lamp report with their sales, revenues and strategies are {company123}, and others.
NEW YORK, United States, July 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Lamp Market - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2023-2030.” in its research database. According to the latest research study, the global lamp market size was worth at around USD 29.85 billion in 2022. The market is expected to grow above a CAGR of 5.68% and is anticipated to reach over USD 45.74 billion by 2030.
The report analyses the Lamp market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Lamp market.
A lamp is a light-emitting device that is typically powered by energy sources. Typically, these devices generate heat. However, a variety of lamp models are available on the market. Initially, lamps were soaked in combustible substances and stored in tiny vessels. However, as a result of technological advancements, modernization, and innovation, these lamps became more sophisticated and began to be available in a variety of styles. Consequently, the lamp market is extremely fragmented.
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Key Insights from Primary Research
As per the analysis, the Lamp market share is likely to grow above a CAGR of around 5.68% between 2023 and 2030.
The Lamp market size was worth around USD 29.85 billion in 2022 and is estimated to hit approximately USD 45.74 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
The growing construction activities are likely to boost the global lamp market size growth.
Based on the type, electrical discharge holds the largest share of the global lamp market.
Based on the application, the outdoor segment is likely to dominate the global lamp market.
Based on the technology, the fluorescent lamp accounts for the largest share of the global market.
Based on region, North America is expected to dominate the market during the forecast period.
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Lamp Market: Growth Drivers
Rising construction activities is expected to boost the market growth
The increasing global construction and development activities are a significant factor in the expansion of the global lamp market. In addition, the rising per capita income of the population is a major factor in the market's expansion, as it enables people to adopt more advanced lamp illumination systems. The rising standard of living of individuals is another factor bolstering the global market's growth prospects. Government initiatives to introduce more advanced and environmentally favourable lamp lighting systems are expanding globally. Currently, market participants manufacture lamp illumination systems with distinctive characteristics such as occupancy sensors, Wi-Fi, daylighting systems, etc. It is anticipated that the product's sales will increase due to the popularity of these features among consumers.
Lamp Market: Restraints
Exclusion of shining bulbs is expected to hinder the market growth
The global lamp industry is negatively affected by the strict prohibition of incandescent bulbs. Customers are therefore switching from incandescent bulbs to the most advanced lamp illumination systems, such as CFLs and LEDs. These modern ones are energy-efficient and conserve energy.
Competitive Players
The report contains qualitative and quantitative research on the global lamp Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global lamp market include;
The global lamp market can be segmented into type, application, technology, products, distribution channel, and region.
By type, the market can be segmented into filament and electrical discharge. Electrical discharge holds the largest share of the global lamp market. For instance, the demand for CFL is rising exponentially. The high demand for these bulbs can be attributed to their durability, high reliability, and efficiency. By application, the market can be segmented into outdoor and indoor. The outdoor segment is likely to dominate the lamp industry. However, the growing trend of hosting parties and events outdoors is boosting the growth of the global market. Also, people today spend most of their evenings and weekends outside exploring interesting places.
By technology, the market can be segmented into LED, halogen, fluorescent, and others. The fluorescent lamp accounts for the largest share of the global market. The fluorescent lamps are cost-effective and save around 25-30% on energy. The LED segment is also likely to experience exceptional growth prospects in the coming years.
By products, the market can be segmented into decorative lamps, reading lamps, and others. The decorative lamp segment dominates the lamp industry due to the growing trend of dining outside and other purposes. By distribution channel, the market can be segmented into online and offline channels. The online channels segment accounts for the largest share of the global lamp market. The growing trend for online shopping is a major reason for the growth of the segment.
Regional Analysis:
North America will capture a substantial market share
Because of the high demand for advanced lamps in residential and commercial areas, North America holds the largest share of the global lamp market. In addition, the rising demand for high-end lamp illumination due to the rising trend of infrastructure modernization is anticipated to bolster the regional market's expansion. The technological advancements and constant innovation in the region are also significant contributors to the market's high growth rate.
Due to the region's high demand for technological advancement in every industry, Asia-Pacific is expected to experience significant growth over the foreseeable future. Increasing urbanization and industrialization are also likely to contribute to the expansion of the regional market. People's rising discretionary income and growing preference for high-quality goods are likely to generate additional growth opportunities in the regional market. Increasing government initiatives to develop eco-friendly illumination maps will also contribute to the expansion of the regional market.
Europe will also likely experience a constant increase in the adoption of cutting-edge technologies such as human-centric and intelligent systems. In addition, the growing trend of employing eco-design regulations contributes significantly to the expansion of the regional market. Renovation of cities in the region and the region's residents' high standard of living will also foster development opportunities in the region.
Signify revealed the acquisition of Fluence in June 2022. Earlier, it was under the ams OSRAM. The acquisition is likely to boost the company's position, particularly in North America.
Savant System Inc., in July 2020, announced the successful acquisition of the lighting business from the leading company GE lighting system. The acquisition is expected to innovate more advanced LED lighting solutions for customers. Savant System Inc is a leading provider of smart home solutions.
Key questions answered in this report:
What is the market size and growth rate forecast for Lamp industry?
What are the main driving factors propelling the Lamp Market forward?
What are the leading companies in the Lamp Industry?
What segments does the Lamp Market cover?
How can I receive a free copy of the Lamp Market sample report and company profiles?
Statistics and revenue market analysis of historical, present, and forecast
Evaluation of niche developments in the market
Market share evaluation
Principal strategies of market leaders
Emerging markets and regional segments
In order to strengthen the market position of businesses, testimonials are provided
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