Lamp Market To Witness Steady Growth By 2024

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Electric bulb comprises a transparent container, wherein the voltage application energizes the gas making the bulb glow. These lamps are classified as high-intensity and fluorescent lamps. Fluorescent lamps are mercury vapor lamps with low weight and use fluorescence to emit visible light. They contain a glass tube along with mercury, the inert gas in a small amount, coating of phosphorus, and a pair of electrodes. Generally, a fluorescent lamp gives 25–35% of energy savings. Furthermore, they produce less heat as compared to incandescent or halogen lamps.

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Increasing use of lamps in numerous outdoor and indoor applications including commercial, residential, industrial, automobiles, highways, and so on are propelling the growth of the global lamp market. Moreover, favorable government initiatives in order to increase lighting facilities particularly in rural areas have enhanced the overall demand of the product in the global market all over the world.

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Some niche rules by the government have brought novel metric standards specifically for the measurement of ballast efficiency. These standards are expected to reduce several millions of metric tons of CO2 emissions. All these factors are anticipated to boost the global lamp market in the coming future.

Moreover, ban on luminous lamps will have a negative impact on the global the lamp market growth. Consumers opting for modern technologies, for example, CFLs and LEDs that save energy and are highly efficient options for such bulbs. High energy-consumption costs of lamps comparatively may hinder the global market growth to some extent.

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The global lamps market is segmented on the basis of product and application. Based on the product, the global market is classified as electrical discharge and filament. The as electrical discharge segment is sub-segmented as fluorescent and high-intensity discharge, whereas the filament segment is sub-segmented as incandescent and halogen. On the basis of application, the global lamps market is segmented as indoor and outdoor. The indoor segment is further classified as commercial, residential, hospitality, retail, healthcare, and industrial. The outdoor has public places, highways, motor vehicles, and others as sub-segments.

The U.S. is anticipated to dominate the global lamp market mainly due to the growing demand for energy-saving lamps and increasing consumer preference for energy-efficient lamps. The CFLs demand has boosted in the UK owing to reduced use of incandescent lamps; this, in turn, is expected to propel the global lamp market in the near future. Retrofitting energy-efficient products is new and latest trend followed in some regions. The governments providing subsidies in some of the major regions including Mexico and Brazil are further anticipated to reduce the costs of lamps. Furthermore, the presence of major competitors is also expected to reduce the input cost and provide a wide variety of alternatives to the consumers.

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