Ocean View, Delaware, May 15, 2017 (GLOBE NEWSWIRE) --
LED Lamp Market share forecast to exceed USD 13.5 billion by 2024, according to a new research report by Global Market Insights, Inc. The global LED consumption in 2016 was over 2 billion units.
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.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1565
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.
LED lighting is a cost-effective solution that provides longer duration of illumination compared to conventional counterparts such as filament bulbs and incandescent lights. The LED lamp market has witnessed considerable installation initiatives from regulatory bodies across public locations and highways.
The automation of the manufacturing process has reduced the input costs of developing LED sources; thus, playing a significant role in decreasing the overall cost. Increasing R&D in chips and arrays is also a major factor driving industry growth; for instance, the introduction of organic light-emitting diode lamps. Steady technological advancements in manufacturing have made these bulbs brighter with longer operational duration. These lighting elements have about 30,000 to 40,000 hours of lifespan and can last up to four times longer than the compact fluorescent bulbs.
Browse key industry insights spread across 162 pages with 269 market data tables & 18 figures & charts from this 2017 report LED Lamp Market in detail along with the table of contents at:
https://www.gminsights.com/industry-analysis/led-lamp-market
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.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1565
Browse Related Reports:
- Smart Electric Meter Market Size 2017 – 2024
Smart Electric Meter Market size was over USD 5 billion in 2016 and cumulative installation is set to exceed 270 million units by 2024. Government regulations to enhance electric grid efficiency, reliability, and security will stimulate the smart electric meter market share by 2024.
https://www.gminsights.com/industry-analysis/...ter-market
- Electronic Shelf Label (ESL) Market Size 2016 – 2024
Electronic Shelf Label (ESL) Market size was around USD 270 million in 2015, and is expected to register gains at over 18% CAGR from 2016 to 2024. Rising demand for automation in the retail sector and the replacement of conventional paper tags is driving the global electronic shelf label market size.
https://www.gminsights.com/industry-analysis/...esl-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com Web: https://www.gminsights.com Blog: https://gminsights.wordpress.com Connect with us: Facebook | Google+ | LinkedIn | Twitter
