LED Lamp Market Size

LED Lamp Market Size

LED Lamp Market size was over USD 18 billion in 2016. Increasing consumer demand for energy efficiency and enhanced lighting systems, reduced prices, and increased technology penetration in general lighting will drive the LED lamp market.
 

Stringent government policies across the globe favoring these bulbs by banning inefficient lighting systems and energy consumption are expected to augment the industry demand over the forecast period. However, factors, such as the dominance of fluorescent bulbs and low awareness levels among users may LED lamp market growth.
 

The decreasing prices of energy-efficient bulbs are attracting large organizations to use these products in large-scale installations. Thus, governments are supporting energy-efficient lighting globally through subsidies. For instance, the Government of China has started an intensive promotion of eco-friendly and energy-saving products. The Government of India has initiated UJALA scheme to provide these lamps at lower rates for saving energy.
 

Various countries have taken up projects such as the building of smart cities, better roadways, and flyovers for developing their infrastructure. LEDs are used in all these recent projects due to benefits such as high efficacy, low heat, and longer life. Developing countries including China and India have a huge population and are opting for such projects. These factors are expected to drive the LED lamp market.