Lamp Market Size, Share, Trends, Growth 2032

Lamp Industry Prospective:

According to the report published by Zion Market Research, the global Lamp Market size was valued at USD 22.85 Billion in 2023 and is predicted to reach USD 38.93 Billion by the end of 2032. The market is expected to grow with a CAGR of 6.1% during the forecast period.

The report analyzes the global Lamp Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Lamp Market industry.

Request Free Sample

The global lamp market is an indispensable guide for growth drivers, restraints, opportunities, and challenges. It further covers the geographical market and offers a comprehensive study of the competitive landscape in the lamp industry.

Lamp Market: Overview

A lamp is an illuminating device that usually works with energy sources. These devices generally produce heat. However, there are different types of lamps available in the market. Initially, there were lamps soaked in combustible material and kept in small vessels. But these lamps got more advanced and started coming in different designs owing to the various tech developments, modernization, and innovation. Therefore, the lamp market is highly fragmented.

Key Insights

• As per the analysis shared by our research analyst, the global lamp market size is estimated to grow annually at a CAGR of around 5.68% over the forecast period (2023-2030).
• In terms of revenue, the global lamp market size was valued at around USD 29.85 billion in 2022 and is projected to reach USD 45.74 billion by 2030.
• 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.

Lamp Market: Growth Drivers

Growing construction activities is likely to propel the growth of the global market.

The increasing construction and development activities all across the globe are a major reason for the growth of the global lamp market. Also, the growing per capita income of the people is contributing heavily towards the market's growth as it allows them to adopt more advanced lamp lighting systems. The rising living standard of people is another reason for fostering the growth prospects in the global market. The growing government's initiatives to launch more advanced and eco-friendly lamp lighting systems are further developing the market globally. Nowadays, market players are manufacturing lamp lighting systems with unique features like occupancy sensors, Wi-Fi, daylighting systems, etc. Such features are likely to gain much traction among customers and thereby are expected to increase product sales.

Request Free Sample

Lamp Market: Restraints

Prohibition of incandescent bulbs is likely to hamper the growth of the global market.

The strict prohibition of incandescent bulbs has a negative impact on the global lamp industry. Therefore, customers are transitioning from incandescent bulbs to the latest tech lamp lighting systems like CFLs and LEDs. These modern ones conserve energy and are highly efficient.

Lamp Market: Opportunities

Use of LEDs for various essential purposes is expected to offer lucrative growth opportunities in the global market.

Manufacturers have targeted the healthcare sector to boost the growth of lamp lighting systems. They manufacture LEDs well suitable for phototherapy, exam therapy, surgical illumination, endoscopy, etc., to improve the patient and healthcare professional experience. The ongoing technological advancements in the LED lighting industry are likely to widen the scope of the market. Also, the tech developments in the medical devices sector are further expected to offer growth prospects in the global lamp market in forthcoming years.

Lamp Market: Challenges

High costs of advanced lamp lighting systems are a big challenge in the global market.

Advanced lamp lighting systems are quite expensive. Also, the electricity saving bulbs are priced quite higher than the regular ones. Therefore, pricing becomes a big challenge in the lamp industry. However, the government is trying to reduce the prices of energy-saving lamps.

Lamp Market: Segmentation

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. However, the filament segment is also growing steadily due to its high quality. The filament lamps offer superior light quality, less glare, longer durability, faster start-up, and better illumination.

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. Due to the growing interests of people in the outer world, business people are also investing heavily in decorating venues with high-end lighting and other decorations, which in turn is also expected to encourage the growth of the global market.

However, the indoor segment is also anticipated to witness significant growth due to the increasing interest of people in decorating their homes and balconies with good lighting. Also, the improving living standards of the people, along with increasing awareness among people regarding opting for energy-efficient bulbs, is further anticipated to encourage the growth of the segment. The developments in hospitality, healthcare, and household segments are expected to positively impact the growth trajectory of the global market.

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 as it is considered a better alternative when compared to other options like incandescent, CFL, etc. LEDs can operate with little energy and even deliver stronger illumination. LEDs are widely used in both indoor and outdoor applications.

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. The growing initiatives of the governments to encourage housing schemes and public infrastructure renovations are further anticipated to foster growth prospects in the segment.

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. Also, there is an availability of a wide variety of items, thereby gaining traction among customers. Furthermore, the fair prices on different e-commerce websites also encourage customers to shop online.

Recent Developments:

• 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.

Lamp Market: Report Scope

Lamp Market: Regional Analysis

North America to capture considerable market share

North America accounts for the largest share of the global lamp market due to the high demand for advanced lamps from residential and commercial areas. Also, the growing demand for high-end lamp lighting due to the surging trend of infrastructure modernization is further expected to accentuate the growth of the regional market. The tech advancements and constant innovation in the region is another major reason for the high growth rate of the regional market.

Asia Pacific is anticipated to grow significantly during the forecast period owing to the high demand for technological advancement in every field in the region. Also, the increasing urbanization and industrialization are further likely to propel the growth of the regional market. The increasing disposable income of people and their growing preference for high-standard items is further likely to foster growth opportunities in the regional market. Growing initiatives of the government to come up with eco-friendly lighting maps will also contribute towards the growth of the regional market.

Europe is also likely to experience steady growth adoption of the latest technologies like human-centric and intelligent systems. Also, the growing trend of adopting eco-design rules is further contributing heavily to the growth of the regional market. Renovation of cities in the region and the high standard of living of the people in the region will also foster growth opportunities in the region.

Lamp Market: Competitive Analysis

The key players in the global lamp market includes:

• Samsung
• JKL Corp
• Hamamastu
• Siteco GmbH
• Fiat
• Eye Kighting
• Deposition Science
• Digital Lumens Inc.
• Chicago Miniature
• LumiGrow
• Siemens
• Maxlite
• Toshiba
• General Electric
• Osram Licht
• Interlective Corp
• Stanley
• Philips
• Panasonic Corp
• EiKO Ltd
• Federal-Mogul
• Zumtobel Group Ag
• Semiconductor Co. Ltd
• Signify Holding
• Panasonic Corporation
• LSI Industries Inc.
• Hubbell.

The global lamp market is segmented as follows:

By Type

• Filament
• Electrical Discharge

By Application

• Outdoor
• Indoor

By Technology

• LED
• Halogen
• Fluorescent
• Others

By Products

• Decorative Lamps
• Reading Lamps
• Others

By Distribution Channel

• Online
• Offline

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa