Sellbyville, DE -- (SBWIRE) -- 03/01/2019 -- Lamp Market will surpass USD 18 billion by 2024. Lamps are required in a wide variety of applications such as residential, hospitality, commercial, roadways, etc. Government initiatives for increasing lighting facilities in rural areas have increased the overall lamp market demand. The usage of CFLs has increased in commercial and residential sectors as they have replaced incandescent bulbs that are banned in most regions owing to the excessive mercury content.

Stringent government regulations toward the usage of energy-efficient bulbs and rising spending on residential constructions are anticipated to hamper lamp market demand. Consumer preference shifting towards LED bulbs owing to their lesser energy consumption costs will hamper the industry growth over the forecast timeline. Moreover, government initiatives across the globe for the implementation of LED bulbs have negatively affected the demand for bulbs and will be a threat to the lamp market growth.

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Halogen lamps are widely used in projector bulbs in automobiles owing to their low replacement costs and lesser energy consumption as compared to incandescent bulbs. These bulbs are being increasingly used as a replacement of incandescent bulbs, which are banned in various regions. Rising usage and reliability on these bulbs have fueled the lamp market growth.

Fluorescent and halogen lamps are among the most widely used lighting sources. Modern fluorescent bulbs provide a cost-effective solution for both private and commercial uses. Moreover, they uniformly distribute the light and are featured with long service life, high luminous efficacy, low energy consumption, and superior reliability. Substitution of fluorescent bulbs with advanced LEDs will drastically decrease the demand for raw materials such as Europium and Yttrium.

Residential applications are anticipated to witness high adoption rates due to the increasing demand for cost-effective lighting systems in households. The increasing inclination of consumers towards energy-efficient lighting products, such as HIDs and fluorescent lamps, will further impact the lamp market demand. Consumers are also focusing on the lighting design and adopting various electric lighting approaches to optimize the circulation of light inside their homes.

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The filament bulbs market will witness a sluggish growth over the forecast timeline due to the phasing out of incandescent bulbs. The aim behind the phasing out of these bulbs is to boost the adoption of advanced efficiency bulbs and specifically HIDs in place of halogen bulbs, reducing the energy wastage.

Rising expenditure on construction and the demand for energy-efficient lighting systems are anticipated to drive the Asia Pacific lamp market. The presence of various manufacturers will also impact the industry. The need for efficient lighting systems for surgical purposes due to a large aging population base will escalate the demand for bulbs in the region.

GE, Philips, and Osram are some of the major competitors in the lamp market. Technological advancements in bulbs such as high-efficiency ballasts are being widely adopted across the industry.

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