The Global Lamps Market size is expected to reach $6.5 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
Growing environmental consciousness and an enhanced awareness of energy usage are propelling a growing demand in the European region for sustainable lighting choices. Consequently, Europe region would generate approximately 29% share of the market by 2030. Customers and businesses are actively looking for lamps that support their environmental objectives, fostering market expansion. Major players in the lamp industry are spending money on R&D to develop cutting-edge lighting solutions. The creation of LED bulbs with cutting-edge capabilities like dimmability, color temperature management, and smart networking falls under this category. By providing improved functionality and customization choices, these features meet the changing needs of residential and commercial consumers of this region. Some of the factors impacting the market are technological advancements leading to the development of high-efficiency products, rising global personal disposable incomes, and environmental damage brought on by the widespread use of LED lights.
In order to save as much energy as possible, producers are working to improve the energy efficiency of their lamp products. More environmentally friendly lighting options, including LED floor lights, are becoming more popular as customers try to live sustainably. Consumers prefer the bases of floor lamps made of metal, glass, and crystal, which boosts lamp sales and propels the market's growth. Middle-class people are willing to try new things and spend money on items that align with their priorities despite their high pickiness. Even if a substantial fraction of this class is employed, it is helpful for businesses since it raises the possibility that they will buy goods supporting their pursuit of excellence. As a result, more people will purchase non-essential products like lamps as the proportion of people with more disposable income rises. In turn, this would aid the market's expansion in the next years.
However, due to light pollution, particularly the blue light produced by LED lighting, stargazing has become difficult. When exposed to a lot of artificial light, wildlife's biological rhythms and nocturnal preferences are interrupted, which can have disastrous results. People's circadian rhythms may be disturbed, which makes nighttime driving more difficult. It might even bring on spring sooner under some conditions. Therefore, the expansion of the market is expected to be hampered by the rise in light pollution.
Based on product, the market is divided into desk lamp and floor lamp. The desk lamp segment garnered the highest revenue share in the market in 2022. Desk lamps have undergone significant developments and advancements in recent years, reflecting consumers' shifting needs and tastes. The rising acceptance of LED desk lighting is one noticeable trend. These lights frequently have programmable brightness settings, color temperatures, and programmable designs to offer the best lighting conditions for specific tasks. Smart feature integration is another trend in desk lamps.
On the basis of type, the market is segmented into reading lamps and decorative lamp. The reading lamp segment recorded a significant revenue share in the market in 2022. Reading lamps come in various configurations, including floor-standing, desk, clamp, wall/shelf mounted, or small, portable lamps. Reading lamps with space-saving designs are in demand as workplaces in home and business settings get smaller. Manufacturers are producing desk-friendly reading lamps with a small profile. Another option for compact reading lights is the clamp-on lamp, which may be fastened to the edge of a desk or bed or put on a wall or a shelf.
By application, the market is bifurcated into residential/retail and commercial/hospitality. The commercial/hospitality segment witnessed the maximum revenue share in the market in 2022. Important market growth drivers in the segment include visual appeal and lamp integration into the overall architectural style of commercial facilities. Businesses and organizations look for lamps that illuminate their spaces effectively and add to the aesthetic appeal of their buildings. To create visually beautiful and impactful lighting installations, architectural lighting styles like recessed or track lamp lighting are used. Market expansion is being driven by incorporating commercial lighting into smart building systems.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.3 Billion |
| Market size forecast in 2030 | USD 6.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Number of Pages | 320 |
| Number of Table | 204 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region procured the highest revenue share in the market in 2022. The demand for energy-efficient lighting solutions in the Asia Pacific has been fueled by technological breakthroughs and a growing concern for environmental protection. Additionally, many levels of government in this region have recognized the value of energy-efficient lighting and have implemented initiatives and incentive programs to promote its use. These reasons have prompted the creation of various lighting systems and solutions that assist in lowering energy usage and minimizing environmental effects.
Free Valuable Insights: Global Lamps Market size to reach USD 6.5 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ams-OSRAM AG, General Electric Company, Toshiba Corporation, Siemens AG, Samsung Electronics Co., Ltd. (Samsung Group), OPPLE Lighting Co Ltd., and Maxlite, Inc.
By Product
By Type
By Application
By Geography
The Market size is projected to reach USD 6.5 billion by 2030.
Technological Advancements Leading to The Development of High-Efficiency Products are driving the Market in coming years, however, Environmental Damage Brought on by the Widespread Use of Led Lights restraints the growth of the Market.
Panasonic Holdings Corporation, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ams-OSRAM AG, General Electric Company, Toshiba Corporation, Siemens AG, Samsung Electronics Co., Ltd. (Samsung Group), OPPLE Lighting Co Ltd., and Maxlite, Inc.
The Decorative Lamp segment is leading the Market by Type in 2022; thereby, achieving a market value of $4.2 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.3 billion by 2030.
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