The lamp market is projected to grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2034, with an estimated value of USD 14,227.30 million in 2024 and expected to reach USD 23,858.60 million by 2034.
This growth is driven by the increasing demand for energy-efficient lighting solutions. LED technology, known for its longevity and energy savings, continues to lead the industry. Additionally, the lighting fixtures sector is gaining traction due to rising awareness of environmental sustainability and the integration of smart home technologies.
To meet evolving consumer preferences, global lamp manufacturers are focusing on innovation, positioning the market for a robust future.
The lamp and lighting market is poised for growth as lighting technologies evolve and consumers seek innovative and efficient lighting solutions. Supportive government policies and incentives that promote energy-efficient lighting can significantly influence consumer preferences and business practices, driving market expansion.
The shift towards sustainable lighting solutions is fueled by increasing consumer awareness of the environmental impact of traditional lighting sources. Additionally, rising awareness of how lighting affects health and well-being is boosting demand for lamps with features such as programmable color temperature and adjustable intensity to create optimal lighting environments.
The demand for smart lamps, which can be controlled via mobile devices and integrated with other smart home systems, is also on the rise. This trend is driven by the growing popularity of smart homes and the integration of lighting systems into home automation.
Competitive Landscape
The global lamp market is highly fragmented, with numerous companies offering a variety of lamp sizes. Competition is intensifying as players across the lighting solutions industry vie for market share. To enhance their global presence, lamp manufacturers are actively pursuing mergers, partnerships, and collaborations.
While the industry includes both domestic and international companies, a few major multinational lamp producers frequently acquire regional firms to increase their market share. Although the lamp and lighting market may appear mature and stable, innovations and new product developments have the potential to drive further growth.
Recent Developments
IKEA
The SAMMANLÄNKAD collection, which includes a table lamp and a smaller portable lamp powered by solar energy, was introduced by IKEA in March 2023. The collection is the result of a collaboration with the nonprofit Little Sun. Its light source detaches from the stand to function as a flashlight. The former can be used as a table lamp or pendant lamp. When used or charged, the latter can be hung from a window or backpack or carried by hand owing to its yellow strap.
Signify
Signify unveiled the recent Philips Ultra Efficient LED bulb iteration in April 2023. These bulbs use three times as much energy and last three times longer than conventional bulbs.
Pivotal Lamp Manufacturers
- Signify (Philips Lighting)
- OSRAM GmbH
- Herman Miller Inc.
- Inter IKEA B.V.
- Artemide S.p.A.
- Pablo Design
- Lutron Electronics
- Koncept Inc.
- OttLite Technologies
- Flos S.p.A.
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Key Segments
By Product Type:
- Desk Lamp
- Floor Lamp
By Type:
- Reading Lamp
- Decorative Lamp
By Application:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa
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