• Stacy Lawlor

Global Lamp Lenses Market Size to grow by USD 480.1 Mn in 2030

The global lamp lenses market was valued at USD 306.8 Mn in 2021. The market is projected to grow USD 480.1 Mn in 2030, at a CAGR of 6.5%.

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The market's primary growth driver is rising demand for energy-efficient and long-lasting lighting solutions. Furthermore, the increased use of modern lighting systems to enhance home décor is likely to generate new market opportunities in the coming years. Additionally, driving product demand is the growing popularity of smart homes, particularly in developing economies such as China and India. Climate change has emerged as one of the world's most pressing challenges in recent years. This has raised energy saving awareness, which will have a favourable effect on product demand. LED table lamps are extremely energy-efficient, consuming 80% less energy than incandescent lamps. The rapid popularity of LEDs is being driven by consumer awareness of the environment and the durability of these lights, as well as government mandates for energy efficiency. For instance, the Chennai Airport purchased six sets of LED base lights for disaster assistance as part of its green measures to make its lighting and fixtures more energy efficient.

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The LED segment is expected to dominate the market share of global lamp lenses market owing to LED lighting are becoming more widely used in the residential. LED bulbs come in a variety of styles and offer advantages such as higher energy efficiency and stability when compared to alternative lighting options such as incandescent and compact fluorescent lamps. The retail is expected to dominate the market share of global lamp lenses market owing to the increasing adoption of different contrast lighting sources are expanding rapidly around the world along with the demand for sophisticated lighting solutions among museum, exhibition, and gallery owners for improved lighting applications is projected to drive market expansion. Furthermore, workplace lights must meet/comply with government norms and regulations, which is a major reason why demand for high-brightness LED lights is increasing, hence supporting the segment's growth. The offline segment is expected to dominate the market share of global lamp lenses market. Major retailers such as Wal-Mart Stores, Inc. and IKEA are expanding their distribution networks around the world. Ikea, for example, opened its first shop in India in August 2019.


Europe region is expected to dominate the market share of global lamp lenses market owing to government's regulations regarding energy efficiency programmes. The minimum efficiency criterion for general service lighting was established at 91 lm/W as of September 20, 2021, as per EU legislation. Similarly, the European Union began utilising an A (efficient) to G (inefficient) scale in 2017, with the goal of assisting customers in making better-informed purchasing decisions when it comes to purchasing energy-efficient electronic items.

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KEY INDUSTRY DEVELOPMENTS:


Octover 2021- Luminii acquired two British lighting manufacturers, Precision Lighting and Remote Controlled Lighting to enhance the company’s business presence and increase their customer base.


June 2019- Xiaomi launched LED lamps under the brand name ‘Mi Table Lamp 1S’, exclusively for residential applications.


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