LED technologies shake up global lamp market revenues
By 2022, the market is expected to have shrunk to $16.0bn according to an annual market research report entitled ‘The Worldwide Market for Lamp’ released by market intelligence analyst Strategies Unlimited.
The short term growth and following fall is due to the increased penetration of LED lamps into all applications. LED lamp revenues are expected to more than double from $7bn in 2014 to almost $15bn in 2019. Strategies Unlimited’s Research Director, Philip Smallwood said: “While all LED lamp markets are forecasted to have a positive CAGR from 2014 through 2022, most will peak before the end of the decade as socket saturation from these long-lived products will decrease the overall global replacement lamp market.”
Government regulations are the factor that is having the largest impact on the lamp market today. The phasing out or banning of incandescent lamps is pushing the general population to actually make a choice about the technology that they use to illuminate their world. Smallwood explained: “Without these regulations, I would find it difficult to believe that the advancements in LED lamps that we are seeing today would be taking place at such an accelerated pace. The technological feat of mimicking incandescent lamps almost perfectly is impressive, but the precipitous fall in price is astounding.”
The most important theme from the report is that companies must adapt to a changing landscape to survive. While the market for LED lamps is poised to see growth, the market for all other technologies is expected to have a -14% CAGR in the same time period. While there might be a short term gain for more efficient incumbent technologies (mainly CFL and halogen), in the long term, LED will eventually be crowned king.
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