LED Table Lamps Market Size, Share, Growth Analysis, By Product(Reading and Decorative), By Application(Household and Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG25H2014 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 59 | Figures: 75

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LED Table Lamps Market size was valued at USD 82.21 billion in 2019 and is poised to grow from USD 93.97 billion in 2023 to USD 272.67 billion by 2031, growing at a CAGR of 14.25% in the forecast period (2024-2031).

The LED lighting market is fragmented due to many regional and international players across the world like Heliospectra AB, Dialight PLC, Eaton Corporation, General Electric Company (Savant Systems Inc.), and OSRAM GmbH. These businesses, who have a significant market share, are using smart joint ventures to grow their market share and boost their profitability. Nonetheless, thanks to product breakthroughs and technical advancements, mid-sized and smaller businesses are expanding their market presence by winning new business and entering untapped sectors. 'Koninklijke Philips N.V.', 'OSRAM GmbH', 'Cree Inc.', 'Zumtobel Group AG', 'Acuity Brands Lighting Inc.', 'General Electric Company', 'Hubbell Incorporated', 'Eaton Corporation PLC', 'Panasonic Corporation', 'Flos S.p.A.', 'Artemide S.p.A.', 'Targetti Sankey S.p.A.', 'Luceplan S.p.A.', 'Delta Light NV', 'TAL International Group Co., Ltd.', 'Signify Holding B.V.', 'Hinkley Lighting Inc.', 'Kichler Lighting LLC', 'Eglo Group', 'Jasco Products Company LLC'

Due to the increase in urbanization and industrialization in the country the awareness has increased about sustainable energy. Concern over climate change and warming have created a need for energy-efficient electronic products, both at public and government levels. This has resulted in an increasing number of people opting for LED desk lamps. It increases the market growth. The LED desk lamp market has also benefited tremendously from market friendly government policies and subsidies in several countries, including developing in Asia, Africa and Latin America. The leading trends of smart homes has created a pathway for development of automatic devices which are functional as well as embellishing for Morden home and workplace.

With enormous potential for growth, recent advancement in light-emitting diode technology has allowed LED lighting products to penetrate the commercial lighting market. Commercial buildings, including offices, stores, restaurants, hospitals, and schools account for almost 20% of US total energy consumption, 38% of this energy consumption is attributed to lighting. In the commercial sector of different countries as the urbanization and construction activities are increasing rapidly it is expected to fuel the studied market demand in the foreseen period.

Asia pacific was the largest regional LED table market and will expand further at maximum growth rate of 16.1% owing to increased product usage in residential applications. The East Asia and South Asia regional segments have enjoyed the largest share in LED desk market on account of East Asia’s consolidation economics and growing economics of India, China, Bangladesh, and Southeast Asia region. India is a lucrative market in this region. New product launches in key markets including China and India are expected to boost product demand. Due to industrialization and urbanization the people in Asia Pacific are aware about the sustainable energy which led to the growth of the market in Asia Pacific.

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LED Table Lamps Market Size, Share, Growth Analysis, By Product(Reading and Decorative), By Application(Household and Commercial) - Industry Forecast 2024-2031

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