Global Lamps Market Grows Steadily at a CAGR of 5.3%

Introduction

The lamp market encompasses a wide array of lighting solutions, ranging from traditional options to cutting-edge, energy-efficient, and smart lighting products. As sustainability gains increasing importance, the industry is shifting away from incandescent and fluorescent lamps in favor of LED technology, which offers lower energy consumption and a longer lifespan. This transition is being further accelerated by the growing adoption of smart home technology, which has led to an increased demand for connected lighting systems that can be controlled via smartphones, voice assistants, or automated features. 

Market Dynamics

Government regulations promoting energy efficiency drive the global market

Government regulations are a significant driver in the global lamps market, pushing both consumers and businesses to adopt energy-efficient lighting solutions. Policies aimed at reducing energy consumption, such as the phase-out of outdated lighting technologies, have accelerated the adoption of LED and fluorescent lamps.

This trend is particularly noticeable in regions like the European Union, the United States, and Asia-Pacific, where regulatory authorities have implemented measures to reduce lighting-related energy use.

• For instance, the European Union’s Eco-design Directive mandates that lighting products meet rigorous energy efficiency standards, effectively removing inefficient incandescent bulbs from the market. In the United States, the Energy Independence and Security Act has established stringent efficiency requirements, promoting a shift towards LEDs and compact fluorescent lamps (CFLs).

Technological advancements in lighting create tremendous opportunities

Technological advancements are creating substantial opportunities in the global lamps market, driven by innovations such as OLEDs, smart lighting solutions, and AI-powered systems. A prominent example is the integration of IoT in smart lighting, which enables automated and optimized adjustments to improve both energy efficiency and user comfort.

• Brands like Philips Hue and Lutron are at the forefront, offering residential lighting systems that allow users to control light settings via mobile apps, providing both convenience and energy savings.

In the public sector, smart street lighting systems, implemented by companies like Signify (formerly Philips Lighting) and Telensa, are gaining popularity in cities worldwide. These systems adjust brightness based on real-time conditions, conserving energy and reducing operational costs by dimming during low-traffic periods or brightening in response to pedestrian movement.

These smart-systems not only enhance energy efficiency but also contribute to improved public safety, aligning with the growing trend of smart city initiatives worldwide

Regional Analysis

North America is expected to dominate the market throughout the forecast period. The region’s growth is driven by stricter energy regulations, widespread adoption of LED lighting, and growing consumer awareness of energy-efficient solutions. Government initiatives, such as the U.S. Department of Energy's LED Lighting Facts program, have significantly influenced the adoption of LED technology across both commercial and residential sectors. Additionally, the presence of major lighting companies like Cree, General Electric, and Philips in the United States has further contributed to the market’s expansion.

Key Highlights

• The global lamps market size was valued at USD 14.97 billion in 2024 and is projected to grow from USD 15.76 billion in 2025 to reach USD 23.83 billion, growing at a CAGR of 5.3% during the forecast period (2025-2033).
• Based on Product Type, the market is divided into incandescent lamps, fluorescent lamps, halogen lamps, light-emitting diodes (LEDs), and others. The light-emitting diodes (LEDs) segment dominated the market.
• Based on Application, the market is divided into residential and commercial. The commercial segment dominated the market with the largest market revenue.
• Based on the Distribution Channel, the market is divided into online and offline. The offline segment dominated the market with the largest market revenue.
• North America is the most significant global lamps market shareholder.

Competitive Players

1. Philips Lighting
2. Osram Licht AG
3. GE Lighting
4. Cree, Inc.
5. Panasonic Corporation
6. Havells India Ltd.
7. Acuity Brands
8. Zumtobel Group
9. Toshiba Lighting
10. Schneider Electric

Recent Developments

• In June 2024, Uravi T and Wedge Lamps Ltd announced a significant development, agreeing to acquire up to 55% stake in power systems and defense equipment manufacturer SKL (India) Pvt Ltd for approximately Rs 20 crore. This strategic move aims to enhance Uravi's portfolio in the power and defense sectors, marking a key expansion for the company.

Segmentation

1. By Product Type
   1. Incandescent Lamps
   2. Fluorescent Lamps
   3. Halogen Lamps
   4. Light Emitting Diodes (LEDs)
   5. Others
2. By Applications
   1. Residential
   2. Commercial
3. By Distribution Channel
   1. Online
   2. Offline