Global Lamp Lenses Market Size, Share, and COVID-19 Impact Analysis, By Type (Vacuum, Fluorescent, LED, Neon-based & Others), By Power Range (Less than 20 Watts, 21 - 50 Watts, 51- 100 Watts & More than 100 Watts), By Application (Residential, Commercial (Retail, Healthcare, Automotive, Media & Entertainment & Others)), By Distribution Channel (Offline, Online) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

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%. Lamp lenses are used in a variety of applications, including healthcare, transportation, and automobiles. These lenses can be simply attached to any optical system for the transmission or acceptance of parallel light beams, either by fibre connection or directly to the system. Lamp lenses are mostly used for display assessment, such as flicker, white point adjustment, reaction time gamma, and colour analysis, among other things. The optical lenses are built in such a way that given stable measurement data, the alignment of the measuring spot may be adjusted.

The market is expected to develop due to rising demand for high-end microscopy systems in various applications and technical improvements in microscopes. Fluorescent and LED lights are the two most common types of lamp lenses. Furthermore, the increased focus on fibre optical lenses is expected to provide the market with lucrative potential possibilities. The global market for LED lighting is projected to be dominated by this technology.

COVID-19 ANALYSIS

The outbreak of COVID-19 pandemic has impacted severely on the global lamp lenses market. Several countries have begun to recover and have partially adjusted to pandemic constraints. Vaccine research and development has made significant progress, and many governments have issued various policies to stimulate economic recovery. This is likely to provide a significant boost to economic activity, particularly in the United States, but the prospects for long-term growth vary greatly between countries and sectors. Despite the fact that the world economy is recovering from the massive downturn caused by COVID-19, it will continue to lag behind pre-pandemic levels for some time. The pandemic has heightened the dangers of the decade-long global debt accumulation surge. It's also likely to exacerbate the long-anticipated decrease in potential growth over the following ten years. According to World Bank data, global GDP will have decreased by around 3.5 percent in 2020 as a result of the COVID-19 epidemic.

LATEST TREND

Emergence of Modern High Contrast Accent Lighting in Supermarkets

Emergence of modern high contrast lighting in supermarkets are likely to propel the growth of the global lamp lenses market. Nowadays, the retail and consumer electronics outlet are mainly focusing on merchandising to increase the customer base. Proper lighting gives immense satisfaction and clarity about the products. Combining different lightings gives visual interest to the space and in turn creates an attractive, inviting and exiting environment.

DRIVING FACTORS

Increasing Demand in Automotive Industry

The increasing demand of lamp lenses are increasing due to the rising number of automobiles. According to the survey by IBISWorld, the sales of automobile sector has increased by 5.3% from last year to USD 3.8 trillion market size. The growing demand of electric vehicles in developing countries and growth in exports are some of the positive factors for the automobile industry.

Surging Demand for LED Lamps in Smart Lighting

The LED lamps are being majorly used for the residential and commercial purposes. The increasing usage of LED lighting systems can reduce upto five times less consumption of electrical energy. LEDs use little energy to produce a lot of light, which is why they're so popular in both outdoor and indoor situations. LEDs give designers more creative freedom, as well as the capacity to withstand frequent switching. Rising consumer awareness of the benefits of LED lights, as well as a shift towards green lighting, are projected to drive demand for LED goods. The emergence of smart lighting and increasing smart home in developing countries are likely to fuel the growth of the global lamp lenses market.

RESTRAINTS

High Up-front Costs of Lamp Lens

Concerns pertaining to the high up-front costs is likely to impede the growth of the global lamp lenses market. The LEDs are expensive as compared to other light sources. The heat generation by incandescent and halogen bulbs is limiting the growth of the global lamp lenses market.

SEGMENTATION

The global lamp lenses market is segmented by Type (Vacuum, Fluorescent, LED, Neon-based & Others), By Power Range (Less than 20 Watts, 21 - 50 Watts, 51- 100 Watts, More than 100 Watts), By Application (Residential & Commercial (Retail, Healthcare, Automotive, Media & Entertainment & Others), By Distribution Channel (Offline & Online) and Region. Based on the type, the market is categorized into vacuum, fluorescent, led, neon-based & others. Based on power range, the market is categorized into less than than 20 Watts, 21 - 50 Watts, 51- 100 Watts, More than 100 Watts. Based on application, the market is categorized into residential, commercial (retail, healthcare, automotive, media & entertainment & others). Based on distribution channel, the market is categorized into offline, online. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

REGIONAL INSIGHTS

The global lamp lenses market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. 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. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global lamp lenses market due to urbanization and supporting government policies, an expanding number of commercial establishments in developing economies such as China, India, and Bangladesh is likely to offer several growth prospects.

LIST OF KEY COMPANIES PROFILED:

• Dialight
• APM Hexseal Corporation
• Visual Communications Company
• JKL Components Corporation
• Auer Lighting GmbH
• INTERNATIONAL LIGHT TECHNOLOGIES INC.
• Optikos
• TRIOPTICS GmbH
• LightPath Technologies
• HANSON INSTRUMENTS
• Visual Communications Company, LLC

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.

SEGMENTATION

By Type

Based on type, is categorized into vacuum, fluorescent, led, neon-based & others. 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. Similarly, the government's efforts to raise LED knowledge among customers in order to reduce/manage energy consumption are likely to aid the target market's growth.

By Application

Based on application, the market is categorized into residential, commercial. The commercial is further bifurcated into retail, healthcare, automotive, media & entertainment & others. 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. For instance, the Occupational Safety and Health Administration (OSHA) in the United States instructed that light fixtures need to be covered with a protective plate, that fixtures be installed above 7 feet in the workplace.

By Distribution Channel

Based on distribution channel, the market is categorized into offline, online. 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. In order to obtain a competitive advantage, big retail chains such as Reliance Digital and Croma are investing in the opening of new outlets. For example, in June 2019, Reliance Industries announced the opening of 100 new Reliance Digital outlets across India.

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia