The global light bulb market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). It is an electric lamp that produces light through light-emitting diodes and is used in lighting fixtures. The major factor expected to drive the market growth is the rising construction activities in developed and developing countries, along with stringent government regulations to lower the adoption of inefficient lighting technologies. In addition, the growing consumer awareness about the environment and the durability of these lights and the government mandates for energy efficiency will further support the global light bulb market to grow during the forecast period. In the light bulb, the LED bulb grows faster during the forecast period owing to the recent advancements in light-emitting diode technology. LED lighting products produce light approximately 90% more efficiently than incandescent light bulbs, such as fluorescent and incandescent lights.
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Some major players in the market include OSRAM GmbH, Koninklijke Philips NV, and Savant Technologies LLC (GE Lighting), among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in February 2021, Orient Electric Ltd. announced the launch of its emergency LED lights solutions which provide backup lighting for up to 4 hours during a power outage with the range includes LED Bulbs, LED Batten, LED Recess Panel, and Bulkhead. Further, in January 2021, Syska introduced its new LED Lights under the ‘T5 LED Batten’ brand in India for nearly $5.8 and nearly $7.1. Further, the company added that T5 LED Batten (PC) and T5 LED Batten (AL) LED has surged the protection of 4KV and are installed with 440V OVP (over voltage protection).
Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
By Distribution Channel
By End-Use
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- OSRAM GmbH, Koninklijke Philips NV, and Savant Technologies LLC (GE Lighting), among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
Global Light Bulbs Market Report by Segment
By Type
- LED (Light-emitting diode)
- Fluorescent Light
- Incandescent Light
By Application
- Commercial Offices
- Retail
- Hospitality
- Industrial
- Highway and Roadway
- Architectural
- Public Places
- Hospitals
- Residential
- Automotive
By Distribution Channel
- Direct Sales
- Wholesale/Retail
- Online
By End-Use
- Residential
- Commercial
- Industrial
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