The global bulb market revenue was around US$ 57.97 billion in 2022 and is estimated to reach US$ 86.14 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2023 to 2031.
A bulb is an object having a wire filament, which is heated until the bulb shines. Bulbs are preferred in several applications and industries owing to their features including power consumption, durability, and altering cost. These features apply to a variety of bulbs, from the numerous incandescent bulbs to the supremely improvised version of LEDs.
Market Driving Factors
LED technology has become one of the increasing forces behind the latest innovations like levitating bulbs and miniature bulb and their applications. Diamagnetic levitation, mechanical constraint, currents induced in a conductor, superconductor levitation, and electromagnetic suspension are technologies-altering bulbs. These technologies are further estimated to propel the demand for these bulbs in the market.
The creation of a wireless energy transmission system that is sustainable is the emphasis of researchers and innovators. Bulb sales are estimated to surge globally as a result of various associations and testing facilities helping the development of water-purification technology. In addition, the novel designs are concentrated on a combination of induction and magnetism. As a result, the device is made up of a base that is connected to a standard power source and a specially designed lightbulb. Some of the companies for the development of these bulbs are Crealev, Flyte, and others. Thus, this factor creates lucrative opportunities in the market.
Low-income households are finding it difficult to obtain energy-efficient bulbs like LEDs (light-emitting diodes) due to their greater initial costs when compared to standard incandescent globes. Thus, this factor hampers the market growth.
Regional Analysis
The Asia Pacific dominated the market in terms of the largest revenue. This growth is mainly attributed to the increased government policy formulations to save electricity and lower the lighting burden on the population in the region, primarily in India and China.
North America is estimated to be the fastest-growing region in terms of growth rate during the forecast period. This is primarily due to the increasing concerns about greenhouse gas emissions. Furthermore, there will be a requirement for efficient bulbs in the region because the government will begin taking action against higher power consumption.
Segmentation Insights
Type Insight
The LED segment is estimated to dominate the market in terms of the highest growth rate during the forecast period. This is due to its ability to save electricity. These are known to be energy-efficient compared to fluorescent, incandescent, and halogen bulbs, driving energy-conscious customers to shift from conventional bulbs.
Furthermore, the lower production of heat and environmental sustainability of these bulbs acquired traction among a larger customer base. These bulbs are known to have a longer life, which is up to 50,000 hours, resulting in lower maintenance prices for the users. These elements are contributing to the market growth.
Application Insight
The automobile headlights segment is expected to dominate the market in terms of the largest share. The increasing number of road accidents at night is driving the need for headlights. They play an important role in illuminating the roadway and promoting safe driving.
Furthermore, governments are creating policies to tackle increasing accidents in their countries. They are mandating the usage of helmets while driving bikes. In the future, there will be a possibility of keeping headlights mandatory to protect citizens from night accidents, increasing demand for headlights.
The lamps and light bulbs segment are estimated to dominate the market in terms of the fastest rate. Lamps and light bulbs are used in residential, households, commercial, industrial, and more. The increasing technological advances in the marketplace are driving the demand for lamps and light bulbs. For instance, the evolution of LED light bulbs surges the customer transition from conventional bulbs to LED light bulbs and lamps. These are contributing to the segment growth.
Prominent Companies
Segmentation Outline
The global bulb market segmentation focuses on Type, Application, and Region.
By Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL BULB MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: BULB MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL BULB MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL BULB MARKET, BY TYPE
5.1 OVERVIEW
5.2 INCANDESCENT BULBS
5.3 FLUORESCENT BULBS
5.4 CFLS
5.5 HALOGENS
5.6 LEDS
6 GLOBAL BULB MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 LAMPS & LIGHT BULBS
6.3 OPERATION THEATRE (OT INSTRUMENTS)
6.4 TORCHLIGHTS AND FLASHLIGHTS
6.5 AUTOMOBILE HEADLIGHTS
6.6 MINING HEADGEARS
6.7 OTHERS
7 GLOBAL BULB MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL BULB MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 ACUITY BRANDS
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 CREE
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 EATON
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 EVERLIGHT ELECTRONICS
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 GE LIGHTING
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 NICHIA CORPORATION
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 OSRAM
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 PHILIPS LIGHTING
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 SEOUL SEMICONDUCTOR
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 ZUMTOBEL GROUP
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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