Global LED Bulb Market to Grow at a CAGR of 9.7% During 2024-2032, Aided by Innovations in Smart LED Lighting Systems

The Asia Pacific holds a significant market share of the market due to the increased demand for lighting solutions in various economies such as China, India, South Korea, and Japan. Due to their ability to energy-efficiency, the demand for LED bulbs is significantly growing. Additionally, the development of street lighting systems, increasing residential and commercial construction, and the initiation of smart city projects by different governments across the region positively influence the LED bulb market demand.

Growing electricity prices and rising concerns regarding climate change are boosting the demand for LED bulbs in households and commercial and industrial organisations. Features like personalisation, high efficiency, durability, efficiency, and cost-effectiveness are also boosting the demand for LED bulbs.

Moreover, there is a surging adoption of smart lighting technologies integrated with LEDs that can be remotely operated, change the colour and light spectrum on demand, enable programmability and automation, and drive user preference.

The launches of innovative and efficient LED bulbs by key players like General Electric Company (NYSE: GE) and Signify Holding are favouring the market expansion. For instance, in April 2023, Signify launched the Philips Ultra Efficient LED bulbs that can support customers to save 40% energy, deliver nearly 500,000 hours of illumination, and boast a durability of 50 years. The launch is also aimed at reducing carbon footprint, minimising energy bills, and lowering the environmental impact of lighting solutions.

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Market Analysis by Application, and Region:

• The market on the basis of application can be divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial, among others.

• The major regional markets for LED bulb include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• As LED bulbs do not require regular replacement like traditional bulbs and produce reduced output levels for an extended period of time, they are widely adopted due to their energy efficiency and associated benefits.

• Innovations in smart LED lighting systems strengthen the LED bulb market growth. These systems make use of sophisticated controls and communication possibilities. Smart LEDs can also be linked with other smart devices to provide automated lighting systems, or they can be controlled remotely using smartphone apps.

• Various initiatives by governments across the world, such as the UJALA Scheme by the Indian government, to promote energy-efficient LED bulbs at an affordable price and replace conventional streetlights with energy-efficient LED lights expand the market demand.

• The growing environmental concerns and government goals to achieve reduced carbon emissions further contribute to the adoption of LED bulbs.

Key Offerings of the Report:

• The EMR report gives an overview of the global LED bulb market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the application, and regions of North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global LED bulb market are General Electric Company, Cree Lighting, Osram, and Signify Holding, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.