LED Bulb Market Estimated to Exceed US$ 14.8 Billion Globally By 2027 | CAGR of 12.8%

According to the latest report by IMARC Group, titled "LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on LED bulb market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global LED bulb market size reached US$ 7.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2027, exhibiting a growth rate (CAGR) of 12.8% during 2022-2027.

LED (light emitting diode) bulb represents an electric lamp comprising various clusters of LEDs that are mounted on a base. Compared to conventional lighting sources, such as fluorescent and incandescent lights, these lamps are associated with several advantages, including a longer lifespan, lower energy consumption, compact size, and production of less heat output. Furthermore, LED bulbs provide around 50,000 hours of illumination while consuming a minimal amount of energy. In addition, these lamps are available in various colors, watts, shapes, and dimmable control. As a result, LED bulbs find widespread applications across the industrial, commercial, and residential sectors.

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Market Trends:

The high-power consumption across the globe, owing to the rising population and steep subsidies for electrical power across countries, the escalating demand for energy-saving solutions, and the launch of several policies by the government bodies to ban and limit the use of inefficient lighting technologies are among the primary factors fueling the LED bulb market. Besides this, the elevating product requirement in automobiles, general lighting, mobile devices, signal and signage, healthcare, forensics, street lighting, and academics and the emerging trend of urbanization and industrialization, especially in the developing nations, are further augmenting the market growth. Moreover, the leading manufacturers are introducing smart lighting solutions, such as LED bulbs, that are utilized in various end-use industries, which is also catalyzing the global market. Apart from this, the increasing shift from conventional to green lamps among the masses, on account of the growing consciousness toward the need to save energy, is expected to bolster the LED bulb market in the coming years.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• Nichia
• Osram
• Samsung Electronics
• Everlight Electronics

LED Bulb Market Segmentation:

Our report has categorized the market based on region and application.

Breakup by Application:
• Retrofit
• Retail and hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Industrial

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.