Filament LED Bulb Market Size Worth $7 Billion, By 2030: IndustryARC

The Filament LED Bulb Market size is predicted to reach $7 Billion by 2030, growing at a CAGR of 18.6% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC.  Rising Awareness and Adoption, Energy Efficiency and Cost Savings, Environmental Concerns and Sustainability are the driving factors of the market during the forecast period, finds IndustryARC in its recent report, titled “Filament LED Bulb Market Size, Share & Trends Analysis Report By Bulb Shape (Globe, Edison, Candle, Straight Tip), By Wattage (1 to 9 Watts, 10 to 19 Watts, Above 20 Watts), By Color Temperature (Below 2700 K, 2700-3000 K, 3000-4000 K, 4000-5000 K, Above 5000 K), By Base Type (E26, E27, B22), By Application (Indoor, Outdoor, Multipurpose) & Industry Forecast, 2023-2030.”

LED bulbs are highly energy-efficient, consuming significantly less electricity than traditional incandescent bulbs. This is a critical factor for indoor lighting where bulbs are often used for extended periods. Consumers and businesses appreciate the cost savings on electricity bills that LED bulbs offer, making them a preferred choice for indoor lighting. LED bulbs provide consistent, flicker-free illumination with minimal glare. This quality of light is crucial for indoor environments where visual comfort and productivity are paramount. Many LED bulbs offer high Color Rendering Index (CRI) values, ensuring that colors appear true and vibrant.

Many consumers and businesses are looking to retrofit their existing lighting fixtures with more energy-efficient and longer-lasting alternatives. Filament LED bulbs are an ideal choice for retrofitting projects because they are designed to fit into standard fixtures commonly found in homes, offices, and commercial spaces. They offer a simple and cost-effective way to upgrade lighting without the need for major infrastructure changes or fixture replacements. This retrofitting demand is driven by a desire for improved energy efficiency, reduced maintenance costs, and the desire to enjoy the aesthetic appeal of Filament LED bulbs while retaining existing lighting fixtures. As a result, retrofitting projects provide a steady source of demand for Filament LED bulbs and contribute to the market's growth.

The LED lighting market is diverse, and there are various types of LED bulbs available, including non-filament LEDs that offer energy efficiency and durability. These alternatives often come at a lower price point compared to Filament LED bulbs. While Filament LEDs offer a unique aesthetic appeal, some consumers and businesses may prioritize cost savings and opt for non-filament LED options instead. This competition within the LED market can limit the market share growth of Filament LED bulbs.

Supply chain disruptions have led to shortage in the availability of critical raw materials needed for manufacturing LED bulbs, including components such as LED chips, phosphors, and other electronic components. Shortages of these materials  led to production delays and increased costs, which have been passed on to consumers in the form of higher prices. Manufacturers are also forced to source components from alternative suppliers or regions during supply chain disruptions. This has led to variations in component quality, potentially affecting the overall quality and performance of Filament LED bulbs.

The integration of smart technology into Filament LED bulbs presents a significant growth opportunity. Smart Filament LED bulbs can be controlled remotely through smartphone apps or voice assistants, allowing users to adjust lighting intensity, color temperature, and even set schedules. Smart lighting solutions offer convenience, energy efficiency, and customization, which are highly attractive to both residential and commercial users. As the adoption of smart home and building automation systems continues to rise, the demand for smart Filament LED bulbs is expected to grow. Manufacturers can seize this opportunity by developing and marketing smart Filament LED products that offer compatibility with popular smart home ecosystems and provide features that enhance user experience.

Increasing awareness of environmental issues and sustainability is driving demand for eco-friendly lighting solutions. Filament LED bulbs, with their energy efficiency and longevity, align well with sustainable lighting initiatives. Governments, businesses, and consumers are actively seeking ways to reduce energy consumption and lower carbon footprints. Filament LED bulbs, when promoted as an eco-friendly lighting option, can benefit from this trend. Manufacturers and retailers can leverage sustainability messaging in their marketing efforts, highlighting the energy-saving and long-lasting characteristics of Filament LED bulbs. Additionally, partnerships with environmental organizations or participation in sustainability certification programs can enhance the appeal of these bulbs in the market.

● Filament LED Bulb Market Size and Forecast 

● Filament LED Bulb Market Trends

● Filament LED Bulb Market Analysis By  Base Type

● CAGR of the market during the forecast period 2023-2030

● Value Chain analysis of key stakeholders

● Detailed analysis of market drivers and opportunities during the forecast period

● Filament LED Bulb Market size estimation and forecast

● Analysis and predictions on end users’ behavior and upcoming trends 

● Competitive landscape and Vendor market analysis including offerings, developments, and financials

● Comprehensive analysis of challenges and constraints in the Filament LED Bulb Market

The COVID-19 pandemic had a multifaceted impact on the Filament LED Bulb market. Initially, as lockdowns and restrictions were imposed, the market experienced disruptions in the supply chain, leading to delays in production and distribution. This was compounded by reduced consumer spending and uncertainties, causing a short-term dip in demand for non-essential items like decorative lighting, including Filament LED bulbs.

The geopolitical situation in Ukraine has introduced new challenges and uncertainties to the Filament LED Bulb market. Ukraine is a significant global producer of raw materials used in LED production, such as phosphors and rare earth elements. The disruptions in the supply chain from Ukraine have potentially led to increased manufacturing costs and shortages of key components, affecting the overall availability and pricing of Filament LED bulb.

 

The key companies profiled in the Filament LED Bulb Market Report are listed below:

• Ledvance

• Philips

• GE Electronics

• OPPLE

• MIC Electronics Ltd.

• Reiz Electrocontrols Pvt. Ltd.

• InstaPower Ltd.

• Abby Lighting & Switchgear

• Osram

• Copper Lighting

LED Market– The market for LED is forecast to reach $102.6 billion by 2026, growing at a CAGR of 15.3% from 2021 to 2026. The LED Market is estimated to witness a sustainable growth over the forecast period majorly because of the different environment friendly features it offers in different applications. 

LED Displays, Lighting, and Fixtures market- According to a recent business publication by IndustryARC, LED displays, lighting and fixtures market size was around $70 billion - $75 billion in 2018, and its value will be growing at a healthy CAGR of around 12% - 14% during the forecast period 2019-2025. The analyst highlights the energy efficiency trend to cause major disruptions in the near future, with innovation remaining the name of the game.

Global LED Lighting in Oil and Gas Market– As per IndustryARC’s research, the global LED lighting in the oil and gas market is evaluated to leverage a revenue of $188.7 million by 2023. The potential benefit offered by installing LED lights in the oil and gas industry is lesser threat of explosion by illuminating hazardous locations and also high quality LED fixtures reduce the chance of ignition and sparks thereby acting as a reliable industrial aid.

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

 

Mr. Venkat Reddy

IndustryARC

Email: [email protected]

USA: (+1) 970-236-3677

Web: https://www.industryarc.com

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