Global QYResearch in its latest report on “Global LED Light Bulb Market (Types: General Purpose LED, Decorative LED, Specialty LED ; Application: Residential, Office, Shop, Hospitality, Others)”, estimates that the global market for LED light bulb is anticipated to grow at a significant rate of around 20% CAGR and reach the market value of over $80 billion by 2025. LED is projected to be driven by conventional CCFL and CFL light bulb market owing to superior features.
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General Purpose LED To Grow Significantly
The demand for general-purpose LED is projected to observe a surge in near future. Decorative LED bulb is mainly use in residential spaces for lighting up pools, gardens, fountains, and statues. They are also used for functional applications consisting of landscaping and building frontage. Growing inclination of consumers towards energy-efficient lighting systems is estimated to enhance the demand for general-purpose LED bulbs through the forecasted phase. The general-purpose bulbs are budding as a substitution for conventional illumination bulbs, thus further swelling the demand.
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Residential and Commercial Segments Hold A Major Share
Manufacturers of LED bulbs have progressively started to distribute their commercial and residential LED bulbs to customers avoiding the conventional distribution channel. The straight marketing channel such as e-commerce is swiftly gaining recognition compared to the traditional retail channel. Such marketing techniques helps in reaching large number of customer base in shorter time span and consequently helping to seize the LED bulb market in residential and commercial segment.
Asia-Pacific Projected To Grow At Highest Rate
Asia-Pacific is predicted to grow at a maximum rate through forecasting period. The prominent growth can be credited to the swift infrastructure activities being undertaken in this region. However, government policies in countries such as the U.S. and Canada are the key factors pressuring the reduction in LED bulb market costs. The U.S. has legally prohibited the practice of ineffective lighting and aids towards reducing energy utilization. Europe accounted for nearly 25% of the revenue in 2016 in LED light bulb market owing to an extensive life cycle of energy-efficient lighting product and lower operational costs.
Major players in LED light bulb market included are Osram, Philips, Acuity Brands, Panasonic, Eaton, Toshiba, Zumtobel Group, Yankon Lighting, and more.
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