New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Filament LED Bulb Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (0-25-Watt Type, 25-40-Watt Type, 40-60-Watt Type, and Above 60-Watt Type); Application (Residential, Restaurants and Bars, Hotels, Café, and Others) and Geography”, The global filament LED Bulb market size is estimated to grow at a CAGR of 24.4% from 2021 to 2028; it is expected to grow from USD 1.43 billion in 2021 to USD 6.62 billion by 2028.
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Global Filament LED Bulb Market – Report Scope:
| Market Size Value in | USD 1.43 Billion in 2021 |
| Market Size Value by | USD 6.62 Billion by 2028 |
| Growth rate | CAGR of 24.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 160 |
| No. of Tables | 56 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Product ; Application and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Filament LED Bulb Market: Competitive Landscape and Key Developments
Havells India Ltd., Wipro Consumer Lighting, OSRAM GmbH, Signify Holding (Philips), and Seoul Semiconductor Co., Ltd. in 2020. Are the top five key players profiled in the filament LED bulb market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the filament LED bulb market are mentioned below:
In June 2021, Signify, the world leader in lighting is further enhancing the user experience of millions of Philips Hue users worldwide as it launches the fourth generation of the Philips Hue app. New technologies improve app performance in overall functioning and in communication with the smart lighting system.
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In March 2021, Wipro Consumer Care and Lighting’s quickly shifted its attention to where the consumers were, i.e. online. It tried to take it easily by understanding the changing consumer demand and shifts in the media landscape. Their learnings from the first wave of COVID-19 helped them manage the situation easily during the second wave.
The filament LED bulb market growth in North America is mainly driven by growing LED adoption. LED product installations increased in all applications across the region from 2016 to 2018, approximately doubling to 2,325 million units or 30% of total general illumination lights. A-type lamps now account for nearly half of all LED lighting installations, with a 32.9% installed penetration in this application. Decorative lamps now have the lowest installed LED penetration, though this has increased from 7.9% to 16% between 2016 and 2018. Although LEDs have a higher penetration rate in outdoor lighting (51.4%) than indoor lighting (29.8%), total LED installations in indoor applications are significantly higher (2.2 billion vs 100 million). With the rise of the smart home trend in the region, there has been an increase in demand for intelligent LED lighting systems that are connected to other electrical devices and can be controlled remotely. Vendors in regional markets have also been concentrating on making linked lighting more accessible, which has resulted in global innovation. High investment by regional players is also fueling the growth of the market in North America.
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Surge in Product Innovations and Launches Coupled with High Expansion Strategies to Provide Lucrative Opportunities for Global Filament LED Bulb Market Growth during (2021-2028):
Rapid industrialization and urbanization across the globe are boosting the construction of residential places and commercial places such as restaurants, cafes, bars, and office complexes. These new constructions, coupled with a rise in spending by the owners to offer an aesthetic environment across the same, are influencing the filament LED bulb manufacturers to constantly renovate and launch new products to offer their customers more options to select from. A few such recent product developments are mentioned below.
In March 2021, Verbatim Lighting partnered with Coresential to represent itself in Florida territory and North and South Carolina. This partnership will help the company to expand its market reach in the respective countries, thereby contributing to its revenue growth.
In August 2018, Verbatim Lighting launched LED S14 lamps in clear and amber colors. Verbatim LED S14 Lamps are ideal for use in signage applications. These lamps are wet-rated and enclosed fixture rated; hence, they are ideal for outdoor use, such as in gardens and open cafes.
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