Global LED Bulb Market Overview 2018: Growth, Demand and Forecast Research Report to 2023
The global LED bulb market has been growing at a moderate rate, over the past few years. Some of the factors which are giving impetus to the market include rising awareness about environment, emergence of eco-friendly technologies, descending prices of LED bulbs, government initiatives, mounting population growth, rapid urbanisation, elevating income levels, etc.
LED (light emitting diode) bulb refers to an electric lamp which contains a cluster of LEDs mounted on a single base and enclosed in the diffuser lens. In comparison to incandescent and fluorescent lights, LED bulbs are associated with several advantages such as serving a longer time-span, consuming less energy, generating lower heat output, compact size, etc. They are widely available in various ranges of colours, shapes and watts. A new research report titled “LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global LED bulb market worth was around US$ 5 Billion in 2017. The report further anticipates the market to reach approximately US$ 9 Billion by 2023, at a projected CAGR of more than 11% over the forecast period.
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Global LED Bulb Market Drivers/Constraints:
- One of the major factors bolstering the market demand for LED bulbs is the rising awareness about environment degradation and advent of eco-friendly technologies, such as LED bulbs which save up to 90% of energy and emit no greenhouse gas.
- Various government initiatives across several countries, particularly in the emerging regions, for prohibiting the use of incandescent bulbs and encouraging the purchase of LED bulbs acts as another force fostering the global LED bulb market.
- Some of the other factors propelling the market growth include rising global population, rapid urbanisation, rising disposable incomes, scarcity of non-renewable resources for generating electricity and reducing prices of LED bulbs.
- However, lack of awareness amongst the users may impede the market growth of LED bulbs. Moreover, the prices of LED bulbs are comparatively higher than incandescent and fluorescent bulbs.
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Based on application, the market is segregated into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. Owing to their dimmable colour temperature potency, LED bulbs are used widely for the aforementioned applications.
On a geographical front, India enjoys a leading position in the global LED bulb market, accounting for the largest market share. India is followed by China, Europe, the United States, Japan, Brazil, Russia and Others.
Being fragmented in nature, the market is surrounded by numerous small and large manufacturers who compete in terms of prices and quality. There is a strong competition in the market which makes it difficult for small players to survive.
Some of the leading players operating in the market are:
Browse Related Report:
LED Tube Light Market: https://www.imarcgroup.com/led-tube-light-manufacturing-plant
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