Global LED bulb market reached a value of US$ 6.7 Billion in 2020

The global LED bulb market reached a value of US$ 6.7 Billion in 2020. LED (light emitting diode) bulb refers to an electric lamp comprising of numerous clusters of LEDs which are mounted on a base. In contrast with the conventional lighting sources, such as incandescent and fluorescent lights, 

LED bulbs are associated with innumerable advantages which include a compact size, longer lifespan, lower energy consumption and production of less heat output.

Currently, power consumption has been witnessing an increase across the world. The high rate of power consumption can be attributed to a rise in population worldwide, steep subsidies for electrical power by several countries and limited attempts to rationalise the consumption. Mounting consumption of electricity, however, has not been supplemented by adequate electricity production which is leading to a power crisis. Owing to this, there is a strong demand for energy-efficient products such as LED bulbs.

Over the past few years, there has been a growing trend of promoting environmental protection and energy conservation. For instance, governments in some of the markets, such as China, India, etc., have been encouraging the use of LED lights in their respective countries. As a result, LED bulbs have emerged as one of the major energy-efficient lighting solutions which is envisaged to drive the market forward in the coming years.