Bulb Market to Reach $104.7 Billion, Globally, by 2034
The shift toward LED technology has been a major driver, with LEDs offering superior energy efficiency, extended operational lifespan, and reduced heat emissions compared to traditional incandescent bulbs. This transition is further accelerated by regulatory measures promoting energy-saving products, such as bans on inefficient incandescent bulbs and incentives for adopting energy-efficient lighting solutions. In addition, the rise in environmental awareness among consumers has increased demand for eco-friendly lighting options, strengthening the market for bulbs with lower carbon footprints. Moreover, urbanization and infrastructure development in the emerging nations have also played a significant role, as expanding residential and commercial construction projects require advanced lighting solutions driving the bulb market demand. Furthermore, the integration of smart technology into lighting systems, which allowed for greater control and automation, has further fueled market growth by appealing to tech-savvy consumers seeking convenience and enhanced functionality in their lighting choices.
Based on the product type, the compact fluorescent lamps (CFLs) segment held the highest market share in 2023 owing to their balance of cost-effectiveness and energy efficiency. CFLs offer significant energy savings compared to incandescent bulbs, using up to 75% less energy while providing a similar light output. They also have a longer lifespan, reducing the frequency of replacements. In addition, CFLs are more affordable than LEDs, which has thus made them a convenient option for budget-conscious consumers. Although LEDs are growing in popularity, CFLs continue to be a practical choice for many households and businesses owing to their proven efficiency, lower upfront costs, and widespread availability.
Based on technology, the non-smart bulbs segment held the highest market share in 2023. The share of non-smart bulbs is higher in the global bulb market owing to their affordability and widespread familiarity. Non-smart bulbs, including traditional incandescent, halogen, and basic fluorescent lamps, typically have lower upfront costs compared to smart bulbs. Non-smart bulbs offer a simple, reliable lighting solution without the added complexity or expense of smart technology. Many consumers and businesses prioritize cost-effectiveness and ease of use, which in turn leads to sustained demand for these traditional bulbs. In addition, non-smart bulbs are widely available and compatible with existing fixtures, which has made them a convenient choice for many applications. Despite the growing interest in smart lighting, non-smart bulbs continue to dominate owing to their established market presence and lower price points.
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