According to the latest research report titled “Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the global filament LED bulb market is projected to reach US$ 6621.39 million by 2028 from US$ 1433.19 million in 2021; it is estimated to grow at a CAGR of 24.4% from 2021 to 2028.
Rising Awareness about Advantages of Filament LED Bulbs Drives Market Growth.
LED light sources such as COB plug patches and integrated high-power LED lamps could only be used as a plane light source in optical devices without lenses. However, the LED filament bulbs have broken this barrier, and the porous metal substrate single crystal welding technology truly realized 360 degrees of solid light source, avoiding the influence of light plus lens effect and optica. Instead of using traditional blue and green phosphors to raise the brightness in the process, the blue + red chip package is used to create the conventional lighting effect as well as to improve light efficiency and brightness through filament LED bulbs.
Additionally, compared to other LED lamps, LED filament lamps primarily use sapphire substrates and wicks instead of nonrenewable aluminium and nonbiodegradable plastic. As per the present trends, mainstream models are often just 25, 28, 32 chip packages, compared to the same number of common packages, the use of LED chip is also less, resulting in a cheaper overall cost than usual LEDs. The rising awareness about the abovementioned benefits of filament LED bulbs through constant marketing and advertisements campaigns by manufacturers is influencing the adoption of the same for lighting purposes, which contributing to the growth of the market.
Russia, the UK, France, Italy, Spain, and Germany are among the worstoaffected countries by the COVID-19 outbreak in Europe. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020, and to some extent, the effect is likely to persist in 2021 as well. COVID-19 first manifested itself in Europe as a “supply-side” shock, as Chinese producers cut their exports dramatically. Moreover, lockdown imposed in several European countries has hampered the adoption of filament LED bulbs.
However, following an extraordinary downturn in March and April (-25.5%) in the EU, construction output rose dynamically in May 2020 (21.8%), and it continued to rise further, though at a slower pace; by January 2021, 97.9% recovery was reported in construction output compared to its pre-crisis output levels in February 2020.
Key Findings of the Study:
The global filament LED bulb market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. In 2020, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Crompton Lamps has become a full member of the Lighting Industry Association (LIA). The LIA was created following the merger of the Lighting Industry Federation (LIF) and the Lighting Association (LA) in January 2012. Moreover, Coresential would be representing Verbatim Lighting in Florida territory, and North and South Carolina. Verbatim Lighting provides LED lighting solutions featuring excellent quality, high performance, and high value addition.
Reasons to Buy- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global filament LED bulb market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global filament LED bulb market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Crompton Lamps Ltd
- Havells India Ltd.
- Wipro Consumer Lighting
- MEGAMAN
- OSRAM GmbH
- Signify Holding (Philips)
- Feilo Sylvania Europe Limited
- UKLED
- Verbatim Americas LLC
- Seoul Semiconductor Co., Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 160 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1433.19 Million |
| Forecasted Market Value ( USD | $ 6621.39 Million |
| Compound Annual Growth Rate | 24.4% |
| Regions Covered | Global |
