Bulb Market Growth $89.73 Billion & CAGR: 4.5%, By 2032

Bulb Market Size Worth $89.73 Billion By 2032 | CAGR: 4.5%


The global bulb market size is expected to reach USD 89.73 billion by 2032, according to a new study by Polaris Market Research. The report “Bulb Market Share, Size, Trends, Industry Analysis Report, By Type (Incandescent Bulbs, Fluorescent Bulbs, CFLs, Halogens, LEDs); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing innovations driven by rising research and development activities among key market players are boosting the expansion of the global market. Sengled introduced its smart health monitoring light bulb A19. It is equipped with radar technology and a dual-system (WiFi/Bluetooth) health monitoring bulb. This smart bulb enables users to monitor their sleep, track vitals, & detect falls. As companies come forward to innovate and renovate new bulbs with technological advancements, this will further drive demand from consumers, which, in a way, will contribute to the growth of the global bulb market in the coming years.

Furthermore, the growth of the Internet of Things created new growth opportunities for bulbs as it enabled the control of the use of electrical appliances, including lights, refrigerators, coffee makers, and more, with gadgets. This will further fuel the demand and growth of the bulb market in the coming years.

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The evolution of technological innovations, from the initial incandescent bulb by Thomas Edison to the latest LED lights, has changed the way we illuminate houses and our surroundings. The rising technological adoption is further expected to fuel the growth of the bulb with the latest product designs by scientists to cater to ongoing consumer needs. Furthermore, the developments in bulb technology not only assist users in saving energy costs but also cut down on greenhouse gas emissions at the global level.

According to the US Department of Energy, with the growing adoption of LED lights across the nation, by 2027, it can save around 348 TWh of electricity. Lower consumption of energy can contribute to environmental sustainability as it reduces the emission of greenhouse gases. Governments are initiating new policies to fuel research activities on developing efficient bulbs to save energy, along with the intention of improving the availability of bulbs to the population. This will further enhance the market outreach of bulbs and fuel the growth of the global market in the next few years.

Bulb Market Report Highlights

  • The LED segment is anticipated to witness the highest growth due to its ability to cut energy costs.
  • Automobile headlights held the largest share owing to the growing need for bulbs in vehicles to increase safety at night.
  • Asia Pacific will grow at a rapid pace, owing to favorable government initiatives to promote energy-efficient bulbs
  • North America is expected to have the fastest growth owing to the rising environmental concerns attributable to the higher energy consumables.
  • The global players include Acuity Brands, Cree, Eaton, Everlight Electronics, GE Lighting, Osram, Philips Lighting, Seoul Semiconductor & Zumtobel Group.

 

Polaris Market Research has segmented the bulb market report based on type, application and region:

Bulb, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Incandescent Bulbs
  • Fluorescent Bulbs
  • CFLs
  • Halogens
  • LEDs

Bulb, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Lamps & Light Bulbs
  • Operation Theatre (OT Instruments)
  • Torchlights and Flashlights
  • Automobile Headlights
  • Mining Headgears
  • Others

Bulb, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Bulb Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 60.43 Billion

Revenue forecast in 2032

USD 89.73 Billion

CAGR

4.5% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Type, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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