The filament LED bulb market size is projected to reach US$ 12427.98 million by 2031 from US$ 2163.19 million in 2023. The market is expected to register a CAGR of 22.4% during 2023–2031. The increasing advancement in LED technology is likely to remain a key trend in the market.
The growth of the market is attributed to the increasing number of commercial and residential construction projects in different regions. Furthermore, the increase in interest in home renovation and remodeling activities, which can be linked to increased government support, particularly in industrialized countries, is also boosting the demand for filament LED bulbs. Rise in consumer income levels, changes in lifestyles, and embrace of diverse cultures in terms of interior decor are contributing to this transition.
LED filament bulbs enhance incandescent bulbs' appearance and light dispersal while using LED technology to provide efficient lighting and reliable performance. LED filament bulbs, commonly referred to as Edison Bulbs, display large glowing filaments through clear glass enclosures and resemble old-fashioned incandescent or vintage lights. LED Filament bulbs provide the look of traditional incandescent bulbs while providing energy-efficient lighting and all the other advantages of traditional LED lighting. LED filament bulbs have a longer lifespan than incandescent bulbs.
The lighting is an important element in the overall design of restaurants and cafes. In cafes, bars, and restaurants, the light intensity of 150 lux is generally considered appropriate. Other areas require 100 lux, the food storage section requires 150 lux, the washing section requires 300 lux, and the cooking section requires 500 lux. Restaurants employ four types of lighting: general lighting, accent lighting, decorative lighting, and natural lighting. In a cafe or restaurant, general lighting is the most significant aspect. Homogeneous lighting is achieved by placing lighting equipment in a certain order at the same time. Customers will perceive the restaurant as more welcoming if it has a decent overall decoration. Accent lighting can be employed to draw attention to the major or fancy aspects of restaurants, including decor, plants, tables, or merchandise. Decorative lighting refers to the lighting components that are employed to complete the design. Traditional and modern lighting can be used to create decorative lighting. Thus, various lighting techniques used in restaurants, hotels, bars, and cafes are bolstering the adoption of filament LED bulbs, thereby contributing to the market growth.
Lighting is increasing in residential areas. The use of LED bulbs in homes differs from other household characteristics, such as household income and ownership. Among households earning less than $20,000 per year, 39% reported that LED bulbs were their primary indoor lighting choice, while 54% of households earning $100,000 or more per year utilized mostly LED bulbs in 2020. The filament LED bulbs are widely used in residential areas. Thus, the increasing residential lighting is generating more opportunities for the filament LED bulb market.
Key segments that contributed to the derivation of the filament LED bulb market analysis are product and application.
The geographic scope of the filament LED bulb market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe led the filament LED bulb market in 2023. In Europe, such as the National Energy Efficiency Action Plans (NEEAPs) and the National Energy Efficiency Action Plans (NEEAPs), the National Energy Efficiency Action Plans (NEEAPs) aim to promote investments in the maintenance and refurbishment of residential and commercial buildings. Further, consumers’ willingness to spend important amounts on the styling of living spaces has drawn their attention to home furnishing products such as carpets and rugs, and advanced and styled lighting systems that advance the aesthetic appeal of interiors.
The regional trends and factors influencing the Filament LED Bulb Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Filament LED Bulb Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2163.19 Million |
| Market Size by 2031 | US$ 12427.98 Million |
| Global CAGR (2023 - 2031) | 22.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Filament LED Bulb Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Filament LED Bulb Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The filament LED bulb market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the filament LED bulb market are listed below:
(Source: Trellix, Press Release, October 2023.)
The “Filament LED Bulb Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Europe dominates the filament LED bulb market.
The increase in adoption of filament led bulbs across restaurants, hotels, bars, and cafes and the increasing residential lighting are the major factors that propel the global filament LED bulb market.
The increasing advancement in LED technology is anticipated to play a significant role in the global filament LED bulb market in the coming years.
The key players holding majority shares in the global filament LED bulb market are Crompton Lamps Ltd, Havells India Ltd., Wipro Consumer Lighting, MEGAMAN, OSRAM GmbH, Signify Holding (Philips), Feilo Sylvania Europe Limited, UKLED, Verbatim Americas LLC, and Seoul Semiconductor Co., Ltd.
The global filament LED bulb market is expected to reach US$ 12427.98 million by 2031.
The expected CAGR of the global filament LED bulb market is 22.4%.