Bulb Market

Bulb is an object enclosing the wire filament, which is heated until the bulb glows. From the various incandescent bulbs to fluorescent bulbs to the utmost improvised version of LEDs, bulbs are preferred in various industries and applications due to its features including durability, power consumption, and varying cost. Since the bulb relies on energy consumption and with growing consumption, this non-renewable source of energy is widely used, the marketers have been working on innovations and features that deliver the least or minimum power consumption. Increase in concern of different parties toward sustainable energy consumption is the major factor that drives the growth of the bulb market. Competition among the key players is aligned in accordance with reduction in energy consumption at the customers’ convenience.

COVID-19 Scenario Analysis: 

Production shutdown scenario

The production has been shut down for the bulb market and this has brought a cease in the production of more units. This is also the result of disrupted supply chains as the industry depends on component manufacturing, and amid the current situations, industrial supplies have witnessed a downward drift.

Loss in revenue due to lockdown

A major portion of bulb demand was segmented to public places. As such in the revenue from lighting in the public places has significantly dropped. This could also be associated to the cancellation of many gatherings and sport events, that otherwise would have dwelled upon the bulb market.

Estimated decline in market demand

Among many of the bulb applications, one major was the use in construction sights and public gatherings. All of these activities are deemed to grow at a lacking pace, implying poor demand for the product in the near future. Although the use of light bulbs in the healthcare sector has seen an improvement, a part of the market is affected and this is posing threat to the growth of the global bulb market. 

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The global bulb market has seen an upsurge in the product demand and its diversified application in various verticals be it household, healthcare, defense, construction, and public events. The market has been working on the scenario of providing varying range of bulbs with different level of power consumption. The concept of energy efficient bulbs was brought in the picture by growing consciousness toward energy consumption. The market has seen a shift in demand from the incandescent bulbs to fluorescent bulbs to the latest light-emitting diodes. 

The global bulb market trends are as follows:

New product launches to flourish the market

The launch of new products that contain improved capabilities have been launched by the leading market players. This includes the LEDs and CFLs that are higher in price in comparison to the conventional incandescent bulbs, but provide a greater and reliable energy efficiency. This approach was looked upon because power usage is seen as the after purchase cost borne by the customers. Companies like Philips Lighting, and Osram have started producing light-emitting diodes, which became a standardized trend for the industry, to target this issue and conquer the consumer base.

The key market players in the industry work on justifying the increase in price of the product with prolonged and sustainable benefits that drive the market interest.

Surge in usage in healthcare and construction applications 

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Leading market players have determined the influence of improved accuracy in many applications. Owing to this, a notable product diversification has been established in this particular industry. 

These different uses have diversified the products, proving ample opportunities to the market players to achieve desired results. The increase in demands act as consumer inputs and the diversified products happen to be the outcome of the same.

Key Benefits of the Report:

• This study presents the analytical depiction of the global bulb industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global bulb market share.
• The current market is quantitatively analyzed to highlight the global bulb market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global bulb market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Bulb Market Research Report:

• What are the leading market players active in the bulb market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?

 Bulb Market Report Highlights