The filament LED Bulb market is expected to grow from US$ 1433.19 million in 2021 to US$ 6621.39 million by 2028; it is estimated to grow at a CAGR of 24.4% from 2021 to 2028.
Rising awareness about advantages of filament LED bulbs is attributing to the growth of the market. Previously, 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, but the LED filament broke through 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 of the process, the blue + red chip package is used to create the conventional lighting effect and improve the 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. From the present perspective, 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 above-mentioned benefits of filament LED bulbs across the globe through constant marketing and advertisements by manufacturers is also influencing the adoption of the same for lighting purposes, thereby contributing to the growth of the market.
The customers in both developed and developing countries are highly inclined toward having aesthetically pleasing interiors at houses and commercial places; however, the COVID-19 pandemic has led to disruptions in the development of lighting systems. Furthermore, the limited availability of laborers has hampered the maintenance and rebuilding of interior infrastructure. Due to insolvency, several small caf?s and eateries have closed down.
The filament LED bulb market is segmented on the bases of product, application, and geography. Based on product, the market is segmented into 0-25 Watt Type, 25-40 Watt Type, 40-60 Watt Type, and Above 60 Watt Type. Based on application, the market is segmented into residential, restaurants and bars, hotels, caf?, and others. In terms of geography, the filament LED bulb market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
Key players operating in the global filament LED bulb market include 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., among others.
The overall filament LED bulb market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the filament LED bulb market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers?along with external consultants such as valuation experts, research analysts, and key opinion leaders?specializing in the filament LED bulb market.