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Light Bulb Market Report
Light Bulb Market Trends, Dynamics & Market Insights
The Light Bulb market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of around x% during the forecast period.
Figure: Light Bulb Market Size, 2020-2026 (USD Million)
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What is a light bulb?
A light bulb is defined as a tool that's accustomed convert electricity into light, consisting of a source of illumination enclosed within a transparent or translucent shell. it's an electrical light with a wire filament heated until it glows.
Key players operating in the Light Bulb market are-
The growth of the light bulb market is driven by the widespread use of light bulbs in numerous applications including buildings, offices, and commercial plazas among others. Increasing residential and commercial construction activities across geographies is likely to drive the growth of the global light bulb market at a significant rate during the review period. In addition to this, rising demand for advanced light bulbs is likely to create lucrative opportunities for the players operating in the global market in the coming years.
By application, the light bulb market has been bifurcated into residential, office, shop, hospitality, and others. Under these, the residential segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to increasing residential construction activities across the globe.
By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the rapidly expanding building and construction industry in developing countries particularly India and China. The market growth in the North American region is expected to be driven by the growing building and construction industry with rising spending on renovation and remodeling of buildings.
The outbreak of the COVID-19 virus has affected the growth of the light bulb market significantly. Stringent lockdown measures and restricted movement of people affected the production and product supply for a short period and thus, affected the market growth.
Here is the list of the group of customers that the light bulb market hopes to have the greatest opportunity to convert-
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Osram Licht AG (Germany), Koninklijke Philips N.V. (Netherlands), GE Lighting (US), Acuity Brands, Inc. (US), Eaton Corporation plc (Ireland), Cree, Inc. (US), Panasonic Corporation (Japan), Toshiba Corporation (Japan), Sharp Corporation (Japan), Zhejiang Yankon Group Co., Ltd. (China), OPPLE Lighting (China), Hubbell Incorporated (US), The Zumtobel Group (Austria), Nichia Cor-poration (Japan), Havells India Limited (Noida) and Mitsubishi Motors Corporation (Japan) are among the key players in the light bulb market.
Widespread use of light bulbs in numerous applications including buildings, offices, and commercial plazas among others, increasing residential and commercial construction activities across geographies are the factors driving the growth of light bulb market.
The residential segment accounted for the largest share in the light bulb market in 2020.
Asia-pacific is expected to grow at a significant CAGR in the light bulb market in the coming years.
Light bulb distributors, Light bulb suppliers, Light bulb manufacturers, Logistics organizations, Government bodies are the target audience in the light bulb market.
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