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Bulb Market to Reach $104.7 Billion, Globally, by 2034 at 4.8% CAGR: Allied Market Research

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The global bulb market growth is driven by advancements in LED technology, which offer energy efficiency and longer lifespan. Increase in consumer demand for eco-friendly lighting solutions, alongside stringent regulations promoting energy-saving products, has also fueled market expansion. Furthermore, rising urbanization and the growing trend towards smart home technology have contributed to the increased adoption of modern bulbs.

PORTLAND, Ore., Sept. 4, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Bulb Market by Product Type (Incandescent Bulbs, LED Bulbs, Halogen Bulbs, Fluorescent Bulbs, Compact Fluorescent Lamps and Others), Technology (Smart Bulbs and Non-Smart Bulbs), Application (Residential, Commercial and Industrial), and Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Departmental Stores, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034″. According to the report, the bulb market was valued at $63.1 billion in 2023, and is estimated to reach $104.7 billion by 2034, growing at a CAGR of 4.8% from 2024 to 2034.

Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/A07735 

Prime determinants of growth 

The shift toward LED technology has been a major driver, with LEDs offering superior energy efficiency, extended operational lifespan, and reduced heat emissions compared to traditional incandescent bulbs. This transition is further accelerated by regulatory measures promoting energy-saving products, such as bans on inefficient incandescent bulbs and incentives for adopting energy-efficient lighting solutions. In addition, the rise in environmental awareness among consumers has increased demand for eco-friendly lighting options, strengthening the market for bulbs with lower carbon footprints. Moreover, urbanization and infrastructure development in the emerging nations have also played a significant role, as expanding residential and commercial construction projects require advanced lighting solutions driving the bulb market demand. Furthermore, the integration of smart technology into lighting systems, which allowed for greater control and automation, has further fueled market growth by appealing to tech-savvy consumers seeking convenience and enhanced functionality in their lighting choices.

Report coverage & details:

Report Coverage

Details                          

Forecast Period

2024–2034                      

Base Year           

2023

Market Size in 2023

$63.1 billion                    

Market Size in 2034

$104.7 billion                   

CAGR   

4.8 %

No. of Pages in Report

290

 

Segments Covered

Product Type, Technology, Application, Distribution Channel, And Region.

Drivers 

Increase in adoption of energy-efficient lighting solutions Technological advancements in LED and smart bulbs Growth in demand for residential and commercial lighting Government regulations and incentives promoting energy efficiency Rise in awareness regarding sustainable and eco-friendly products

 

 

Opportunities

 

 

Expansion into emerging markets with growing urbanization Development of smart lighting systems with IoT integration Increase in demand for energy-saving and eco-friendly products

Restraint

 

 

High initial cost of advanced lighting technologies Rapid technological changes leading to product obsolescence Limited consumer awareness in emerging markets Regulatory challenges and compliance costs

The compact fluorescent lamps segment held the highest market share in 2023.

Based on the product type, the compact fluorescent lamps (CFLs) segment held the highest market share in 2023 owing to their balance of cost-effectiveness and energy efficiency. CFLs offer significant energy savings compared to incandescent bulbs, using up to 75% less energy while providing a similar light output. They also have a longer lifespan, reducing the frequency of replacements. In addition, CFLs are more affordable than LEDs, which has thus made them a convenient option for budget-conscious consumers. Although LEDs are growing in popularity, CFLs continue to be a practical choice for many households and businesses owing to their proven efficiency, lower upfront costs, and widespread availability. 

Procure Complete Report (290 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/4ccacc76343b4a006401fa6b4b359e77 

The non-smart bulbs segment held the highest market share in 2023.   

Based on technology, the non-smart bulbs segment held the highest market share in 2023. The share of non-smart bulbs is higher in the global bulb market owing to their affordability and widespread familiarity. Non-smart bulbs, including traditional incandescent, halogen, and basic fluorescent lamps, typically have lower upfront costs compared to smart bulbs. Non-smart bulbs offer a simple, reliable lighting solution without the added complexity or expense of smart technology. Many consumers and businesses prioritize cost-effectiveness and ease of use, which in turn leads to sustained demand for these traditional bulbs. In addition, non-smart bulbs are widely available and compatible with existing fixtures, which has made them a convenient choice for many applications. Despite the growing interest in smart lighting, non-smart bulbs continue to dominate owing to their established market presence and lower price points.

The residential segment held the highest market share in 2023.

Based on application, the residential segment held the highest market share in 2023. Residential settings require a significant number of lighting fixtures for various purposes, including general illumination, task lighting, and ambiance. Homeowners often seek energy-efficient and aesthetically pleasing lighting solutions to enhance comfort and reduce energy bills. Moreover, the rise of smart home technologies has driven demand for advanced lighting solutions in residential areas. As a result, manufacturers focus on developing bulbs tailored for residential needs, such as energy-efficient LEDs and stylish designs. The widespread adoption of energy-saving technologies and the continuous demand for home improvement contribute to the dominant share of residential usage in the global bulb market.

The supermarkets/hypermarkets segment held the highest market share in 2023.

Based on the distribution channel, the supermarkets/hypermarkets segment held the highest market share in 2023 owing to their extensive reach and consumer accessibility. These retail formats offer a wide variety of lighting products under one roof, providing convenience for shoppers looking to purchase bulbs along with their regular groceries or household items. The large store space allows for substantial product displays, making it easier for customers to compare options and make informed decisions. In addition, supermarkets and hypermarkets often have competitive pricing and promotional offers, which attract budget-conscious consumers. Furthermore, the immediate availability of bulbs and the convenience of a one-stop shopping experience contribute to the high sales volume in these distribution channels.

Asia-Pacific led the market share in 2023

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023. The Asia-Pacific region has emerged as the largest market globally, largely due to increasing government efforts to conserve electricity and reduce lighting demands, particularly in China and India. India’s government launched the Unnat Jyoti by Affordable LEDs for All (UJALA) program in 2015, aiming to replace all household lights with LEDs. This initiative became the largest lighting policy worldwide.

According to Energy Efficiency Services Limited (EESL), by June 2023, the UJALA scheme is expected to have distributed approximately 368 million LED bulbs and tube lights, cutting 38 million metric tons of CO2 annually and saving INR 192 billion in electricity costs. Moreover, India is projected to sell around 2.4 billion LED units by March 2022, significantly expanding market growth opportunities.

However, the North American region is anticipated to be the fastest-growing market, driven by concerns over greenhouse gas emissions. Reports indicate that reducing power consumption by 15% in the U.S. could prevent up to six deaths daily and save $20 billion annually in health-related costs. This highlights the increasing demand for energy-efficient bulbs as the region implements measures to combat high power consumption.

Players: –

Acuity BrandsCreeEatonEverlight ElectronicsGE LightingNichia CorporationOsramPhilips LightingSeoul SemiconductorZumtobel Group

The report provides a detailed analysis of these key players in the global bulb market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Inquiry Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/A07735 

Recent Industry Dev

In April 2024, IKEA launched a new version of its TRÅDFRI Smart LED Bulb for colored lighting. The bulb aims to provide affordable smart lighting options, complementing IKEA’s range of smart home products.In April 2023, Signify Malaysia launched a range of sustainable and energy-efficient lighting products in July 2023. The Philips Ultra Efficient LED includes advanced LED bulbs and tubes that consume 60% less energy than standard products, providing up to 50, 000 hours of light.In June 2022, Philips Hue launched its new Lightguide smart bulb series, featuring the Ellipse, Globe, and Triangular models. The launch aimed to provide aesthetic lighting options for smart homes.

Related Report:

Ceiling Fan Market  https://www.alliedmarketresearch.com/ceiling-fan-market-A06366 

Electric Kettle Market https://www.alliedmarketresearch.com/electric-kettle-market-A23852 

Electric Rice Cooker Market https://www.alliedmarketresearch.com/electric-rice-cooker-market-A05990 

Water Heater Market https://www.alliedmarketresearch.com/water-heater-market 

Wearable Technology Market https://www.alliedmarketresearch.com/wearable-technology-market 

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Wireless Stereo Headset Market https://www.alliedmarketresearch.com/wireless-stereo-headset-market-A07029 

Dehumidifier Market https://www.alliedmarketresearch.com/dehumidifier-market 

Household Appliances Market  https://www.alliedmarketresearch.com/household-appliances-market

Portable Mini Fridge Market https://www.alliedmarketresearch.com/portable-mini-fridge-market 

Body Dryer Market https://www.alliedmarketresearch.com/body-dryer-market 

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Cangzhou Forum Seeks to Deepen Ties Between Chinese and Central/Eastern European SMEs

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The 6th China-CEEC (Cangzhou) SME Cooperation Forum Launches

CANGZHOU, China, Nov. 10, 2024 /PRNewswire/ – A news report by Xinhuanet:

On November 7, the 6th China-Central and Eastern European Countries (CEEC) (Cangzhou) SME Cooperation Forum commenced in Cangzhou, Hebei Province. The forum was jointly hosted by the China Centre for Promotion of SME Development (ProSME) of the Ministry of Industry and Information Technology (MIIT), the Hebei Provincial Department of Industry and Information Technology, and Cangzhou Municipal People’s Government. Supporting organizations include the China International Cooperation Association of SMEs (CICASME) and the Office of Foreign Affairs Commission of the CPC Hebei Provincial Committee. The event was co-organized by the China-CEEC (Cangzhou) SME Cooperation Zone and the Cangzhou Municipal Bureau of Industry and Information Technology.

This year’s forum, themed “Deepening Cooperation and Sharing Opportunities,” combines both offline and online formats, with a primary focus on in-person engagement. Key activities include the Opening Ceremony and Keynote Forum, the Zero-Carbon Energy and Green Industry Innovation Forum, the International Forum on Remanufacturing Industry, the International Forum on Aviation Industry and Low Altitude Economy, and the SMEs’ Cross-border Collaboration and Matchmaking Meeting, and the European Segment of the 2024 International SME Innovation and Entrepreneurship Competition.

Throughout the forum, leading experts and dignitaries from around the world delivered speeches under the theme ‘New Path for Pragmatic Cooperation between SMEs of China and CEECs.’ They emphasized the critical roles of sustainable energy, the digital economy, and trade and logistics in strengthening ties between China and Central and Eastern European countries. In parallel, the event featured a range of innovative activities aimed at building an international platform to foster industrial cooperation and exchanges among SMEs from the participating nations.

At the Zero-Carbon Energy and Green Industry Innovation Forum, participating specialists and researchers engaged in discussions on developing a zero-carbon economy. They explored new opportunities, technologies, models, and challenges associated with lithium, hydrogen, and energy storage, with the aim of collaboratively advancing the green economy.

By attracting leading European innovation projects, the European division of the 2024 International SME Innovation and Entrepreneurship Competition has successfully transformed a number of innovative ideas into real-world applications, enhancing the collaborative development of new technologies between Chinese and European SMEs.

The China-CEEC (Cangzhou) SME Cooperation Forum, now in its sixth year, has emerged as Hebei Province’s leading foreign affairs initiative. The forum has drawn high-profile participants from Slovakia, Serbia, Germany, Finland, and neighboring countries, as well as ambassadors to China, and executives from leading Chinese and international industry associations and businesses. It has also spurred numerous collaborative projects between China and Central and Eastern European countries, enhancing cultural exchanges, educational partnerships, and technology transfers.  

Cangzhou is positioning the forum as a premier, open platform designed to be engaging, impactful, and competitive. The city’s objective is to significantly improve and sustain high-level interactions and collaborations between China and Central and Eastern European countries across the manufacturing, technology, investment and trade sectors.

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ZURU backed BONKERS and Millie Moon brands achieve extraordinary recognition at the US 2024 Target Vendor Summit

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The ZURU-Backed Pet Treat and Nappy Companies Both Continue Record-Breaking Growth in the US Market

AUCKLAND, New Zealand, Nov. 11, 2024 /PRNewswire/ —  ZURU Edge brands, BONKERS and Millie Moon, are proud to announce that they have been recognized for Demand Generation at Target’s 2024 Essentials and Beauty Vendor Summit. The Target Vendor Summit honors a select group of vendors and partners who have demonstrated outstanding performance in driving traffic to Target stores. These brands are recognized for strong brand, content, and media strategies, packaging, and a consumer experience that drives repeat sales through product superiority.

Target is one of the largest retail chains in the United States, boasting over 1,900 stores across the country and generating approximately USD $100 billion in annual revenue. Known for its wide range of affordable products, from groceries and clothing to electronics and home goods, it caters to millions of American shoppers each week. An alternative to Walmart, Target has a distinct brand image, known for its clean stores, trendy merchandise, and iconic red bullseye logo.

This recognition is particularly special as New Zealand’s ZURU Edge brands were represented in 2 out of the 5 categories within consumables, and BONKERS was the only national, non-exclusive-to-Target brand to win across all categories.

Millie Moon Nappies are exclusive to Target in the US, and since launching in 2021, they have sold over 6.7 million packs, quickly becoming Target’s fastest-growing nappy brand. Millie Moon is the #1 most productive nappy brand at Target retailers, in both dollars and unit sales. Parents are passionate about Millie Moon nappies, as reflected in the 16,000+ 5-star reviews on Target.com, and best-in-class repeat purchase rates – In a Numerator study, Millie Moon holds the top spot for trip frequency within nappies, above Target’s other leading nappy brands.

BONKERS launched in October 2022 in response to the growing share of Millennial and Gen Z pet owners. The brand is part of the ZURU owned Rhodes Pet Science portfolio of brands and was built first-and-foremost to foster the bond between pets and their people, based on the insight that new generation pet parents expect more from their petcare brands. In just over 2 years, it has grown from a non-existent brand to one sitting on shelves in 13,500 stores across 3 countries with distribution points growing at 50% year-over-year. Within 1 week, it became the most-liked pet treats brand on TikTok globally, with over 80 million views on the BONKERS page and over 700 community posts under the #betterwhenitsBONKERS hashtag. The BONKERS award-winning marketing campaigns, matched with products that deliver on quality and affordable pricing have driven tremendous growth: 19% of total US industry cat treat growth last year with just 1.6% of shelf space. The momentum continues, with viral product BONKERS Purrpops hitting 8 of the top 25 emerging Google search terms against the topic ‘cat treat’ in the US. 

About Rhodes Pet Science:

Rhodes Pet Science is reimagining the future of pet care by engineering products that completely redefine what is possible. Its mission is to build a new generation of brands to better serve modern consumers: brands loved by pets and their people. Rhodes Pet Science’s portfolio of brands include: BONKERS, NOOD, Goodlands, Smart Box and Business Litter. Right now, Rhodes Pet Science is the fastest-growing pet food company in the world.

Rhodes Pet Science is proudly part of the ZURU Group. One of the fastest-growing consumer goods companies in the world, ZURU has established brands in 120+ markets worldwide, with a team of 5000+ employees based out of 26 global offices.

For more on Rhodes Pet Science, please visit: www.rhodespetscience.com  

About Millie Moon

Millie Moon launched in 2021 exclusively at Target in the US and expanded to Loblaws in Canada in 2023. The brand has made it their mission to provide a range of luxury nappies and sensitive wipes that are expertly crafted, luxuriously soft and designed to perform, all at an affordable price. They are passionate in their belief that every child deserves the best. Their award-winning products are available in over 2,000 stores in the US and Canada. As a company, they are also proud to support Reach Out and Read, an early literacy nonprofit helping children on their reading journey. 

For more on Millie Moon, please visit: https://mymilliemoon.com/

About ZURU

From its origins in toys, ZURU Group has grown to six consumer vertical brands, operating out of 26 offices worldwide, with products sold in 120+ markets.

ZURU is on a mission to disrupt across industries, challenge the status quo and catalyze change through radical innovation and automation advances. This is evident in different pillars of the company: ZURU Toys are reimagining what it means to play; ZURU Tech is reimagining the future of housing by leading the next building revolution; ZURU Edge is reimaging new generation FMCG brands to better serve modern household consumers. 

For more on ZURU, please visit: https://zuru.com/

For More Information:
Nicole Daley / Daley Public Relations
nicole@daleypr.com / 415.408.8664

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SOURCE ZURU Edge

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PropXP Launches, Redefining Prop Trading with Global Access

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PropXP Launches Global Prop Trading Platform, Empowering Traders with Flexible Challenges and Comprehensive Resources

HONG KONG, Nov. 10, 2024 /PRNewswire-PRWeb/ — PropXP, a new proprietary trading firm, is excited to announce its official launch on November 5, 2024, offering traders worldwide a unique and accessible approach to prop trading. With a focus on providing traders of all experience levels with attainable challenges and unparalleled resources, PropXP aims to reshape the prop trading landscape.

At PropXP, we’re breaking down barriers in prop trading to give every trader—from beginners to seasoned pros—the opportunity to succeed on their own terms. We’re here to empower and elevate the global trading community.

PropXP’s lineup includes both One-Step and Two-Step challenges, allowing traders to select a path that best aligns with their goals. Challenge prices range from just $30 for a $3,000 account up to $499 for a $100,000 account, making it possible for more traders to participate and advance their careers. Distinguishing itself from competitors, PropXP does not enforce a high watermark, a feature that allows traders to keep their focus on consistent growth without restrictive conditions.

“As we launch PropXP, our mission is clear: we aim to be the new gold standard for prop trading and open the doors for more traders than ever before to achieve their trading goals,” said Giorgos Piskopianos, CEO of PropXP. “Our accessible challenges, supportive trading resources, and commitment to providing realistic opportunities are at the heart of PropXP. We want to empower traders to reach new heights in their careers.”

In addition to its flexible challenge parameters, PropXP offers a comprehensive trading academy filled with educational resources, including in-depth tutorials and guides. With a commitment to accessibility, PropXP is poised to serve as a valuable platform for traders looking to refine their skills and achieve sustainable success in the financial markets.

About PropXP

PropXP is a global proprietary trading firm based in Limassol, Cyprus. Designed to support traders of all levels, PropXP provides accessible challenges, competitive trading conditions, and extensive educational resources. With a dedication to advancing prop trading, PropXP aims to empower traders worldwide.

For more information, please visit https://propxp.com

Media Contact

Giorgos Piskopianos, PropXP, 44 7789874973, social@propxp.com, https://propxp.com

Twitter, LinkedIn

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