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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. 

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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.

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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 

Smart Home Appliances Market https://www.alliedmarketresearch.com/smart-home-appliances-market 

Air Humidifier Market https://www.alliedmarketresearch.com/air-humidifier-market 

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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IronNet Inc. and Asterion Partner to Strengthen Cybersecurity and Counter-UAS Defense Solutions

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WASHINGTON and MANAMA, Bahrain, Nov. 13, 2024 /PRNewswire/ — IronNet, the AI-based collective defense cybersecurity company, and Asterion, a leader in counter-UAS technology, announced today at the Bahrain International Airshow a partnership on the protection of critical infrastructure through the integration of AI-based cybersecurity and counter-UAS solutions.

This collaboration addresses the growing need for comprehensive and integrated defense strategies, representing a significant milestone in the evolution of air and space security. To enhance defense capabilities against unauthorized and hostile drones, the partnership integrates IronNet’s IronDome solution with Asterion’s advanced counter-UAS technology, delivering a layered defense framework that strengthens the protection of critical infrastructure, urban environments, and national borders.

The partnership integrates IronNet’s “IronDome” real-time cyber threat detection and coordinated response with Asterion’s drone detection and tracking systems, protecting airspace and critical assets from potential threats.

The methodology employs artificial intelligence, machine learning, and advanced sensor networks to analyze patterns and anomalies across a broad range of data sources. The result is a more robust and proactive defense system capable of identifying and mitigating threats before they can cause significant damage.

“Our partnership with Asterion represents a paradigm shift in how we approach critical infrastructure protection,” said Linda Zecher, CEO of IronNet. “By embracing the convergence of cyber and aerial threat detection and defense, governments and organizations can ensure a more comprehensive and effective approach to safeguarding critical infrastructure and national interests.”

“Together we’re creating a solution that addresses the multi-dimensional threats facing our clients today, including those originating from both ground, air and space-based sources,” said Andreas Mustert, Asterion Founder and CTO

About IronNet 

Founded in 2014, IronNet combines cutting-edge cybersecurity technology with exceptional expertise to deliver advanced, real-time defense solutions for organizations across the private and public sectors worldwide. Leveraging a team of top-tier cybersecurity specialists from industry, government, and academia, IronNet is dedicated to protecting enterprises, critical infrastructure, and nations against highly organized and increasingly sophisticated cyber threats. With its industry-leading products and innovative approach, IronNet empowers clients to stay ahead of evolving cyber adversaries.

About Asterion 

A team of sensor, wireless IP and aircraft design specialists, all with outstanding track-records in their fields, have gathered in Asterion to follow a vision of creating a system of a fully networked early risk detection and game changing, collateral damage avoiding, protection of both local high-risk assets as well as long range border crossing threats, through groundbreaking efficiency and EW protected wireless communications. Rather than considering current risks, contemplating any conceivable future countermeasures is an important part of Asterion’s mission.

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Laconic and the Plurinational State of Bolivia announce landmark 5 Billion USD Sovereign Carbon Transaction

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CHICAGO and LA PAZ, Bolivia, Nov. 13, 2024 /PRNewswire/ — Laconic Infrastructure Partners Inc. (Laconic), announced today that it has been mandated by the Plurinational State of Bolivia to utilize its SADAR™ Natural Capital Monetization (NCM) platform to provide technology transfer in support of Bolivia’s capacity building initiatives as it seeks to finance the enhanced ambition set forth in its Nationally Determined Contribution (NDC).

By using Laconic’s first-of-its-kind carbon securitization platform, multiple large-scale environmental data streams will be aggregated to monetize up to 5BN USD of Bolivia’s present & future carbon stocks in the world’s first Article 6 compliant benchmark Sovereign Carbon sale.

“The Plurinational State of Bolivia is committed to completely ending deforestation within our territorial borders by 2030”, said Marcelo Montenegro Gomez Garcia, Minister of Economy & Public Finance. “By working with Laconic, we have been able, for the first time, to generate sufficient development financing to enable our country to make this commitment a reality and enhancing our ambition under the Paris Agreement. This benefits not only our own citizens, but all of mankind, as we collectively strive to meet NetZero 2050.”

By creating its unique Sovereign Carbon product, Laconic has revolutionized financial intermediation in the global carbon market by allowing carbon to be traded as a true financial asset for the first time. This capability allows governments to efficiently monetize their natural capital assets by issuing bona fide securities to institutional buyers at scale globally.

The Sovereign Carbon market is the only mechanism capable of generating the 1 Trillion USD of carbon trading required annually for mankind to achieve its collective NetZero pledge.

Laconic’s unique technology platform, SADAR™, works continuously to manage the data streams which the Sovereign Carbon product requires – ensuring compliance with the not only the Paris Agreement itself, but all applicable local and regional regulatory authorities governing the carbon market. Governments rely on Laconic to ensure seamless compliance with their treaty commitments, allowing them to focus on further enhancing their NDC ambitions and accelerating the pace of global decarbonization.

“Laconic is honored to be working with the Plurinational State of Bolivia to champion the innovative Sovereign Carbon market”, said Andrew Gilmour, CEO of Laconic. “This transaction demonstrates the power of technology to drive change in emerging markets finance, as, for the first time, we are able to collectively harness market forces to generate more economic growth from the preservation of natural capital assets than from the exploitation of them. Put simply – our technology has made it possible to make more money preserving your forests than you can by cutting them down.”

About Laconic
Laconic delivers accurate environmental intelligence, data management tools, and geospatially-fused insights that enable governments, corporations, and financial institutions to engage fairly in data interchange activities that facilitate open and compliant capital markets activity in carbon-linked instruments.

Founded in 2021, the company is a Public Benefit Corporation (PBC) headquartered in Chicago, with offices in Toronto, London, and Singapore.

For more information, please visit www.laconicglobal.com.

Laconic and SADAR (Sentient All-Domain Augmented Response), LUEI, and LUCID are trademarks or registered trademarks of Laconic Infrastructure Partners Inc. in the U.S. and other countries. All other names are trademarks or registered trademarks of their respective companies.

Media contacts:
Laconic
Brant Pinvidic
brant.pinvidic@laconicglobal.com

Elke Heiss
Elke.heiss@laconicglobal.com

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Kyndryl Unveils Dedicated AI Private Cloud in Japan to Accelerate Customer Deployment of AI Services

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Kyndryl AI private cloud supports customer testing and adoption using the Dell AI Factory with NVIDIA

Private AI cloud is also available to Japanese academic institutions for AI research and innovation

TOKYO, Nov. 13, 2024 /PRNewswire/ — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, today launched a dedicated AI private cloud designed to enable AI innovation in Japan. Supported by a collaboration with Dell Technologies using the Dell AI Factory with NVIDIA, Kyndryl is establishing a controlled, security-rich and sovereign cloud where organizations can develop, test and implement AI services that expand their ability to compete and accelerate business performance.

Kyndryl’s new AI private cloud in Japan will help financial institutions, insurance providers, manufacturers, retail companies, and academics to confidently design and prepare to deploy innovative AI-powered solutions.

Under the collaboration, Kyndryl is establishing a Kyndryl Vital AI Lab capability that will leverage the AI-powered open integration digital business platform, Kyndryl Bridge, to support end-to-end AI applications and solution development on the NVIDIA AI Enterprise software platform. Kyndryl experts will assist with envisioning and co-creating solutions that harness the benefits of generative AI and large language models to drive innovation and achieve business objectives. Kyndryl also will apply the domain and industry expertise of Kyndryl Consult to advance customers’ ability to create, verify and deliver AI at scale.

“Organizations want to explore and understand how AI and generative AI can enhance and accelerate their business and technology transformation initiatives. They need a reliable and scalable environment with advanced security capabilities where they can develop, test and refine new solutions,” said Jonathan Ingram, President, Kyndryl Japan. “Our new AI private cloud with the Dell AI Factory with NVIDIA will provide a stable and trusted space where customers and Japanese academic institutions can confidently and privately design new applications and solutions, with support for their security, sovereignty, and data residency requirements.”

Customers using the AI private cloud environment also can access Kyndryl’s decades of experience supporting and managing mission critical applications and systems. The collaboration also will leverage Kyndryl’s ongoing work with NVIDIA that is focused on driving the development, implementation and use of solutions that deliver AI-powered insights and business outcomes.

“The Dell AI Factory with NVIDIA integrates Dell’s leading AI portfolio with the NVIDIA AI Enterprise software platform, providing Kyndryl customers the option to procure an end-to-end, pre-validated, full stack infrastructure,” said Kyle Dufresne, SVP, AI solutions sales, Dell Technologies. “With this collaboration, Kyndryl customers can get started on a wide range of AI and generative AI use cases that require security and performance, including retrieval-augmented generation (RAG), model training, and inferencing.”

“Enterprises need next-gen expertise and skills to drive innovation within their businesses and tackle today’s AI challenges,” said Bob Pette, Vice President of Enterprise Platforms, NVIDIA. “The combination of Dell AI Factory with NVIDIA and Kyndryl’s infrastructure services experience will provide the technical foundation and know-how that organizations require to develop and deploy AI at scale.”

Kyndryl will support a variety of customer use cases via its AI private cloud and plans to explore ways the environment can be optimized to enable efficient workload orchestration and workload placement, along with examining how it can enable fractional GPU capabilities to support more granular control over computing resources. 

To accelerate customer adoption and implementation of generative AI solutions Kyndryl also plans to leverage NVIDIA NeMo, NVIDIA NeMo Retriever and NVIDIA NIM microservices, all part of the NVIDIA AI Enterprise platform for the development and deployment of production-grade generative AI applications. This will advance customers’ ability to transform the build, operation and scale-out of an AI factory, leveraging AI integrations across the NVIDIA stack for smooth performance of the AI private cloud.

Through Kyndryl’s new dedicated private AI cloud service, customers can tap into a wealth of expertise crucial to their adoption of AI at scale, with support for their data security, sovereignty, and residency requirements.

Learn more about Kyndryl’s collaborations with Dell and NVIDIA.

About Kyndryl
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider, serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. For more information, visit www.kyndryl.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as “will,” “anticipate,” “predict,” “project,” “plan,” “forecast,” “estimate,” “expect,” “intend,” “target,” “may,” “should,” “would,” “could,” “outlook” and other similar words or expressions or the negative thereof or other variations thereon. All statements, other than statements of historical fact, including without limitation statements representing management’s beliefs about future events, transactions, strategies, operations and financial results, may be forward-looking statements. These statements do not guarantee future performance and speak only as of the date of this press release and the Company does not undertake to update its forward-looking statements. Actual outcomes or results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties including those described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Kyndryl Press Contact
press@kyndryl.com 

 

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