Technavio analyzes that the Bulbs Market is expected to grow at a CAGR of 4.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 15842.4 million.There are various factors that contribute to the growth of the market. The expansion of the construction industry has significantly contributed to the growth of the bulbs market. With an increasing number of residential and commercial projects, the demand for lighting solutions has surged. Bulbs, being a crucial component of lighting systems, are in high demand. This trend is expected to continue as the construction industry continues to thrive, making the bulbs market a lucrative investment opportunity.
The residential bulbs market is experiencing robust growth, driven by increased public residential construction spending and a positive outlook for future developments. This segment includes energy-efficient and aesthetically pleasing lighting solutions for various residential spaces such as living rooms, bedrooms, kitchens, and outdoor areas. From 2019 to 2023, public residential construction spending in the US increased significantly, with the sector allocating approximately USD3.91 billion more to residential projects. This surge in investment reflects a strong commitment to expanding and upgrading residential infrastructure. Smart technologies, including smartphone control, LED heat dissipation, chip design, optical components, and smart lighting solutions, are increasingly being integrated into residential lighting systems as part of the Internet of Things (IoT) trend. These advancements are enhancing the functionality and energy efficiency of residential lighting solutions.
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Bulbs Market Segmentation
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The Bulbs Market encompasses various types of lighting solutions, including Incandescent, Fluorescent, and LED Bulbs. With a focus on Energy Efficiency, the market offers Advanced Lighting Technologies such as Smart Lighting and IoT Integration. Residential and Commercial sectors benefit from Energy-Efficient Lighting, LED Bulb Market, and Customizable Lighting Solutions. LED Bulbs boast Aesthetically Pleasing designs, Smart Lighting Systems, and IoT capabilities for remote control via Smartphones. LED Heat Dissipation, Chip Design, and Optical Components enhance performance. Additionally, Smart Health Monitoring features like Radar Technology, WiFi, Bluetooth, Sleep Monitoring, Vitals Tracking, and Fall Detection are emerging trends.
The global electrical components and equipment market encompasses businesses involved in the production of electric cables and wires, electrical components, and electrical equipment. This market's size is determined by Technavio through the consolidated revenue of manufacturers in various segments, including water heaters and accessories, motors, automation solutions, electrical distribution and protection equipment, HVAC, and safety components, among others. Additionally, rental and leasing of electrical components and equipment to industrial, commercial, and residential sectors are included in the market's scope. Incandescent bulbs, fluorescent bulbs, LED bulbs, energy efficiency, smart lighting, and various lighting applications fall under the electrical equipment category of this vast market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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